A Study of Moderating Effect of Type of Investors on the Association between Corporate Governance Mechanisms and Private Placement Discount
碩士 === 崑山科技大學 === 企業管理研究所 === 104 === This study applies “types of investors” of 408 private equity placement discounting event as research samples during 2004 to 2014. The empirical results show that CEO’s shareholdings have significantly positive affected on “discount rate of private equity placem...
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| Format: | Others |
| Language: | zh-TW |
| Published: |
2016
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| Online Access: | http://ndltd.ncl.edu.tw/handle/957qk3 |
| Summary: | 碩士 === 崑山科技大學 === 企業管理研究所 === 104 === This study applies “types of investors” of 408 private equity placement discounting event as research samples during 2004 to 2014. The empirical results show that CEO’s shareholdings have significantly positive affected on “discount rate of private equity placement discounting”. CEO belongs to controlling family has significantly negative affected on “discount rate of private equity placement discounting”. Outside investors has significantly negative affected on “discount rate of private equity placement discounting”.
The moderating effects show that inside investors are significantly weakening the positive relationship between CEO’s shareholdings and private equity discounting. Outside investors will significantly strengthening the positive relationship between Board size and private equity discounting, while outside investors will significantly weakening the negative relationship between Chairman concurrently general manager and private equity discounting. Outside investors will significantly weakening the negative relationship between Independent directors and private equity discounting, while outside investors will significantly weakening the positive relationship between Outside block-holders, Ins-shareholding and private equity discounting.
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