An Investigation on Corporate Characteristics and Corporate Governance of Taiwan Private Equity Placement Decision
碩士 === 國立中正大學 === 財務金融研究所 === 103 === The study intends to investigate the determining factors that lead to a company in making decision in private equity placement. The factors of interest include firm characteristics and corporate governance. The empirical results show that companies tend to inc...
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| Format: | Others |
| Language: | zh-TW |
| Published: |
2015
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| Online Access: | http://ndltd.ncl.edu.tw/handle/19486931762106881538 |
| Summary: | 碩士 === 國立中正大學 === 財務金融研究所 === 103 === The study intends to investigate the determining factors that lead to a company in making decision in private equity placement. The factors of interest include firm characteristics and corporate governance. The empirical results show that companies tend to increase capital through private placement as the companies are undervalued by the markets. It is found particularly for smaller companies in terms of capital size and for companies with higher earnings and less information disclosure which is approximated by the quality of auditing. As to the corporate governance, the results find that the ratio of outside directors to the board and the ratio of stock holdings by managers have significantly negative impacts on the private placement decision, while the board size and the institutional stock holding ratio are not evident to be correlated to the decisions.
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