本研究以民國91年至民國96年期間辦理私募案之上(市)櫃公司為研究對象，探究私募折溢價與私募後經營績效及市場反應之關聯性。
本研究將私募樣本區分為溢價組與折價組，溢價組於私募前後之營運績效均如預期般表現比折價組好，且溢價組與折價組於私募後之營運績效表現有更顯著的差異。同時，溢價組於私募後展現正向的市場反應，折價組於私募後則呈現負向的市場反應。
企業價值與成長機會高度相關，而溢價發行企業之成長機會對企業價值之影響程度較折價發行企業高。折(溢)價幅度與私募後營運績效、累計異常報酬間呈負(正)相關，顯示折溢價幅度可能反映出私募企業未來成長與風險之訊息。 / This study examines the effects of price discount (premium) on performance and market reaction in private placement. Three main findings are as follows. After classifying the sample into two categories, premium and discount, this study finds that the operating performance of the premium group is better than that of the discount group both before and after the private placement. The difference is
especially significant after the private placement. Furthermore, the premium group shows positive market reaction after private placement while the discount group negative.
Firm value is highly related to growth opportunity, and the influence of growth opportunity on firm value of premium group is significantly higher than that of discount group. The results also show that the magnitude of price discount (premium) is negatively (positively) related to operating performance and cumulative abnormal return after private placement. This may indicate that the price discount (premium) reflects the signal of future growth and risk of the firm in private placement.
| Identifer | oai:union.ndltd.org:CHENGCHI/G0097353038 |
| Creators | 王光世 |
| Publisher | 國立政治大學 |
| Source Sets | National Chengchi University Libraries |
| Language | 中文 |
| Detected Language | English |
| Type | text |
| Rights | Copyright © nccu library on behalf of the copyright holders |
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