資本結構調整、權益銷售機制與核心代理問題

Abstract

本研究在探討公司藉由私募或現金增資調整資本結構時，資本結構調整對調整成本以及核心代理問題的關聯性。實證結果發現私募與現金增資公司皆具有較高的負債偏離程度，且愈高的負債偏離會增加公司選擇私募或現金增資以調整資本結構的可能性，此外，資本結構的調整規模會影響私募的折價幅度，而資本結構偏離程度則會影響現金增資的折價幅度。最後，實證發現當公司選擇向特定少數人私募資金時，私募會顯著增加公司的核心代理問題。

This paper examines the effects of adjustment cost and core agency problem on company adjusting its capital structure through private equity offering (PE) or seasoned equity offering (SEO). Evidences indicate that both PE company and SEO company have higher leverage deviations and the likelihood of raising equity privately or publicly increased as its leverage deviation goes high. In addition, the leverage deviation usually affects SEO's discount but the leverage adjustment scale affects PE's discount. Finally, PE may increase its core agency problem, which is possibly caused by the specific minority investors of PE.