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題名：私募普通股的利益掠奪效果與公司治理之關聯性
書刊名：評價學報
作者：黃瀚緯／王茂昌 引用關係
作者(外文)：Huang, Hann-wei／Wang, Mao-chang
出版日期：2017
卷期：11
頁次：頁1-20
主題關鍵詞：私募折價；私募股數比例；內部應募人；私募利益掠奪效果；公司治理；Discount of private placement；Private placement equity ratio；Inside investor；Entrenchment factors of private placements；Corporate governance
原始連結：連回原系統網址new window
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  • 被引用次數被引用次數:期刊(1) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:1
  • 共同引用共同引用:186
  • 點閱點閱:4
台灣於2002年2月在證券交易法中增訂私募制度，這對於有迫切的資金需求和因財務困難而不易籌資的公司，提供了一個迅速及方便的籌措資金的方式。本文係檢視私募普通股而產生的掠奪原股東利益之效果，其衡量指標包括：私募折價幅度、私募發行股數占原已實際發行股數之比例，並探討其與公司治理之關聯性。研究發現，限制內部應募人的私募金額，及限制應募人擔任董事，公司治理特徵之大股東持股比率較低、聘請獨立董事、董事持股比率較高，皆會降低私募普通股的利益掠奪效果。
The Taiwanese legislative unit updated private placement system in Securities Exchange Act on February, 2002, and provides a rapid and convenient financing way for companies which have urgent needs of funds and are difficult to borrow funds due to financial difficulties. This paper examined the private placement and entrenchment factors of interests of the original shareholders, which were measured by the discount range of private placement and the ratio of private placement equity to original capital, and further discuss the role of corporate governance. The results found that the limitation of private placement amount of inside investor, limitation of subscriber to act for director, and the corporate governance features, for examples, shareholding ratio of major shareholders, employment of independent director and higher shareholding ratio of directors will reduce the entrenchment factors of private placements.
期刊論文
1.陳維慈、劉啟群、張儒欣(20120600)。股權私募之折價因素：資訊假說之再檢視。證券市場發展，24(2)=94，49-86。new window  延伸查詢new window
2.Huang, H. H.、Chan, M. L.(2013)。The initial private placement of equity and changes in operating performance in Taiwan。Accounting & Finance，53(3)，711-730。  new window
3.陳俊合、羅國華、王馨晨(20090700)。內部人認購、公司治理結構與私募股權折價。證券市場發展季刊，21(2)=82，119-150。new window  延伸查詢new window
4.Wruck, K. H.、Wu, Y.(2009)。Relationships, Corporate Governance, and Performance: Evidence from Private Placements of Common Stock。Journal of Corporate Finance，15(1)，30-47。  new window
5.Wu, YiLin(2004)。The Choice of Equity-selling Mechanisms。Journal of Financial Economics，74(1)，93-119。  new window
6.Chen, A. S.、Cheng, L. Y.、Cheng, K. F.、Chih, S. W.(2010)。Earnings management, market discounts and the performance of private equity placements。Journal of Banking and Finance，34(8)，1922-1932。  new window
7.Wruck, K. H.(1989)。Equity Ownership Concentration and Firm Value: Evidence from Private Equity Financings。Journal of Financial Economics，23(1)，3-28。  new window
8.賴秀卿、李宏志、何威德(20141200)。私募股權與公司經營績效：應募人類型與私募溢折價之影響。證券市場發展，26(4)=104，39-82。new window  延伸查詢new window
9.楊維如、高振維、李春安(20140300)。The Performance of Issuing Equity: The Case of Private Placements of Equity and Seasoned Equity Offerings in Taiwan。證券市場發展季刊，26(1)=101，67-111。new window  new window
10.楊馥如、王偉權、林惠雪、蔡珮蓉(20120900)。私募公司之公司治理與長期績效。會計與財金研究，5(2)，1-22。new window  延伸查詢new window
11.Anderson, H. D.、Rose, L. C.、Cahan, S. F.(2006)。Differential Shareholder Wealth and Volume Effects Surrounding Private Equity Placements in New Zealand。Pacific-Basin Finance Journal，14(4)，367-394。  new window
12.Baliga, B. R.、Moyer, R. C.、Rao, R. S.(1996)。CEO Duality and Firm Performance: What's the Fuss?。Strategic Management Journal，17(1)，41-53。  new window
13.Bajaj, Mukesh、Denis, David J.、Ferris, Stephen P.、Sarin, Atuyla(2001)。Firm Value and Marketability Discounts。Journal of Corporation Law，27，89-116。  new window
14.張瑞當、沈文華、黃怡翔(20110100)。Declaration Effect, Stock Returns and Earnings Management: A Study of Private Placement in Taiwan。中華會計學刊，7(1)，21-61。new window  延伸查詢new window
15.Baron, D. P.、Holmstrom, B.(1980)。The Investment Banking Contract for New Issues under Asymmetric Information: Delegation and the Incentive Problem。The Journal of Finance，35(5)，1115-1138。  new window
16.Williams, J. L.、Tang, A. P.(2009)。Private Placements of Convertible Securities: Stock Returns, Operating Performance and Abnormal Accruals。Accounting and Finance，49(4)，873-899。  new window
17.Yi, Y. C.、Ma, T.(2012)。Why Do Insiders Sometimes Pay More and Sometimes Pay Less in Private Placements?。The International Journal of Business and Finance Research，6(2)，35-52。  new window
18.Krishnamurthy, S.、Spindt, P. A.、Subramaniam, V.、Woidtke, T.(2005)。Does Investor Identity Matter in Equity Issues? Evidence from Private Placements。Journal of Financial Intermediation，14(2)，210-238。  new window
19.Hertzel, M.、Smith, R. L.(1993)。Market Discounts and Shareholder Gains for Placing Equity Privately。Journal of Finance，48(2)，459-485。  new window
20.黃超邦(20080300)。從實證觀點檢討我國證券私募法制。證交資料，551，29-48。  延伸查詢new window
21.Jensen, Michael C.、Ruback, Richard S.(1983)。The market for corporate control: The scientific evidence。Journal of Financial Economics，11(1-4)，5-50。  new window
22.Myers, Stewart C.、Majluf, Nicholas S.(1984)。Corporate Financing and Investment Decisions When Firms Have Information That Investor Do Not Have。Journal of Financial Economics，13(2)，187-221。  new window
23.Jensen, Michael C.、Meckling, William H.(1976)。Theory of the firm: Managerial behavior, agency costs and ownership structure。Journal of Financial Economics，3(4)，305-360。  new window
24.Barclay, M. J.、Holderness, C. G.、Sheehan, D. P.(2007)。Private Placements and Managerial Entrenchment。Journal of Corporate Finance，13(4)，461-484。  new window
圖書
1.劉連煜(2011)。新證券交易法實例研習。臺北：元照。new window  延伸查詢new window
2.Greene, W. H.(2008)。Econometric Analysis。Prentice Hill Publishing。  new window
3.證券暨期貨市場發展基金會(2004)。台灣公司治理。臺北：財團法人中華民國證券暨期貨市場發展基金會。  延伸查詢new window
 
 
 
 
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