分析師盈餘精準度對於 私募績效與公司溢價幅度探討

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Title:	分析師盈餘精準度對於私募績效與公司溢價幅度探討
Other Titles:	Analyst Forecast on the Influence of Firm Performance and Market Premium in Private Placements
Authors:	周翰廷 JHOU,HAN-TING
Contributors:	莊凱旭 Chuang, Kai-Shi 財務金融學系
Keywords:	私募;分析師盈餘預測精準度;短期異常報酬 private placements;accuracy of financial analysts forecast;short- term abnormal returns
Date:	2019
Issue Date:	2019-12-16T04:06:50Z (UTC)
Abstract:	摘要本研究以2007年1 月到2017年12月台灣私募之上市上櫃公司，利用事件研究法市場模型分析，對於589筆的私募事件來進行研究。首先探討分析師預測的精準度高低是否會影響到私募公司之溢價幅度與短期私募績效變化作為探討。本文實證發現，分析師盈餘精準程度較低時，私募溢價幅度較大;分析師盈餘精準程度較高時，私募短期異常報酬較大。最後本研究以交易市場、公司規模、產業差異、董監事持股水準、法人持股水準、公司成立時間、資產報酬與舉債比率，利用上述條件探討在不同特性下之實證結果。發現不同條件下的私募公司具有不同的私募溢價幅度與不同的私募短期異常報酬。 AbstractUsing event study method and market model with 589 private placements samples in Taiwan's OTC companies from January 2000 to December 2017.. Firstly, it explores whether the accuracy of analysts prediction will affect the premium and short- term abnormal returns. The empirical results show that when analysts earnings accuracy is low, the premium is larger; when analysts earnings accuracy is high, the short-term abnormal returns are larger. Finally, this study takes the trading market, company size, industry differences, the shareholding level of directors and supervisors, the legal person shareholding level, the company's establishment time, asset reward and debt ratio as the different conditions to explore. It is found that under different conditions, private placement firms have different premiums and short-term abnormal returns.
Appears in Collections:	[Department of Finance ] Master's Theses

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