股權私募的宣告及定價與公司價值的變化

The Relationship between the Announcement and the Pricing of the Private Equity Placement and the Change of Firm Value

謝敏鳳(Min-Feng Hsieh)

指導教授 ： 薛敏正

國立臺北大學/商學院/會計學系/碩士(2012年)

摘要

民國91年證券交易法修訂並建立我國資本市場上的私募制度，於是增加了公開發行公司一項籌資管道，企業可藉此進行併購或策略聯盟，或解決財務問題，但私募的同時股東應特別關注，是否因為私募而危害到公司股東之權益。本研究係針對我國上市櫃公司，探討私募定價宣告日相關資訊，包含私募原因、私募價格、私募之應募人、私募公司市值規模、私募應募人是否取得經營權數及預計私募金額等，其影響私募價格折價幅度及其私募宣告後200日內股價報酬的變化。其中私募價格折價幅度計算，特別取股東會決議日後一年之普通股平均收盤價為參考價格，與法定參考價格計算出之私募價格折價幅度比較，探討其實證結果是否有顯著的不同，而其可能原因是來自私募時點的選擇。本研究也特別取私募宣告後200日之股價報酬變化，探討私募後股東所關注的，對公司長期績效的表現，而不是私募宣告後短暫的股價反應。
實證結果發現企業傾向選擇公司股價遭嚴重低估時進行私募；而私募股數比例與私募價格折價幅度間則呈顯著正相關，符合私募折價是做為資訊成本補償作用之臆測；當私募的應募人取得經營權席次越高時，股東會決議日後一年之普通股平均收盤價計算之私募價格折價幅度越高，符合監督假說。此外，內部人是否參與私募，與短期宣告效果間呈顯著正相關，其反應出投資人對於內部人參與私募之自利動機，但是該項因素在探討與私募宣告後200日之股價報酬關係時，影響較不明顯；另外，私募之應募人是否積極參與公司經營，則為另項影響公司長期股價報酬的因素，其與公司價值有正向的關係；反觀私募引進策略性投資人，卻可能因為策略性的整合帶來企業負擔，無法對公司之營運帶來有效的助益。

關鍵字

私募制度 ； 私募價格 ； 公司價值

並列摘要

The Securities Exchange Act has been set in 2002 and it built the channel of private equity in our capital market, therefore, there is another way for the public company a funding pipeline. Companies will be able to carry out acquisitions or strategic alliances, or to solve financial problems. But meanwhile, shareholders should pay particular attention to whether private placement will be harmful to the right and interest of the shareholders of the company. In this study, we collected list and OCT companies in Taiwan, and examined the effect of private placement information such as price, market value etc. This information is important to the private price discount and stock returns. To calculate the ratio of private price discount, in particular, we take the resolution of the shareholders of ordinary shares of one year after the average closing price of the reference price. Compared with the discount of the private placement price calculated by the statutory reference price, we found the result is significantly different. The possible reason is the timing of private placement. Besides, in this study, we also examined the long-term performance of private equity after the announcement of the private placement.
The result shows that the enterprises tend to choose private placement when the company's share price has been seriously underestimated. And there is a significant positive correlation between the magnitude of the ratio of private equity and private placement price discount, which is consistent with the conjecture that private placement discount plays a role of information costs compensation. When the investors who participate in private placement get more seats of the board, the private placement price which takes the resolution of the shareholders of ordinary shares of one year after the average closing price will be discounted more. It consists with the monitoring hypothesis. In addition, there is a significant positive correlation between insiders who involved in the private and short-term effects, which reflects the self-interest motives of investment for insiders to participate in private equity offerings, but the influence of these factors on the stock returns after the announcement is not significant. In addition, privately placed investor who is actively involved in the companies is another factor that affects the company's long-term stock returns. If the private bring strategic investors, it could be the burden due to strategic integration and have less benefit for the operation.

並列關鍵字

Private equity placement ； Firm value

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