A Study on the Private Equity Financing and Financial Performance of Listed Companies in Taiwan
| Autor: | HSU, YU-CHUAN, 許瑜娟 |
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| Rok vydání: | 2019 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 107 Companies listed in stock exchanges normally raise funds from financial institutions and financial markets. However, listed companies can also raise capital by private equity under some circumstance, mostly under financial distress. This thesis studies how different types of private equity providers could affect the financial performance of the listed companies in Taiwan and Taipei Stock Exchanges. The data includes 554 private equity financing cases between 2006 and 2015. For measuring the financial performance, the return on asset (ROA), the return on equity (ROE) or Tobin’s Q is used. The private equity providers are divided into three categories, insider, ordinary outsider and strategic outsider. The strategic outsiders are hypothesized to bring significant financial improvement for the companies because they not only provide the necessary funds but also can improve the strategic decisions. By using the linear panel regression model with control variables such as, company size, debt ratio, R&D expense ratio, book-to-market ratio and industry type, the results only moderately support that the strategic outsider could improve the financial performance in electronic industries. For non-electronic industries, there is no evidence to support the hypothesis. This indicates that the strategic outsider might not be only key factor for success. Other important factors may include how good the strategic outsider cooperate with the existing management teams and how good the industrial and macroeconomic environments are. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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