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博碩士論文 etd-0804109-055128 詳細資訊
Title page for etd-0804109-055128
論文名稱
Title
在現金增資和私募下,投資決策會是否不同的影響?
Does investment policy differ between private placement ? and public offering companies
系所名稱
Department
畢業學年期
Year, semester
語文別
Language
學位類別
Degree
頁數
Number of pages
39
研究生
Author
指導教授
Advisor
召集委員
Convenor
口試委員
Advisory Committee
口試日期
Date of Exam
2009-07-27
繳交日期
Date of Submission
2009-08-04
關鍵字
Keywords
代理問題、資訊不對稱、投資活動、私募股權、現金增資
Private Placements, Right Offerings
統計
Statistics
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中文摘要
隨著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。私募股權在最近幾年逐漸為之風潮,越來越多公司捨棄傳統的現金增資,而採用私募股權融資。而現金增資與私募股權兩者對股權結構有很大的差異且兩者籌資的動機和目的也有不同。同時,投資活動是企業的主要財務活動之一,投資影響到企業的經營績效和未來展望。因此,本文主要在探討私募股權、現金增資與投資決策的關係。
本文希望可以藉由私募股權、現金增資兩種權益融資方法來探討這兩種權益融資方式對公司的投資決策會有什麼不同的影響。本文根據過去文獻找出影響投資決策的因素,主要是受到代理問題與資訊不對稱問題所影響,同時,私募股權、現金增資兩種不同的權益融資方式對公司的代理問題與資訊不對稱問題也有不同的效果。因此,本文希望藉由私募股權與現金增資後代理問題與資訊不對稱問題的變化來了解公司投資決策的影響。
本文研究的主題一共可分為三項:一、現金增資、私募股權下,代理問題與投資決策。二、現金增資、私募股權下,資訊不對稱與投資決策。三、策略聯盟、減資活動和私募投資人進入董事會等事件對投資決策的影響。
本文從私募股權和現金增資的特性來探討關於權益融資後代理問題與資訊不對稱問題的變化,再探討代理問題與資訊不對稱問題的變化又會如何影響投資決策。本文將代理問題區分為利益收斂效果與鞏固利益效果,藉由私募股權與現金增資的特性來探討公司的代理問題在融資後對投資決策會產生什麼變化;以及不同的權益融資方式對資訊不對稱也會產生不同的影響,對投資決策又會產生什麼變化。
本文的樣本中,代理問題的改變對公司的投資決策沒有顯著的影響,無論是利益收斂效果還是鞏固利益效果。根據Hertzel and Smith (1993)認為股權結構效果可能對小公司較不重要。由小公司組成的樣本而言,私募股權主要是籌資事件而非股權結構重整的事件,因此,代理問題對投資決策沒有顯著影響;而公司與外部投資人間的資訊不對稱幅度改變時,對公司的投資決策有顯著影響。本文發現當公司進行私募股權籌資的目的為策略聯盟動機時,當資訊不對稱改善時,受代理問題的影響,將會有過度投資的現象。
Abstract
none
目次 Table of Contents
第一章 續論 1
第一節 研究動機 1
第二節 研究目的 2
第二章 文獻探討與研究假說 3
第一節 文獻探討 3
一、 投資相關文獻: 3
二、 私募股權相關文獻: 6
第二節 研究假說 10
第三章 樣本來源與研究方法 12
第一節 樣本來源 12
一、 樣本選取 12
二、 資料來源 12
第二節 研究方法 12
一、 變數衡量 12
二、 敘述統計 16
三、 研究方法 21
第四章 實證結果與分析 23
第一節 現金增資、私募股權下,代理問題與投資決策 23
第二節 現金增資、私募股權下資訊不對稱與投資決策 26
第三節 私策略聯盟、減資活動和私募投資人進入董事會等事件對投資決策 的影響 27
第五章 結論與建議 30
參考文獻 32

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