英文摘要 |
It has been more than 18 years since the Securities Exchange Law introduced the securities private placement system. Its purpose was to make it easier for companies to conduct mergers and acquisitions, to foster strategic alliances, and to solve the problem of financing companies that had financial difficulties. However, since the implementation of private placement laws and regulations, many problems have been found. These problems are mainly due to the fact that the issuance price of the company’s securities by the private placement deviate too much from either the market price or the company’s net asset value, resulting in uncertainty regarding the reasonability of a stock price. Also, insiders or related parties subscribe the shares at a lower price, or the company is profitable but still obtain capitals through private placement, which thereby changing the shareholding structure and also damages minority shareholder rights. In addition, with the discounted price of private placement, a large number of low-priced and new shares are issued to change the shareholder structure and control of companies. This article hopes to use empirical research to collect statistics and analyze the public information disclosed by the companies listed in the TWSE and TPEx for private placements, so as to explore whether the design of a Taiwanese private placement system is appropriate for its intended purpose. In doing so, this exploration may help with the future review of a Taiwanese private placement and identify any areas for improvement. |