企業生命週期與私募股票溢折價關係之研究

The Relation Between Business Life Cycle and The Premium/Discount of Private Equity Placements

我國於2002通過有關私募之修正條文，首度允許公開發行公司以私募方式發行股票或公司債，提供公司籌資管道之新選擇。由於過去研究指出，現有資產（assets in place）與成長機會（growth opportunity）兩者佔公司價值的相對比重，會隨公司所處的生命週期階段不同而有所差異，造成企業生命週期對上市公司從事現金增資時的訂價有影響力。因此，本研究乃以我國2005年至2010年間，有進行私募普通股的上市櫃公司為研究對象，探討企業處於不同生命週期下的私募股票溢折價之差異。實證結果發現，私募公司處於不同的企業生命週期階段，私募股票的折價幅度不同，以綜合指標為生命週期畫分因子結果顯示，處於成長期公司的私募股票折價幅度，小於處於成熟期與衰退期公司的私募股票折價幅度，而處於成熟期公司的折價幅度亦低於處於衰退期公司的私募股票折價幅度。

The purpose of this study is to explore the effects of firms on the private placement on the price discount or premium at different life cycle. Prior studies suggest that firms at different life cycle stage would influence the underpricing of seasoned equity offerings. We collect data from listed firms with private placement in the Taiwan Stock Exchange during 2005-2010 and find that price discount of firms with private placement in the growth stage is lower than that in the mature and decline stage. Moreover, the degree of price discount of firms with private placement in the mature stage is also less than that in the decline stage. On the other hand, we use the alternative computation of the price discount and have the similar results.