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Announcement Effects of Private Equity Placements－The Impact of Corporate Governance, Earnings Management, and Intangible Assets
No full text市場通常將私募宣告視為利多消息，然而，私募提供少數人低價買進公司股票之機會，若無健全之治理機制監督把關，易生圖利特定人士而損害公司股東權益之疑慮；為壓低認購價格或吸引投資人認購，管理當局亦有操縱損益以窗飾財報數字之動機。因此，本研究欲檢視私募股票宣告之資訊內涵是否因私募公司之治理機制與盈餘管理行為而有所差異。此外，本研究亦探討私募公司無形資產與私募宣告效果之關聯性，預期無形資產衍生之資訊不對稱難以透過私募籌資有效解決，進而減弱市場正向反應。
本研究以民國91年至95年底辦理私募普通股之上市櫃公司為研究樣本，以私募過程中四個時點為事件日，估算累積異常報酬，並以迴歸分析測試宣告效果之解釋因素。四個事件日之實證結果不盡一致，但整體而言，盈餘管理變數及無形資產變數對累積異常報酬無顯著影響；而部分公司治理變數與異常報酬呈顯著相關，且與預期方向相符，顯示公司治理機制之良窳會影響投資人對於私募案件未來成效之解讀。The announcement of private equity placement is usually considered as a good signal. However, a private placement makes few investors to buy shares with high discounts, so it might benefit specific persons and sacrifice shareholders’ equity without sound corporate governance. It might also motivate managements to manipulate financial statement numbers by lowering the placement price and for attracting investors. Thus, the study examines the impact of corporate governance and earnings management on the information content of private placement announcements. In addition, we also explore the relationship between private placement announcements and information asymmetry caused by intangible assets. We expect that the positive announcement effects will be weaker since accounting information asymmetry is more difficult to be mitigated.
The sample includes TSE-listed and OTC-listed companies that place shares privately from 2002 to 2006. We define four different event dates to estimate cumulative abnormal returns and test the factors influencing the effect of private placement announcements with multiple regression analysis. Empirical results are not consistent on four event dates. In general, earnings management variables and intangible assets variables can not explain announcement effects. Some of corporate governance variables are significantly related to abnormal returns as predicted. The evidence reveals that the market reaction to the private equity placement will reflect the quality of the governance structure.目錄
謝辭 i
中文摘要 ii
Abstract iii
目錄 iv
表目錄 v
圖目錄 v
第一章 緒論 1
第一節 研究動機與目的 1
第二節 研究問題 3
第三節 研究架構 4
第二章 文獻探討與假說建立 6
第一節 私募股權制度 6
第二節 私募股權資訊內涵之文獻 9
