金融機構私募股權及其折溢價研究

Research on the Discount or Premium Rate of Private Equity Placement by Financial Institutions

10.6985/TBFQ.201103.0001

陳錦村(Jing-Twen Chen)；吳有山(Yu-Shan Wu)；廖婉惠(Wan-Hui Liao)

外資進入 ； 異常提列呆帳 ； 公司治理 ； 私募股權 ； 金融機構 ； foreign investment ； unusual accrual provision for bad debts ； corporate governance ； private equity placement ； financial institutions

台灣金融財務季刊

12卷1期（2011 / 03 / 01）

1 - 40

繁體中文

過去的研究文獻鮮少討論金融服務業的私募問題，研究台灣的私募問題也以一般產業為對象，不包括金融業的樣本。本文首次以台灣金融業私募增資的金融機構為驗證樣本，探討(1)募集資金之途徑及其影響因素，和(2)私募股權折（溢）價的影響因素。第(1)部分藉著建立Logistic迴歸模型加以討論；第(2)部分則利用OLS迴歸模型及Tobit迴歸模型進行分析，最後並做必要的敏感度觀察。 實證結果發現，募資途徑的影響因素為：當股份盈餘偏離倍數和席次盈餘偏離倍數越大時，金融機構越傾向使用私募方式增資，且在私募增資前，金融機構有異常提列呆帳的行為。若外資持股比率愈高，金融機構便以私募增資為主；將市場集中度和外資持股比率的交叉項納入實證模型，發現該變數具顯著的負向影響，意味市場集中度增強，將降低外資透過私募參與投資的意願。 在私募股權折（溢）價的影響因素中，股份盈餘偏離倍數、席次盈餘偏離倍數、金融機構外資持股比例高時，私募時容易以溢價出售股權；外資型投資人偏好使用溢價認股，市佔率高的金融機構則可利用其議價能力的優勢，以溢價方式出售其股權。董監質押比率顯著地負向影響私募股權的折（溢）價，這可能是金融機構避免私募增資帶給市場負向反應時，衝擊其質押股權被斷頭的機會，而傾向以溢價方式私募股權。 在敏感性分析方面，當樣本屬於金控體系的成員，其私募交易在性質上等於母子公司相互流通的內部資金，常按股票面額決定股價，形同以折價出售股份；自有資本比率顯著且正向地影響折溢價，表示自有資本比率越高，越容易折價出售其私募股權，或多或少顯示自有資本比率高的樣本，頗多是母公司認購來自子公司的私募股權；私募發行的股權總額對股東權益總額的比率呈現正向顯著，表示增資的金融機構為使私募案件順利成功，會以折價方式吸引投資人認購股票。

In this study, we investigate private equity placement activity by Taiwanese financial institutions in recent years. Firstly, we discuss what are the key factors affecting financial intermediations when choosing to issue common stocks publicly or privately. Secondly, we discuss what factors influence private equity investors when purchasing the shares at a discount or a premium. According to this empirical research we came to the following conclusions. The way of issuing common stocks for the financial institutions is affected by corporate governance structure, earnings management, financial performance and information asymmetry. In comparison, factors affecting private equity placements issued at a discount or premium includes corporate governance, foreign investors and market shares.

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