自91年初證券交易法通過私募規範修訂後，私募有價證券已成為企業重要的籌資管道，私募件數和金額逐年快速成長。94年企業經由私募方式自資本市場籌措資金達1,377億元，佔資本市場籌資比重達17%，可見私募已逐漸成為資本市場籌資之焦點。本研究以91年1月至95年6月間，台灣上市及上櫃公司提出私募宣告為樣本，共293筆，採用事件研究法來探討私募宣告對股東財富是否具有顯著影響，同時也探討不同資本市場、不同產業、不同融資工具及不同融資需求之私募宣告是否具有顯著差異性。
本研究歸納以下之結論：一、私募宣告的公司中，有50%以上的公司，其前一年度具備股本不大、董監持股比率低、負債比率高、及經營績效不佳等屬性。二、上市公司進行私募宣告時，訊息宣告有事先走漏的現象，以及會對股東財富造成影響。三、不同產業的私募宣告，會導致股東財富變動之差異，且傳產公司大於電子公司。電子公司在訊息宣告後的賣壓，及傳產公司在訊息宣告日，對股東財富造成影響。四、股權私募宣告，訊息有事先走漏的現象，且內部的關係人有先行賣出老股認新股的套利現象，致宣告當日產生負的平均異常報酬。五、以充實營運資金私募宣告時，訊息有事先走漏的情形，內部人有先賣出持股以認新股的套利行為，且在事件宣告後有持續為之的現象。六、私募宣告時，公司前一年度稅後股東財富率的大小，會對股東財富產生正向變動。

Using the event study methodology, this study examines investors’ reactions to firm announcements of private placement. A sample of 293 private placement announcements during January 2002 and June 2006 in Taiwan was obtained. Moreover, we also discuss whether these findings differ by capital market, financing tool and financing demand.
The findings of this research is as follows: First, over 50% of companies announcing private placement tend to have larger capital, lower percentage of shares held by directors, higher leverage ratio, and poor business performance. Second, the announcements of private placement have influence on shareholders’ wealth. However, there is information leakage before announcement dates of private placement. Third, stock market reaction to the announcements of private placement differs by industry. The average cumulative abnormal returns for firms in electronic industry are larger than those for firms in other industries. Fourth, there is information leakage before announcement dates of private equity. It seems that the internal sponsors have sold the old shares and bought the new issues in advance to realize the arbitrage profit, causing the announcement date to have the negative abnormal return. Fifth, when the financing demand is strengthening the company’s working capital, there is information leakage before announcement dates. It seems that the internal sponsors have sold the old shares and bought the new issues in advance to realize the arbitrage profit. Finally, market reactions to the announcement of private placement are positively associated with ROE one year before announcement.

中文文獻

1. 吳崑地 (2000)，「成長機會與資訊不對稱對公司私下募集負債的影響」。朝陽大學企業管理系碩士班碩士論文。

2. 沈中華、李建然（2000），「事件研究法-財務與會計實證研究必備」。台北：華泰。

3. 梁薺方（2001），「私募權益之研究」。國立台灣大學財務金融研究所碩士論文。

4. 許雪芳（2002），「上市上櫃公司私募之研究」。國立中山大學財務管理研究所碩士論文。

5. 張琬喻、劉志旋、洪世章 (2003)，「台灣上市公司策略聯盟宣告對股東財富之衝擊」。管理學報，第二十卷，第四期，頁29至52。

6. 張麗真、吳桂茂、張振山、蕭巧玲 (2003)，「證券交易法私募制度實施情形及經濟效益分析」。財政部證券暨期貨管理委員會92年度研究發展報告。

7. 黃德芬、盧素蓮 (2003)，「企業籌資新里程碑─私募有價證券之法令暨實務探討」。會計研究月刊6月號（211 期），頁93 至104。

8. 張琬喻、涂良育 (2004)，「台灣企業宣告從事電子商務對股東財富的影響」。台灣管理學刊，第四卷，第二期，頁161至185。

9. 劉孟哲 (2004) ，「由美日立法例探討我國之私募制度」。國立政治大學法學院法律學系碩士班碩士論文。

10.陳建宗（2005），「公司訴訟宣告與危機管理對股東財富影響之研究」。國立台灣科技大學財務金融研究所碩士論文。

11.張書鳴 (2006)，「公司採現金增資或私募的因素及差異性之實證研究」。南台科技大學會計資訊系碩士班碩士論文。

12.楊光文 (2005)，「台灣私募股權現況研究」。國立台北大學企業管理學系碩士在職專班碩士論文。　

13.施俊廷 (2006)，「公司減資宣告與增資私募對股價影響之比較研究」。國立成功大學高階管理碩士在職專班碩士論文。

14.陸潤生 (2006)，「私募宣告之資訊內涵」。國立政治大學會計研究所碩士論文。

15.張文魁 (2006)，「股權結構對私募發行公司價值影響之分析」。國立政治大學財務管理研究所碩士論文。

16.楊千慧 (2006)，「私募權益證券宣告公司及其競爭者財富移轉效果之研究」。淡江大學會計學系碩士班碩士論文。

英文文獻

1. Allen, F.＆A. Winton, (1995), ”Corporate financial structure, incentives and optimal contracting” Handbooks in operations research and management science, Volume 9,Finance.

