| Summary: | 本研究探討私募對企業經營績效之影響，分別檢驗五種類型應募人之私募，其企業經營績效是否因私募而獲得顯著改善。本文採用配對t檢定，檢驗當應募人分別為策略投資人、內部人、積極投資人、消極投資人及單一投資人時，公司之經營績效於私募前後一年是否有顯著差異，並以營運現金流量報酬率、資產報酬率、股東權益報酬率及公司價值作為績效指標進行迴歸分析，探討不同類型應募人之私募，對經營績效之影響有何不同。
實證結果發現，私募會因應募人之不同，而對經營績效產生不同的影響。當應募人為策略投資人、內部人、積極投資人或單一投資人時，公司私募後一年的經營績效比私募前一年的績效好，表示當應募人為該四類投資人時，四項經營績效衡量指標皆顯示，私募會正面影響公司之經營績效；而當應募人為消極投資人時，私募對公司營運現金流量會造成負面的影響。
=== This study classifies private placement investors into five types including strategic investors, insiders, active investors, passive investors, and single investors to investigate whether firm performance has been improved after issuing private placement. I use two-sample paired t-test to examine whether the performance is different between pre-placement and post-placement under each type of private placement investors, and use regression approach to analyze the impact of private placement investors on firm performance measured by operating cash flow returns, returns on assets, returns on equity, and Tobin’s Q.
The evidence shows that the impact on performance varies with private placement investors. Firms have better performance after issuing private placement when the private placement investors are strategic investors, insiders, active investors, and single investors. On the contrary, when the private placement investors are passive investors, firms have poorer operating cash flow returns.
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