我國分別在九十年十月及九十一年一月通過了「公司法」與「證券交易法」有關私募之修正條文，為企業引進一項新的籌資管道，即私募制度。私募(private placement)除了不必事先向主管機關申報申請核准、加速籌資速度及公司對於私募對象與價格有很大的決定空間外，私募排除原股東認購之問題，有利於問題企業引進新的經營團隊注入活水或為財務艱困之企業迅速挹注大筆資金，協助企業轉型及改善體質。
政府開放私募已三年多，卻直到去年九十四年才蔚為風潮(94年私募有58件、現增有45件、IPO有56件)，由於私募對象人數少，企業容易藉由私募一途引進大額股東或是內部人本身認購以提升其所有權比例及保障其控制權，私募與鉅額交易具有類似的效果，即使得公司股權結構產生大幅度的變動。由於私募對象與價格的決定對公司而言具有很大的操縱空間，在過程不夠透明的情況下，公司內部人是否會因為要維持其享有之私人利益，在私募價格上願意以較高的價格自行認購或者內部人其實是以較低的價格買進私募股以圖利自已，若是私募的對象有外部投資人的和內部人一起分享私人利益(private benefits)時，此時私募價格是否會反應出外部人取得私人利益之影響或是內部人私人利益遭受稀釋之影響。因此，本文研究目的在於探討私募折(溢)價(price discount)是否受內部人私人利益與外部人私人利益之影響；及進一步將私人利益拆解為所有權(ownership)與控制權(control rights)兩部分，以了解私募折(溢)價受私人利益的影響中有多少比例是來自所有權、有多少比例是來自控制權；最後即是探討其他可能影響私募折(溢)價之重要因素。

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目錄
第一章 緒論 0
第一節 研究動機與目的 1
第二節 主要研究貢獻 4
第三節 研究範圍與對象 5
第四節 論文架構 5
第二章 文獻回顧 6
第一節 私募股權相關文獻 6
第二節 私人利益相關文獻 11
第三章 台灣私募市場之描述 14
第一節 私募制度之介紹 14
第二節 私募制度之優缺點 22
第三節 私募制度之運用 24
第四章 實證方法與結果 27
第一節 樣本描述 27
第二節 私募股權折(溢)價探討 35
第三節 私募折(溢)價迴歸 49
第五章 結論與建議 63
第一節 研究結論 63
第二節 政策意涵 65
第三節 後續研究建議 66
附錄...............................................................67
參考文獻...........................................................68

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