臺灣博碩士論文加值系統

主管機關引進私募制度，為不易透過公開募集方式融資之財務困難公司及特殊資金需求目的的公司解決資金募集問題，使公司的融資管道除了公開募集外，也能利用私募方式進行融資。私募成為公司募資的重要來源之一。故本研究探討公司在私募與公開現金增資不同方式下進行籌措資金，公司為其募資對操弄盈餘之程度，及公司私募後對長期績效之影響。
本研究探討2009年至2014年私募及公開現金增資公司之樣本。研究結果顯示私募公司與現金增資公司相比較不會進行盈餘管理。而私募公司在策略性投資者與非策略性投資者對於盈餘管理之差異影響無法判斷。最後，本研究僅就發現增資公司盈餘管理對資產報酬率變化呈顯著負相關，得出公司進行盈餘管理影響長期績效之表現，增資公司盈餘管理程度越高，長期績效之表現越差。

Authority introduced private placement to solve capital shortage for companies which have financial difficulties or special needs. Companies can conduct either seasoned equity offerings (SEOs) or private placements to raise fund. This study investigates the differences of real earning management between SEOs and private placements and the effects of earning management in long-term performance.
I collect samples of private placements and SEOs from 2009 to 2014. The results of the study show that private placements compared to SEOs are less likely to engage in earnings management. There is no significant difference in earning management between strategy investors and non-strategy investors. On the other hand, we find that companies with earning management have poor long-term performance. Private placements and SEOs engage in the higher degree of earnings management, the worse long-term performance.

目錄
摘要....................I
Abstract....................II
誌謝....................III
目錄....................IV
表目錄....................VI
圖目錄....................VII
第一章 緒論....................1
第一節 研究背景與動機....................1
第二節 研究目的....................4
第三節 研究架構....................5
第二章 文獻探討....................6
第一節 私募之探討....................6
第二節 盈餘管理....................10
第三節 實質盈餘管理與公開現金增資及私募之研究..........11
第三章 研究方法....................13
第一節 假說發展....................13
第二節 資料來源及樣本選取....................15
第三節 研究設計....................15
第四章 實證結果....................25
第五章 結論....................42
參考文獻....................43
中文文獻....................43
英文文獻....................44
表目錄
表1 敘述性統計表..........26
表2 相關係數分析..........30
表3 增資前盈餘管理各要素之回歸分析..........33
表4 增資當年度盈餘管理之回歸分析..........35
表5 私募增資前公司特性與盈餘管理各要素之回歸分析..........37
表6 私募增資當年度公司特性與盈餘管理各要素之回歸分析..........39
表7 增資公司盈餘管理與長期績效之回歸分析..........40
表8 私募公司與公開現金增資公司對長期績效之回歸分析..........41
圖目錄
圖1 公開發行公司募集資金統計圖..........2

中文文獻
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2.戚務君、王貞靜與黃隆建（2010）。實質盈餘管理行為之研究。2010會計理論與實務研討會論文集（頁1135-1160）。新北：淡江大學。
3.彭宗建與李宛珊（2007）。私募有價證券之策略性運用。證券公會季刊，96（4），88-90。
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