我國企業規避公開發行之誘因與策略：以資本額度規定為例
Other Title
Why Do Companies Avoid Public Offerings: A Test of Capital-induced Mandatory Public Offering
Date Issued
2000
Date
2000
Author(s)
DOI
892416H002008
Abstract
本研究旨在探討民國七十年經濟部二
億元的強制公開發行規定對公司資本形成
有何影響，並進一步分析規避公開發行公
司與選擇公開發行公司之特性有何差異。
實證結果發現，二億元的門檻確實造成公
司規避公開發行，使得股本接近門檻的公
司遽增。惟一旦選擇公開發行，當年的增
資幅度頗大。Probit 多變量分析顯示，自
有資本比率愈高，前兩年至前五年股本介
於1.8 億-2 億之累積年數愈長，股權愈集
中之公司愈傾向於規避公開發行。而公司
資產成長率愈高、屬成長性產業、前期股
本愈接近門檻及有法人持股的公司愈可能
公開發行。本研究結果與去年十一月經濟
部將該門檻提高為五億元之新規定的意旨相符。
2
A Test of 計畫編號：NSC 89-2416-H-002-008
執行期限：88 年8 月1 日至89 年7 月31 日
主持人：林嬋娟 台灣大學會計學系
共同主持人：劉啟群 台灣大學會計學系
This paper first examined the
consequence of the NT200 millions threshold
of mandated public offering ruled by
Ministry of Economics in 1981. Further, this
study employed Probit analysis to investigate
the characteristics of firms that avoid public
offerings. Empirical results found that many
firms did maintain their capital between
NT180 millions and NT200 millions on
purpose to prevent themselves from
mandated public offering. Probit analysis
indicated that firms with higher equity ratio,
longer period of maintaining their capital
balance near the threshold, higher ownership
concentration are more likely to avoid public
offering requirement, whereas firms with
higher assets growth, belonging to growth
industry, having capital balance close to the
threshold the year before, and with
institutional stockholders are more likely to
pursue the public offering. These findings in
general are consistent with the spirit behind
the new threshold of NT500 millions just
announced by Ministry of Economics in last
November.
Subjects
public offering
mandated public
offering
offering
capital formation
Publisher
臺北市：國立臺灣大學會計學系暨研究所
Type
report
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