English  |  正體中文  |  简体中文  |  Items with full text/Total items : 50122/85141 (59%)
Visitors : 7886124      Online Users : 67
RC Version 7.0 © Powered By DSPACE, MIT. Enhanced by NTU Library & TKU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
  • Adv. Search
    HomeLoginUploadHelpAboutAdminister Goto mobile version
    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/31745


    Title: 上市櫃公司私募後之長短期投資績效之研究
    Other Titles: The long-run and short-run investment performances of firms after private placement
    Authors: 陳宗甫;Chen, Tzung-fu
    Contributors: 淡江大學財務金融學系碩士班
    顧廣平;Ku, Kuang-ping
    Keywords: 私募;投資績效;異常報酬;長期績效;短期績效;private placement;investment performance;Abnormal Returns;long-term performance;short-term performance
    Date: 2009
    Issue Date: 2010-01-11 01:12:04 (UTC+8)
    Abstract: 本研究搜集自2002年2月至2007年6月為止,195家於這段期間發行私募股權之上市(櫃)公司,其於(1)董事會決議日(2)股東會同意日(3)除權日等事件日前後20天的短期投資績效,以及除權日後1年樣本公司之長期股價變動情形。
    短期而言,若上市(櫃)公司進行私募股權,會在股東會同意日產生一定的宣告效果,使股東會同意日前後兩天的累積平均異常報酬顯著為正;而到除權日時,樣本公司在除權日後的股價表現更為亮眼,所產生的累積平均異常報酬都顯著為正。
    長期方面,採用的方法中,可以發現除權日後1至6個月的長期平均異常報酬均是負值,7不同的長期異常報酬衡量方法,會產生不同的平均異常報酬檢定結果。在所有衡量長期異常報酬至12個月的長期平均異常報酬均為正值,而除權日後一年的長期平均異常報酬大都是負值。這似乎顯示一種現象,就是發行私募股權的上市(櫃)公司受到除權日後1至6個月的影響大於後半年,使得公司除權日後1年之長期投資績效是較基準投資組合績效為差。
    除此之外,本研究亦分別從私募資金用途、私募年度這兩項分類,觀察這些因素如何影響樣本公司在各事件日的短期投資績效。由結果可以發現,於2004、2005年進行私募的公司,在董事會決議日前後2天都有顯著為負的累積平均異常報酬,顯示在這2年度當董事會決議要私募股權會產生負的宣告效果;而當事件日為股東會同意日時,若其私募資金用途為充實營運資金、改善財務結構時,會造成股東會同意日前後2天的累積平均異常報酬顯著為正,這表示當股東會同意私募股權時,會產生正的宣告效果;而當私募年度處於2006年時,不論是上市或上櫃公司,在除權日前後2天都有顯著為正的累積平均異常報酬,可知於這年若公司有私募股權在其除權日將造成顯著為正的宣告效果。
    There are more and more enterprises using private placement after private placement is permitted in Taiwan. It shows that private placement is becoming one choice for public companies to raise capital.This study explores the characteristics of firms conducting private equity offer from Taiwan listed company from February 2002 to June 2007. We adopt 195 enterprises from Market Observation Post System and TEJ database.
    This study provides information on abnormal shot-term stock returns in different events of private placement of equity and the one years’ stock price performance after private placement of equity.The results of this study are as follows:
    1. The firms of private placement of equity have a positive short-term announcement effect in the date of the Shareholders'' Meeting. Besides, the firms also have significantly positive cumulative average abnormal returns in the ex-rights date.
    2. The firms of private placement of equity have negative long-term cumulative average abnormal returns after one year of the ex-rights date.
    Appears in Collections:[財務金融學系暨研究所] 學位論文

    Files in This Item:

    File SizeFormat
    0KbUnknown175View/Open

    All items in 機構典藏 are protected by copyright, with all rights reserved.


    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library & TKU Library IR teams. Copyright ©   - Feedback