本研究採用事件研究法，針對私募權益證券之宣告公司及其同業競爭者之股價進行研究，以驗證宣告公司之財富移轉效果，及其同產業競爭者之股價效果，進而探索其效果為訊號發射效果或為競爭效果。之後，更進一步透過多元迴歸分析探討影響產業內效果之重要因素。本研究實證結果發現私募權益證券宣告公司與其競爭者皆有負且顯著之累積異常報酬，亦即私募權益證券資訊屬於訊號發射效果，而非競爭效果；且該訊號發射效果具有異質性而非集中於單一產業。經採多元迴歸分析，結果發現私募權益證券宣告之訊號效果，經控制相關變數後仍有一致性的結果。除此之外，宣告公司之累積異常報酬與私募股數占流通在外股數皆與競爭者累積異常報酬呈現顯著正相關；而公司規模變數則與競爭者之累積異常報酬有顯著的負向關係，私募資金用途變數則僅有部分結果支持。 This study uses event study to investigate the effects on shareholder wealth, for both the announcing firm and its rivals, of the private common equity placements. We also try to identify two competing hypotheses: Information-signaling hypothesis and competitive hypothesis. And then we use regression models to determine what might cause dispersed intra-industry effect to private placement. The results show that announcers and its rivals experience significant negative cumulative abnormal returns, which indicate that the information signaling effect dominates the competitive effect. Additionally, we report that the announcement of private common equity placement have heterogeneous intra-industry effects. It is noted that announcers’ cumulative abnormal return and its private placement fraction have a significantly positive relationship with the abnormal returns of rival firms. Conversely, firm size has a significantly negative relationship with the abnormal returns of rival firms, but the purpose of private placement is partially supported. Overall, it can be seen that information signaling effects hold after other variables, that could affect the intra-industry effect of private placement, are controlled.
