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    題名: 上市(櫃)公司現金增資與私募股權發行後長期績效之比較
    其他題名: The long run performances of seasoned equity offering and private placement in Taiwan
    作者: 范虹琳;Fan, Hong-lin
    貢獻者: 淡江大學財務金融學系碩士班
    顧廣平;Ku, Kuang-ping
    關鍵詞: 現金增資;私募股權;長期營運績效;長期投資績效;Seasoned Equity Offering;private placement;Operating Performances;Investment Performances
    日期: 2010
    上傳時間: 2010-09-23 15:26:38 (UTC+8)
    摘要: 本研究搜集自2002年2月至2006年6月為止,共計公開發行現金增資之樣本公司175個以及私募股權發行之樣本公司87個,探討其發行後第一年、第二年與第三年之營運績效與投資績效。
    營運績效方面之研究方法採用杜邦方程式的五項變數作為營運績效衡量指標:總資產報酬率、股東權益報酬率、純益率、總資產周轉率以及權益乘數,並配合自身移動及產業別兩種不同基準,與對照公司進行比較分析探討;在投資績效方面採用買進持有異常報酬法、累積平均異常報酬法、曆月投資組合法與因子模式法等四種不同方法來衡量長期異常報酬。
    研究結論發現台灣上市(櫃)公司平均而言,無論是私募股權或公開現金增資發行後,其都是呈現出相對較差之長期營運績效與長期投資績效,此結論與國內外文獻的結果一致。而在私募股權發行與公開發行現金增資後之營運績效差異分析與投資績效差異分析,大致來看,私募股權發行之表現是優於公開發行現金增資。
    關鍵字:現金增資,私募股權,長期營運績效,長期投資績效
    The research includes 175 sample companies of Seasoned Equity Offering and 87 ones of Private Placement form February 2002 to June 2006. In the research, we observed the Operating Performances and the Investment Performances in the first, second and third years after their announcement event days.
    To judge the Operating Performances in those companies, we used five variable rates in Dupont Identity, including Return on Assets, Return on Equity, Return on Sales, Total Assets Turnover, and Total Assets to Equity. We also looked into their self moves and Property Classifications to measure the compare companies.
    After our research, the result showed that the Operating Performances and the Investment Performances are worse after the announcement event day of Private Placement and Seasoned Equity Offering than before the announcement event day. Besides, it can be found in the research that the Investment Performances are superior after Private Placement than that after Seasoned Equity Offering.
    顯示於類別:[財務金融學系暨研究所] 學位論文

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