| Summary: | 碩士 === 崑山科技大學 === 企業管理研究所 === 105 === This study applies 494 private equity placement discounting event as research samples, which occurred in Taiwan listed and OTC market companies issued common stock or preferred stock during 2004 to 2016. The purpose of our study is to verify the degree and impact direction of type and components of investors, annual report information disclosure and their components on “ private equity placement discounting”. Besides, this study is also try to verify the moderating effect of type of investors on the relationships between “annual report information disclosure and private equity placement discounting”.
The empirical results find that internal investor has insignificantly positive impact on private placement discount, while external investor has significantly negative impact on private placement discount. Annual report information disclosure, such as operating and financial information transparency has significantly negative impact on private equity placement discount. While other components, such as annual report information disclosure, ownership structure and components of board of directors, voluntary information disclosure and mandatary information disclosure have insignificantly negative impact on private equity placement discount. The related investor of internal investor has significantly negative impact on private placement discount, while the strategic investor of external investor has significantly negative impact on private placement discount.
The moderating effects show that internal investor weak the negative relationship between annul report information disclosure or its components and private placement discount. While outside investor enhance the negative relationship between annul report information disclosure or its components and private placement discount. But all moderating effect are not reach significant level.
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