| 摘要: | 近來頻頻發生私募股權價格偏離市價或淨值過多等情事，因此本文之主旨在探討影響金融機構私募股權折(溢)價因素之研究，以2002年至2010年之金融機構為樣本，分別從投資人身分、公司治理、經營績效、市場結構與資訊不對稱五大構面探討，以OLS及Tobit模型進行分析。 根據本文實證結果發現，在投資人身分的影響中，若私募的應募人中有外資型投資人或是金融機構有外資持股，則通常被認有較好的績效表現，因此私募股權多以溢價出售；而若有內部人參與認購，基於自利動機，私募傾向折價；若外部人能藉由私募獲得董事職位，則外部人對此潛在利益，願意以溢價方式認購。 在公司治理方面，董監持股比例越高或董監質押比率越低，代表金融機構有較好的治理機制，因此私募股權多為溢價方式出售；成本收入率若越高，代表金融機構獲利能力較差，因此多以折價方式；在以賀芬達指數衡量的市場結構方面，若金融機構的市場影響力越大，議價能力亦越大，因此私募傾向溢價；在資訊不對稱構面中，私募股權的發行規模越大、金融機構本身規模越大或成立年限越長，則其資訊不對稱程度較低，因此給予投資人的補償較少，折價幅度也較小。 最後，本文亦加入穩健性測詴，總體經濟變數以台灣國民生產毛額及貨幣供給增加率進行分析，發現若總體經濟表現越好，私募股權多以溢價方式出售；而金融機構若隸屬於金控體系，則由於其表現較非金控體系之金融機構佳，因此亦多以溢價方式出售；最後在財務結構則可發現，股東權益報酬率越高，表示金融機構獲利能力較佳，私募股權亦會以溢價方式出售。 The main purpose of this paper is to discuss what factors may influence the financial institute’s private placement sell at a premium or discount. We cover five main aspects： investor’s identity, corporate governance, performance, market structure and information asymmetry. Besides, we use Ordinary Least Square (OLS) and Tobit model to do the analysis. According to our results, if the financial institute’s private placements be invested by foreign investors, then it will be inclined to sell at a premium. Furthermore, if managers or directors participate in the private placement, based on the self-interest theory, this kind of private placement tend to be sold at a discount. However, if outsider can get the director’s position through the private placement, they will willing to buy at a premium. In the corporate governance aspects, the more shares owned by the directors, the more possibility that private placement sell at a premium. In the market structure, we use Herfindahl- hirschman index to test. The result shows that if the financial institutes have more market power, its private placement also tend to be sold at a premium. Finally, we use the robustness test. We find that if the macroeconomics gets better, the private placement will sell at a premium. In addition, if the financial institutes belong to financial holding company, then their performance may better than those not belong to financial holding company. Therefore, they also prefer to sell at a premium. |
