保薦制度及獨立董事對私募後營運績效影響之探究

Abstract

自2006年5月起，中國上市公司得利用定向增發方式募集資金，使定向增發成為企業融資的主要管道。本研究以2006年至2015年進行定向增發的中國上市公司為樣本，檢視保薦機構聲譽對定向增發折價幅度影響。本研究亦檢視保薦機構聲譽對公司於定向增發後當年及次年營運績效是否有所影響。由於發行公司董事需配合保薦機構履行監督責任，本研究檢視保薦機構聲譽與獨立董事專業能力交互作用對定向增發後當年及次年營運績效之影響。此外，本研究檢視保薦機構聲譽與獨立董事兼職程度交互作用對定向增發後當年及次年營運績效之影響。 實證結果顯示，保薦公司聲譽並未顯著影響公司定向增發折價幅度。本研究實證結果亦顯示，保薦機構聲譽對公司於定向增發後營運績效並無顯著影響。此外，保薦機構聲譽與獨立董事有否具會計師資格之交互作用並未顯著影響定向增發後營運績效。保薦機構與獨立董事兼職程度之交互作用並未顯著影響定向增發後營運績效。

Chinese listed firms have raised funds through private placements since May 2006. Private placement has become an important financing method for firms to raise funds. This study investigates to what extent of private placement discount is affected by the reputation of sponsoring company using sample of private placement firms from 2006 to 2015. This study also examines to what extent of operational performance after private placements is affected by a sponsoring company’s reputation. Moreover, this study examines (1) how the interaction between a sponsoring company’s reputation and independent directors’ expertise, and (2) how the interaction between a sponsoring company’s reputation and independent directors’ interlocking affect the extent of operational performance after private placements. The empirical results show that the reputation of the sponsoring company does not significantly affect the company's private placement discount. The empirical results also show that the reputation of the sponsoring firms has no significant impact on the company's operating performance after private placements. In addition, the interaction between the reputation of the sponsoring company and whether the independent director is a certified public accountant does not significantly affect the operational performance after private placements. The interaction between the reputation of a sponsoring company and the independent director's interlocking does not significantly affect operational performance after private placements.