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  • 學位論文

上市櫃公司私募效益之研究

A Study on the Effect of Private Placement Made by Listed Company

指導教授 : 夏侯欣榮
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摘要


上市櫃公司私募效益之研究 學生:林金信 指導教授:夏侯欣榮 元智大學管理研究所 中文提要 私募制度於九十年立法通過後,我國私募制度有了施行法源依據,不但為 國內企業增添一項募資管道,也使國內資金體系更臻完備。 相較於公開募資,私募制度不但具有快速募集資金的特色,同時公司可按募資 目的選擇特定募資對象,引進公司所需的業務、技術、原物料等資源,也因 鉅額專業投資人的引進,私募制度具有加強公司組織功能與監督的效果。然 而,私募制度引進國內數年來,國內運用私募募集資金的公司,營運績效是否因 私募制度的特色而有所增進呢? 不同於國內之前私募的相關文獻,本研究擬以私募資金運用績效的角度,探討: (一)、國內私募公司是否因為採用私募制度而提升營運績效。 (二)、與同時期國內採用公開募集資金的公司比較,私募公司是否有 更佳提升營運績效的成果。 (三)、私募增資公司是否因產業別不同而有不同營運成果差異。 研究結果顯示: 一、國內私募公司自私募年度開始連續三年股東權益報酬率呈現上升趨勢,顯示 私募增資對公司經營績效具有提升的效果。 二、與同時期國內採用公開募集資金公司比較,私募公司具有更佳的營 運成長績效。 三、私募增資高科技產業與私募增資傳統產業並無明顯運用資金績效差異,即私 募增資公司不因產業別不同而有營運績效成長差異。

關鍵字

私募效益

並列摘要


A Study on the Effect of Private Placement Made by Listed Company Student: : Lin Chin-Hsin Advisor: Xia Hou,Xin-Rong Submitted to Graduate School of Management Yuan-Ze University ABSTRACT The legislation of private fund raising system was passed in year 2001 which offers the legal authority of the practice of private fund. It not only creates another fund raising channel for the domestic industry but also completes the domestic fund raising system. Comparing with the public fund raising, the private system not only obtains the character of efficient fund raising but also allows the company to select the specific raising targets based on the purpose of the fund. It will introduce the corporate required resources such as business, technique and raw materials and emphasize the organizational functions and supervisory effects through the introduction of the huge amount of the professional investors. However, is the operational performance improved due to the characters of the private fund raising system among the domestic companies which apply private raised fund? Unlike the previous relevant literatures of private fund raising, this research plans to discuss it in the aspect of its application performances: (I) If the operational performance is elevated of the domestic companies under the application of the private fund raising system? (II) In comparison with the companies under the application of the public fund raising at the same stage, if the private fund raising one could achieve better operational performances? (III) Among the private fund raising companies, will the operational performances vary from different industry? The research results indicate: I. The rising trend of return of equity appears in the domestic private fund raising companies for 3 years round as it indicates that private fund raising has positive effects upon the corporate operational performances. II. In comparison with the companies under the application of the public fund raising at the same stage, the private fund raising one has better operational performances in growth. III. Obvious performance difference of the fund application does not show between the high tech industry and the traditional one in terms of the private fund raising, hence, there is no different operational performance among different private fund raising industry.

參考文獻


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