The impacts of private equity on earnings quality

[[abstract]]我國於九十一年通過私募制度法案後，為企業帶來另一項新的集資管道，企業透過私募集資對財務報表盈餘品質的影響也備受投資大眾高度關注。本研究利用我國2006年1月至2008年6月間上市上櫃資訊電子業股權私募公司為樣本，延用Basu (1997)報酬迴歸模型之基本概念加入總私募持股率、法人持股率、內部人持股率以及是否私募發行及私募後是否擔任董事兩虛擬變數，探討私募發行股權公司其盈餘品質的變化？以及公司在揭露好消息及壞消息時，在盈餘品質方面是否有顯著之差異。 研究結果顯示：(1) 相較於沒有股權私募之公司，有私募發行的公司確實會有較高的盈餘品質；當總私募股數佔公司流通在外股數比例較高時，會有較好的盈餘品質。(2) 將私募總股數細分為法人持股以及內部人持股，發現外部機構法人持股數的增加確實提升整體公司之盈餘品質；內部管理階層持股比例愈高時，符合利益收斂假說，存在正面且顯著之影響亦會有較好之盈餘品質。(3) 若區分正報酬(好消息)及負報酬(壞消息)進行檢定，結果發現公司在面臨壞消息時，公司在損失認列方面會較具及時性，會有較佳之盈餘品質；反之，公司在宣告好消息時，對於利益之認列會有分期認列之現象，盈餘及股價報酬之關聯性會比公司在發佈壞消息時來的低。[[abstract]]Passage of the Private Placement Act during 2002 has brought new way of raising capital for enterprises Therefore investors pay closer attention to the earnings qualities of enterprises generated through private placement This study using samples from electronic sectors which are listed in stock market in Taiwan during January 2006 and June 2008 to investigate whether earning qualities are influenced by private placement Our findings show: (1) The company with private placement will have the high earnings quality Companies with higher private shares will have better earnings quality (2) Institutional ownership improves earnings of quality (3) Loss recognitions are timely and earnings quality are better when companies are facing bad new