本文以台灣上市公司之私募宣告資料為樣本，來探討影響私募宣告資訊內涵的可能成因。由於當公司私募來籌措資金時，有源自公司財務上的需要，然而私募之決行，其董事會應為重要之定奪機構，是以吾等認為公司財報因素與公司治理因素為影響私募的主要成因，進而吾等認為影響私募宣告的資訊內涵的可能成因，亦不脫離財報因素、公司治理因素，尤其是股權結構因素。而本實證結果顯示，私募宣告事件前，確有資訊外溢的現象，而事件宣告當日，可能由於資訊已經反應在股價上，是以並無顯著的異常報酬。此外本研究發現董監事酬勞對資訊外溢有顯著地正向影響，是以吾等應對董監事酬勞過高的企業，當其從事私募活動時，更需謹慎以對。此外，本研究亦顯示公司治理結構與財報較優的企業，其私募後之股價表現亦較優。 This paper is to investigate the possible factors affecting the information contents of declaring private placement for the firms listed in the Taiwan stock exchange. In fact, the firms raising funds from private placement might be resulted from financial concerns, but the decision of private placement should be made by the board. Therefore, we argue that the variables related to financial statements and corporate governance should have relations with private placement, and even the information contents of announcing private placements, especially for board structure variables. The results reveal that the information leakage is indeed occurred before declaring private placement; however, the abnormal return is insignificant on the date of declaring private placement, since the share price might have already reflected the information related to private placement. In addition, the result reveals that directors’ rewards positively affect the information leakage; therefore, we should be cautious for the firms with higher directors’ rewards, while these firms engage in private placement. Furthermore, the firms with better corporate governance and financial statement have better subsequent performance after declaring private placement.
