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系統識別號 U0026-0907201215423200
論文名稱(中文) 私募股權對公司經營績效之影響-兼論核心代理問題及公司治理之角色
論文名稱(英文) The Impact of Private Placement of Equity on Operating Performance and the Influence of Central Agency Problem and Corporate Governance
校院名稱 成功大學
系所名稱(中) 會計學系碩博士班
系所名稱(英) Department of Accountancy
學年度 100
學期 2
出版年 101
研究生(中文) 何威德
研究生(英文) Wei-Te Ho
學號 r18921061
學位類別 博士
語文別 中文
論文頁數 157頁
口試委員 指導教授-李宏志
指導教授-賴秀卿
口試委員-葉銀華
口試委員-張瑞當
口試委員-黃華瑋
中文關鍵字 私募  經營績效  私募應募人  核心代理問題  公司治理 
英文關鍵字 Private placement of equity  Operating performance  Private placement investors  Central agency problem  Corporate governance 
學科別分類
中文摘要 本研究主要探討公司私募股權後之經營績效並考量核心代理問題、董事會結構及外部監督機制之影響。實證結果顯示,私募股權公司因私募後營收成長而顯著地改善其經營績效。對於內部人參與之私募,因其對公司實際營運情況較為瞭解,可降低資訊不對稱,而私募後營收的增加亦帶來經營績效的提升。此外,私募股權公司不論是折價或溢價發行,私募後經營績效均有顯著的改善或提升,其中私募折價是為了傳達未來經營績效將會有所改善,而溢價發行則是為了傳遞經營績效將會持續成長。本研究亦發現,私募前虧損公司其私募後經營績效有顯著的改善,然而私募前獲利公司則未能有效的提升。最後,不論公司是以溢價或折價發行股票或私募前虧損公司,內部人之參與均可提升或改善其私募後之經營績效。有關核心代理問題、董事會結構與外部監督機制影響之探討,實證結果顯示核心代理問題下,誘因效果對於整體私募股權公司、溢價發行或折價發行公司、私募前虧損公司及內部人參與之私募前虧損公司其私募期間之經營績效均有正向的影響,然而侵占效果則不利於私募前獲利公司之經營績效。而對於消極投資人參與之私募公司則因最終控制股東為控制家族而加深了侵占效果之負面影響。董事會結構中,折價發行公司會因最終控制股東為控制家族而加深了私募期間董監事股權質押比率對於經營績效不利的影響。私募期間若獨立董監事比例增加,則因監督效果之提升,而有助於整體私募公司、內部人參與之私募公司及內部人參與私募前獲利公司之經營績效。此外,四大會計師事務所為維持其聲譽資本而增加對公司之監督,因此對整體私募公司、溢價發行公司及內部人參與私募前獲利公司其經營績效帶來正面的影響。額外測試顯示,即使內部人參與之私募折價大於20%,並不會損害公司股東之權益。因此,本研究實證結果肯定證券主管機關修法限制最近年度為稅後純益且無累積虧損之公司,除特定情況外,原則上不得以私募作為籌措資金途徑之規定,亦支持證券主管機關強調私募公司應落實公司治理之主張。
英文摘要 This study mainly examines the impact of private placement of equity on the operating performance by considering the influence of central agency problem and corporate governance. We find that private equity offering firms had better improvement in operating performance than seasoned equity offering firms subsequent to the year of issue. Among private placement investors, insiders are familiar with the firm and are in a better position to resolve asymmetric information, so they can help firm improve the operating performance. We also find that private equity offering firms issuing at premium and discount price had better post-placement operating performance, which results from that the private equity discount may inform better operating performance in the future and the premium may reflect better future sales growing opportunities. Furthermore, we find that the firms with losses prior to equity issue have significantly improved the operating performance, but the ones with profits do not. In addition, when the private placement investors are insiders, firms have better post-placement operating performance regardless of firms issuing at premiums, issuing at discounts, or with financial distress prior to the issue, but not for the case when firms with profits prior to the private placement. About the effect of central agency problem, board of structure and external monitoring mechanism, we find the incentive effect can improve the operating performance of firms of all private placement, issuing at premiums, issuing at discounts, with financial distress prior to the issue, or the insider investor involving with financial distress prior to the issue, but for the passive investor the operating performance decline due to the deviation of control from cash-flow right by controlling family. The results also show that the operating performance of private equity offering firms issuing at discount decline due to the degree of collateralization of the stock held by the controlling family. In addition, the increase appointment of independent directors improve the operating performance of the firms of all private placement, insider investor, or insider investor involving with profits prior to the issue. We also find the Big 4 CPA firms can improve the operating performance of the firms of all private placement, insider investor, or insider investor having profits prior to the issue. Additional test shows that insiders cannot reduce shareholder wealth even if the price discount is over 20% per share for privately placed equity. Our results support the regulations about the limitations of insiders participating in the use of the private placement to issue for a public firm with a net profit and no accumulated deficit for the most recent fiscal year, and emphasize the importance of corporate governance.
論文目次 目錄
壹、緒論 1
第一節 研究背景與動機 1
第二節 研究目的 9
第三節 研究架構 10
貳、我國私募有價證券制度之簡介、文獻探討與研究問題 12
第一節 我國私募有價證券制度 12
第二節 證券主管機關近期修正私募相關法規之重要規定 16
第三節 文獻探討與研究問題 20
第參章 研究設計 29
第一節 研究期間、樣本選取及資料來源 29
第二節 變數衡量與研究模型 31
第三節 研究方法及模型 36
第肆章 實證結果與分析 49
第一節 樣本公司之敍述性統計量 49
第二節 各項研究問題之分析 53
第三節 敏感性分析 113
第四節 額外之測試 116
第伍章 結論與建議 131
第一節 研究結論 131
第二節 研究建議 136
第三節 研究限制 138
參考文獻 139
附錄 A 147
附錄 B 155


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