本文主要探討私募股權公司的折價幅度、長短期股票報酬績效,以及私募股權公司在不同的私募用途中的折價幅度與長短期股票報酬績效分析。台灣私募(private placement)是在2002年確定引入完整的制度,為企業引進一個新的籌資管道,在近幾年選擇私募增資的公司不斷的增加。私募排除原股東認購之問題,有利於問題企業引進新的經營團隊注入新能量或為財務困難之企業迅速挹注資金,協助企業轉型及改善體質。我國開放私募至今已七年多,但探討私募股權公司的長期股票報酬績效之研究尚付之闕如,預期研究結果可彌補此方面研究的不足及提供投資人擬定投資策略之參考,為本研究之頁獻。本文實證結果顯示,在私募股權折溢價方面,整體樣本發行價格平均以折價34.69%來發行,結果與Hertzel, Lemmon, Linck and Rees(2002)及Hertzel and Smith(1993)的研究結果相同,而且私募股權公司的私募用途是以改善財務結構為主的話,則其平均發行價格的折價幅度較其他私募用途來的大,顯示公司必須以折價方式來補償投資者在持有期間所承擔的風險。在股票報酬績效上,研究結果顯示,由於私募股權公司在私募完成日當天、以及私募完成日後的一日、二日、三日、四日以及五日的短期股票報酬績效具有正的顯著性。另外以改善財務結構、三分法股權分類以及前後各50%的股權分類方式來分析股票報酬績效時發現,以改善財務結構為目的以及具有高股權比率的公司在一個月的股票報酬績效上皆顯示具有正的顯著性,但是在低私募股權比率的公司在短期股票報酬績效上則不具有顯著性。
The study investigates the relationships among the discount rate of pricing, long-run stock returns and financing purpose for the firms of private placement of equity in Taiwan. The complete policy of private placement has been introduced in Taiwan in 2002; since then, more and more public companies choose private placement to raise capital. Private placement is expected to improve companies and provide a more convenient way to raise funds. The empirical results show that the companies of private placement of equity exist average 34.69% discount rate in Taiwan, which is consistent with Hertzel, Lemmon, Linck and Rees(2002) and Hertzel and Smith(1993). The discount rate for improving financial structure is bigger than that of the other financing purposes. The discount rate reflects compensation to investors taking the risk to invest the firms of private placement of equity. Then, we find the companies have positive significant short-run stock price performance at completing day and date one, two, three, fore and five days after completing private placement of equity. Evidence reveals the firms of improving financial structure have positive significant stock price performance for one month.