財務限制對私募折（溢）價及公司 績效表現之影響

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题名:	財務限制對私募折（溢）價及公司績效表現之影響
其它题名:	The Effects of Financial Constraints on Market Discounts and Firm Performance in Private Placements
作者:	曾彥誠 TZENG,YAN-CHENG
贡献者:	莊凱旭 Chuang, Kai-Shi 財務金融學系
关键词:	財務限制;私募;事件研究法;私募折溢價;異常報酬 Financial Constraints;Private Placements;Event Study;Market Discounts;Abnormal Returns
日期:	2019
上传时间:	2019-12-16T04:07:36Z (UTC)
摘要:	本研究以 2003年 1月至 2017年 12月台灣私募之上市櫃公司為樣本進行研究，共計826筆的私募事件樣本，來探討財務限制程度對私募折溢價與短期異常報酬之影響。折溢價幅度方面，在全樣本情況下，當財務限制程度越高，私募折價程度也越高。本研究進一步將樣本區分為折、溢價樣本，並發現折價發行的公司較溢價發行公司更顯著受到財務限制程度的影響。而在短期異常報酬方面，實證結果發現，在全樣本情況下，公司的財務限制程度會顯著影響短期異常報酬，當財務限程度越高時，短期異常報酬的表現也將有所提升。接著將樣本區分為折、溢價樣本後，發現折價發行公司的短期異常報酬較溢價發行公司更顯著受到財務限制程度的影響。 This study examines the impact of financial constraints on market discount and abnormal returns in the Taiwan market from the period of January 2003 to December 2017. With the analysis of 826 samples, the results show that, the higher the degree of financial constraints, the higher the degree of discount. This study further divides the samples into discount and premium samples, and finds that discount issuing companies are more significantly affected by financial constraints than premium issuing companies. In terms of short-term abnormal returns, the empirical results show that the degree of financial constraints significantly affects abnormal returns. The degree of financial constraints is positivity associated with short-term abnormal return. After dividing the samples into discount and premium samples, The results consistently show that the short-term abnormal returns of discount issuing companies are more significantly affected by financial constraints than those of premium issuing companies.
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