Effects on Shareholders' Wealth and Premium (Discount) of Private Placement Announcement

Abstract

本研究針對金管會修訂私募法規後宣告辦理私募之上市（櫃）公司，採用事件研究法檢驗私募宣告對股東財富影響效果，並進一步探討影響異常報酬及溢（折）價幅度之因素。實證結果顯示：私募宣告前30日至宣告後30日的累計平均異常報酬率達9.38%，顯示金管會加強事後資訊揭露規範後，私募宣告對股東財富其有顯著正面影響。此外，董事會決議辦理私募前27天起股價已明顯呈正向反應，由於董事會決議前一般投資人無從得知該訊息，其公告前之異常報酬意謂存在資訊不對稱情形。再者，「經營權是否易主」為影響私募宣告異常報酬之重要因素。經營權易主公司於事件期累計異常報酬平均高達40.28%，小額投資人雖未能成為特定人參與私募獲得可能之投資利得，惟可依此實證結論作為得知私募宣告訊息後，是否跟進投資取得異常報酬及持有期間之參考指標。最後「內部人應募比率」與溢（折）價幅度相關性並不顯著，未如過去研究文獻所認為：折價與經理人自利交易(self-dealing)攸關，顯示自金管會針對私募訂價強化規範後，企業並無明顯透過私募大幅折價圖利應募內部人情形。其中在折價發行樣本中，「應募人取得之董監事席次」為影響私募折價幅度之因素，顯示企業有以折價增資吸引外部人投資並進入公司經營管理階層之現象。

The study examines the effects of shareholder's wealth and premium (discount) from private placement announcements after the Financial Supervisory Commission (FSC) announced regulations at October 2005, and analyzes the factors of cumulative abnormal returns and premium or discount on private placement announcement. The findings can be summarized as follows: Firstly, the average cumulative abnormal return of private placement announcement is significantly positive, and the stock price shows rising before 27 days of the announcement, it implies that the information content of private placement announcement exists with early information leakage and asymmetry. Furthermore, it shows that ”the change of ownership” is a significant factor affecting the cumulative abnormal return from private placement announcement. The average cumulative abnormal return is up to 40.28%. Investors could take the result as a reference to make decision after receive the information of announcement. Finally, the ratio of insider purchasers is not significantly related to the discount on private placements, which reject the hypothesis of managerial self-dealing by literatures. The firms did not benefit managerial insiders though larger discount of private offerings after the FSC announced new enforced regulations. The findings show that ”the changed numbers of chairs in board of directors” is a significant factor affecting private placement discount. It further evidenced that firms offer lower offering price to attract new investors to participate into the managerial board.