應募人類型對『資訊揭露與私募股權折價幅度』間關聯調節效果之研究

A Study of Moderating Effect of Types of Investors on the Association between Information Disclosure and Private Equity Placement Discount

本研究以2004 年至2011 年底上市、上櫃公司合計之323 件私募普通股與特別股折價發行事件為研究樣本，一方面驗證應募人類型對私募股權折價幅度之影響，其次檢驗年報資訊揭露、年報資訊揭露組成對私募股權折價幅度之影響。實證結果發現：『外部應募人』與『強制性資訊揭露』對『私募權益折價幅度』為顯著負向影響。在調節效果方面，『內部應募人』顯著增強『強制性資訊揭露與私募折價』間的負向關聯，『外部應募人』顯著減弱『年報資訊揭露與私募折價』間的負向關聯，尤其是『強制性資訊揭露與私募折價』間的負向關聯。

This study applies “Types of Investors” of 323 private placement of common shares and preferred stocks event as samples. Financial firm data covered the years 2004 through 2011 was acquired from the Taiwan Stock Exchange and Taiwan’s OTC. One part of this study is to test the effects of “Types of Investors” on the “Private Equity Placement Discounting. The other part is to test the effects of “Annual Report Information Disclosure” and “Annual Report InformationDisclosureCombination” on “Discount Rate of PrivateEquity PlacementDiscounting”. The results of this study: “External Investors” and“Mandatory InformationDisclosure” significantly negative affect on “Discount Rate of Private Equity Placement Discounting”. The moderating effects show that “Internal Investors” enhance the negative relationship between “Mandatory Information Disclosure and Private Equity Discounting”. “Outside Investors” weaken the negative relationships between “Annual Report Information Disclosure and Private Equity Dis counting” and “Mandatory Information Disclosure and Private Equity Discounting”.