2. Barclay, Michael J., and Dennis P. Sheehan, (2001),”The block pricing puzzle,” working paper, SSRN, FEN Cap-Structure WPS.

3. Berlin, M., and J. Loeys, (1988),”Bond covenants and delegated monitoring,” Journal of Finance, 397-412.

4. Bhagat, S., J. A. Brickley and J. L. Coles, (1994), “The Costs of Inefficient Bargaining and Financial Distress,” Journal of Financial Economics, Vol.35, pp.221-247.

5. Bhattacharya, S. ＆ Chiesa, G., (1995),” Proprietary Information, Financial Intermediation, and Research Incentives,”Journal of Financial Intermediation 4,pp.328-357.

6. Billett, Matthew T., Mark J. Flannery, and Jon A. Garfinkel, (1995),” The effect of lender identity on a borrowing firm’s equity return,”Journal of Finance 2, 699-718.

7. Blackwell, David W.＆David S. KidwelI, (1988),“An Investigation of Cost Differences between Public Sales and Private Placements of Debt,”Journal of Financial Economics 22, pp.253-278.

8. Boot, A.＆A. Thakor, (1993),”Security design” Journal of Finance 48,1349-1378.

9. Boyd, J. ＆ Prescott, E., (1986),“ Financial Intermediary-Coalitions, ”Journal of Economic Theory 38,pp.211-232.

10.Cronqvist, Henrik, and Mattias Nilsson, (2003), “The choice between rights offerings and private equity placements,“Working paper SSRN, FEN Cap-Structure WPS.

11.Cronqvist, Henrik, and Mattias Nilsson, (2003), “The choice between rights offerings and private equity placements,“Working paper SSRN, FEN Cap-Structure WPS.

12.Demange, G.＆ G. Laroque, (1995),”Private information and the control ofsecurities.” Journal of Economical Theory 65 , 233-257.

13.Diamond, D., (1984),“ Financial Intermediation and Delegated Monitoring,”Review of Economic Studies, pp.393-414.

14.Diamond, D., (1991),“Monitoring and Reputation：The Choice between Bank Loans and Directly Placed Debt,”Journal of Political Economy 99,pp.688-72l.

15.Fama, E., L. Fisher, M. Jenson and R. Roll, (1969), “The Adjustment of Stock Prices to New Information,” International Economic Review, Vol.25, pp.1-21.

16.Harris, M.and A. Raviv, (1991),”The Theory of Capital Structure.” Journal of Finance 46 , 297-355.

17.Hertzel, M.,and R.L. Smith, (1993),” Market discounts and shareholder gains for placing equity privately, “Journal of Finance 48, 458-485.

18.John C. Coffee, Jr., (1995),”Re-Engineering Corporate Disclosure: The Coming Debate over Company Registration, “ Wash.& Lee L. Rev. 1143.

19.Leland, H and D. H. Pyle, (1977), “Information asymmetric financial structure and financial intermediation, “Journal of Finance 32, 371-388.

20.Myers, S. C. ＆ N. S. Majluf, (1984),“ Corporate Financing and Investment Decisions When Firms Have Information That Investor Do Not Have, ” Journal of Financial Economics 13, pp.187-221.

21.Myers, S.,“Determinants of Corporate Borrowing, (1977),”Journal of Financial Economics 5, pp.147-175.

22.Nakamura, L., (1993),“ Recent Research in Commercial Banking, Information and Lending,”Financial Markets, institutions, and instruments 2, pp.73-88.

23.Pattel,J.M., (1976),”Corporate forecasts of earnings per share and stock price behavior: Empirical tests,” Journal of Accounting Research,14,pp.246-276.

24.Ramakrishnan, R.＆Thakor, A., (1984), “Information Reliability and A Theory of Financial Intermediation,”Review of Economic Studies 51, pp.415-432.

25.Ruth, S.K.Tan, P.L.Chng, and Y.H.Tong, (2002),”Private placements and rights issues in Singapore, “Pacific-Basin Finance Journal 10, 29-54.

26.Sharp, W., （1964）, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk,” Journal of Finance, Vol.19, pp.425-442.

27.Sharpe, Ian G., and Li-Anne Elizabeth Woo, (2002),”Expected underpricing, corporate control and the choice of issuance mechanism in unseasoned equity markets,” Working paper SSRN, FEN Cap-Structure WPS.

28.Smith, C. and J. Warner, (1979),” On financial contracting: An analysis of bond covenants,” Journal of Financial Economics 7, 117-161.

29.Sudha K., Paul A. S., Venkat S., (1999) ,“ Information Asymmetry, Monitoring, and the Placement Structure of Corporate Debt, ”Journal of Financial Economics 51, pp.407-434.

30.Todd A. Mazur, (2001),”Securities Regulation in the Electronic Era: Private Placements and the Internet,” 75 Ind. L.J.379.

31.Wruck.K.H., (1989),” Equity ownership concentration and firm value,” Journal of Financial Economics 23, 3-28.

32.Wu, YiLin, (2000),”The choice between public and private equity offerings, “Working paper, SSRN, FEN Cap-Structure WPS.

33.Yosha, O., (1995),“Information Disclosure Costs, and the Choice of Financing source, ”Journal of Financial Intermediation 4, pp.3-20.

34.Zingales, Luigi, (1995),”Insider ownership and the decision to go public,” The Review of Economic Studies 62, 425-448.