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系統識別號 U0026-2407201112484500
論文名稱(中文) 公募或私募之選擇與公司治理、資訊透明度及財報品質之關聯性研究
論文名稱(英文) The relationships among corporate government, information transparency and reporting quality:Public Offering vs. Private Placement
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 99
學期 2
出版年 100
研究生(中文) 吳尹馨
研究生(英文) Yin-Hsin Wu
學號 r16981120
學位類別 碩士
語文別 中文
論文頁數 78頁
口試委員 指導教授-林囿成
口試委員-陳政芳
口試委員-林孝倫
中文關鍵字 私募  公募  公司治理  資訊透明度  盈餘管理 
英文關鍵字 Private Placement  Public Offering  Corporate Governance Structure  Information Asymmetry  Earnings Management 
學科別分類
中文摘要 本研究以台灣私募和公募的上市櫃公司為研究樣本,探討(1)選擇募集資金方式的因素、(2)選擇募集資金方式的盈餘管理程度,和(3)選擇募集資金方式的市場反應。第(1)部分以Logistic迴歸模型;第(2)部分和第(3)部分則利用OLS 迴歸模型進行分析。

實證結果發現(1)台灣上市櫃公司是否選擇私募普通股,與下列因素有關:當公司治理不好時,公司越傾向使用私募方式募資;當公司的資訊透明度愈低,公司越傾向使用私募方式募資。(2)在選擇募集資金方式的盈餘管理程度而言,選擇私募的公司較公募的公司,其盈餘管理的程度較大。(3)選擇募集資金方式的宣告和長期市場反應而言,私募相較於公募,有較佳的市場反應。
英文摘要 In this study, I investigate a firm's choice between public offering and private placement for listed firms in Taiwan firstly. Secondly, I examine the magnitude of earnings management between the offering choices. Thirdly, I examine the market reactions to the announcements of offering choices.

According to this empirical research, my empirical results show that corporate governance structure has a significantly negative association with the choice of private placement. Information asymmetry has a significantly positive association with the choice of private placement.The magnitude of earnings management has significantly positive association with the choice of private placement.The market reaction has significantly positive association with the choice of private placement.
論文目次 第一章 緒論…………………………………………………………………………1
第一節 研究動機與目的…………………………………………………1
第二節 研究架構…………………………………………………………6
第二章 文獻探討與假說發展………………………………………………………7
第一節 文獻回顧…………………………………………………………7
第二節 公司治理假說…………………………………………………..17
第三節 資訊透明度假說………………………………………………..20
第四節 盈餘管理假說…………………………………………………..22
第五節 股票報酬假說………………………………………………..…24
第三章 研究方法…………………………………………………………………..25
第一節 研究樣本………………………………………………………..25
第二節 研究變數設計…………………………………………………..28
第四章 實證結果與分析…………………………………………………………..45
第一節 敘述統計量及Pearson相關係數檢定……………………..…..45
第二節 實證結果………………………………………………..………62
第五章 結論與研究建議…………………………………………………………..71
第一節 研究結論………………………………………………………..71
第二節 研究限制與建議…………………………………………..……72
參考文獻 ……………………………………… 73
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