私募股權折價幅度之探討：由董監事異動、企業型態、控制持股結構與企業評價之觀點

An Examination on the Discount of Private Equity Placement: Viewpoint from Changes in the Make-up of Board of Directors and Supervisors, Enterprise Structure, Ownership Structure, and Business Valuation

林詩茵(Shih-Yin Lin)

指導教授 ： 紀麗秋

國立虎尾科技大學/管理學院/經營管理研究所/碩士(2011年)

摘要

自2002年2月臺灣證券交易法通過准許公開發行公司可採行私下募集資金，私募遂成為企業募集資金來源的另一個管道。有別於公開募集資金，企業可透過私募操弄價格。私募的折價幅度攸關著現有股東的權益，其股權變動亦可能引發股東與經營者間控制權與經營權之攻防戰。
　　本研究係首篇由董監事變動以及企業評價之觀點而探討其對私募折價幅度影響之論述，此外，本研究亦納入企業的型態及控制持股結構作為研究變數進行探討。實證結果顯示應募人在預計取得監事席位與折價幅度呈顯著的正向關係，但與本研究之預期方向相左，本研究推論由於應募人對私募企業之經營策略存有疑慮，因此參與私募旨在於更有效地監督管理階層。在企業評價部份，本益比評價模式與折價幅度間呈顯著負相關。

關鍵字

私募股權 ； 折價 ； 董監事 ； 家族集團企業 ； 企業評價

並列摘要

The revision of Taiwan’s Securities and Exchange Act which was approved in February 2002 made it possible for public companies to raise funds through private placement, creating a new source of funding for these companies. Unlike a public offering, private placement provides opportunities for stock price manipulation. The extent of the discount offered in private placement can impact on the rights of existing shareholders, and the change in the firm’s equity structure resulting from the private placement can lead to a struggle between shareholders and management for control over the company.
　　This paper is the first to examine the impact of　changes in a firm’s board of directors and supervisors and in its business valuation on the extent of the discount offered in private placement. The study also takes into account the impact of variables that include the enterprise structure and ownership structure. The empirical results show a positive correlation between the number of seats on the board of directors that private placement investors expect to receive and the size of the discount, which is the opposite of what the researchers expected to find. This study infers private placement investors do not have enough confident to the private placement enterprise management strategy; therefore, investors would like to monitor enterprise managers with effectively method. Regarding business valuation, a significant negative correlation was found between the PER valuation model and the size of the discount.

並列關鍵字

private placement ； discount ； board of directors and supervisors ； family group enterprise ； business valuation

參考文獻

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