本研究以臺灣2005年至2015年間319家實施私募之公司為研究樣本,首先探討私募宣佈後之短期及長期報酬是否存在異常報酬現象;其次探討異常報酬、公司治理與私募股權折價之關係。研究結果顯示,私募後存在短期正向異常報酬;而長期則存在負向異常報酬。研究亦發現私募公告前六個月平均異常報酬愈高時,對私募公司愈有利,則折價幅度愈小;當我們同時考慮異常報酬與公司治理變數時,研究結果發現當大股東質押比率愈高,投資人傾向支付較低之價格,折價幅度愈大;外部監察人席次比率愈高,折價幅度愈小(僅限於股東會決議日前5日);法人持股率愈高,折價幅度愈小(僅限於私募定價後5日與10日)。
In this study, we set out to examine whether there are short-run and long-run abnormal returns following public announcements of 319 private equity placements Taiwan during the 2005-2015 period. We analyzed the relationships among the abnormal return, corporate governance and the discount of private equity placements. We found positive abnormal returns in the short-run period around the announcement of a private placement but negative abnormal returns in the relatively long-run period following the announcement of a private placement. A higher average of monthly abnormal returns over the six months prior to the announcement of a private placement is related to a smaller price discount. When controlling for 6-month abnormal return prior to the private placement and corporate governance variables, a higher collateralized ratio by block shareholders would have a larger discount of the equity. A higher ratio of external supervisor seats over all supervisor seats resulted in a smaller price discount (the 5-th day before the shareholders' meeting date). Finally, a higher ratio of institutional ownership was related to a smaller discount (closing price on the 5-th and 10-day after the pricing date).
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