企業以私募為融資決策及其對營運績效之影響─以寶雅國際公司為個案研究

寶雅國際股份有限公司為南部知名的家族企業之一，家族企業本身即具有高度控制權之特性，辦理私募對其最大的風險應為控制權風險，於進行融資決策時應避免選用之，且依證期局資料顯示，目前台灣企業仍偏好在國內以公開募集的方式募集資金，因此，本研究欲探討寶雅基於何種因素與評估，在融資決策的選擇過程中最終決定選用私募。本研究採用個案研究法，研究發現寶雅在辦理私募後的市場知名度有大幅增加，且並無產生經營權風險的問題，因此足以佐證，寶雅能藉由辦理私募的市場宣告，進而增加市場對其認同度，本研究亦能由此推論，辦理私募的市場宣告所帶來的正面效益極有可能為寶雅公司選用私募為融資決策工具的重要因素。

關鍵字

私募；家族企業；市場宣告

並列摘要

POYA International Corp is one of the renowned family corporations in southern Taiwan. The main characteristic of a family corporation is management dominance. Thus, the greatest peril of private placement for family corporations is losing the dominance in corporation management. This is, for a family corporation, the main concern when making financing strategies. According to the data by Securities and Futures Bureau, Taiwanese enterprises tend to choose public offering to muster capital. This study, therefore, probed into what factors or evaluation drives Poya to go with private placement rather than public offering in the end of financing strategy determination. This research , exploiting case study , found that private placement not only greatly boomed Poya’s market familiarity, but also bred no risk of management right. This proved that Poya won its market reorganization through the market announcement of private placement. This study , thus , suggested the positive effect following on the private placement announcement encouraged Poya to choose private placement as its financing tool.

並列關鍵字

private placement ； family corporation ； market announcement

參考文獻

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企業以私募為融資決策及其對營運績效之影響─以寶雅國際公司為個案研究

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