一、 國外文獻 9
二、 國內文獻 11
第三節 假說建立 13
一、 公司治理對私募股權之影響 13
二、 盈餘管理對私募股權之影響 19
三、 無形資產對私募股權之影響 21
第三章 研究方法 23
第一節 研究模型與變數定義 23
一、 市場模式 23
二、 迴歸分析 24
第二節 樣本選取與資料來源 29
一、 樣本選取 29
二、 資料來源 30
第四章 實證結果與分析 32
第一節 敘述性統計量 32
第二節 相關係數 34
第三節 迴歸分析 35
一、 事件日為董事會決議宣告日 35
二、 事件日為股東會決議日 37
三、 事件日為私募定價日 38
四、 事件日為股款繳納完成日 39
第五章 結論與建議 40
第一節 研究結論 40
第二節 研究限制 41
第三節 建議未來研究方向 42
表目錄
表1-1 敘述性統計量—事件日為董事會決議宣告日 47
表1-2 敘述性統計量—事件日為股東會決議日 48
表1-3 敘述性統計量—事件日為私募定價日 49
表1-4 敘述性統計量—事件日為股款繳納完成日 50
表2-1 相關係數表—事件日為董事會決議宣告日 51
表2-2 相關係數表—事件日為股東會決議日 52
表2-3 相關係數表—事件日為私募定價日 53
表2-4 相關係數表—事件日為股款繳納完成日 54
表3-1 迴歸分析—事件日為董事會決議宣告日，CAR(-2,2) 55
表3-2 迴歸分析—事件日為股東會決議日，CAR(-2,2) 56
表3-3 迴歸分析—事件日為私募定價日，CAR(-2,2) 57
表3-4 迴歸分析—事件日為股款繳納完成日，CAR(-2,2) 58
表A 樣本公司資料 59
表B-1 迴歸分析—事件日為董事會決議宣告日，CAR(-1,1) 60
表B-2 迴歸分析—事件日為股東會決議日，CAR(-1,1) 61
表B-3 迴歸分析—事件日為私募定價日，CAR(-1,1) 62
表B-4 迴歸分析—事件日為股款繳納完成日，CAR(-1,1) 63
圖目錄
圖1 研究架構圖 5
圖2 公開發行公司私募具股權性質有價證券之一般程序
Functional Analysis of the promoter region of mannose-binding lectins (MBLs) form Oncidium Gower Ramsey
No full text儲藏性蛋白會大量存在於植物的儲藏器官如種子、塊莖、球莖和根莖等。它們可幫助植物在逆境期間存活，或是在種植期間提供營養給新生植物。而儲藏性蛋白也表現了生物活性幫助抵抗害蟲、病原體或非生物性逆境。因此儲藏性蛋白可能扮演儲藏和防衛兩種角色。在植物塊莖已知和防衛相關的蛋白有幾丁質酶和凝集素（lectin）。其中許多文獻報導指出，凝集素具有抗蟲、抗真菌、抗微生物等的防禦功能。大部分目前已知的植物凝集素可依據他們的結構和演化相關的蛋白質分為七種家族。在文心蘭假球莖中大量存在之mannose-binding lectin 可歸類於monocot mannose-binding lectins 的家族中。由於本實驗室過去的研究發現，文心蘭的假球莖內含有大量的mannose-binding lectin，但對於其生理功能仍不清楚。因此期望藉由研究mannose-binding lectin 基因之啟動子，進一步了解其調控機制及特性。首先利用genome walking 方法，進行文心蘭mannose-inding lectin（MBL）基因啟動子的選殖，利用實驗室已知的MBL cDNA 序列，設計具專一性的引子，利用文心蘭Genome Walker 基因庫為模板及由Universal Genome Walker Kit 所提供的引子進行二次PCR 釣取MBL 基因上游5’端啟動子的DNA 序列，約2Kb，命名為pOMBL1，我們將此啟動子以PlantCARE 網站進行啟動子cis-acting elements sites 之分析，得知啟動子片段中除了TATA-box 及CAAT-box 外，尚包含2 個ABRE、2 個WUN-motif、3 個TGA-box、3 個W-box、4 個MYB 及6 個MYC protein binding sequence。之後將pOMBL1 構築於雙向載體pBI101 中，用於洋蔥表皮基因槍法轉殖及阿拉伯芥轉殖，也將pOMBL1 構築於雙向載體pCABIA1381z 及pCAMBIA1302 中，用於水稻和菸草轉殖。為了確定pOMBL1 是否可誘導下由基因表現，我將pOMBL1::GUS 載體以基因槍法轉殖至洋蔥表皮細胞中，經組織染色已確定所釣取之pOMBL1 可啟動下游GUS 報導基因的表現。接著，藉由農桿菌進行阿拉伯芥基因轉殖，結果發現GUS 基因在阿拉伯芥不同組織部位之表現量有所差異，其根部和莖部的表現量皆大於葉部。且當阿拉伯芥2、4、7、14、30 天之T3 轉殖株以不同誘導試劑處理並進行組織染色，可得知此啟動子皆可受IAA、ABA、JA 和SA 的誘導，但以前三者之誘導能力較強。若選取三週大之阿拉伯芥轉殖株，以不同誘導試劑處理或病原真菌感染後進行RT-PCR 反應，則顯示此啟動子在ABA100μM 處理或病原真菌感染下會明顯地受到誘導。
另外在水稻轉殖方面，將已轉殖pOMBLl::GUS 之水稻癒合組織以不同誘導試劑處理並進行組織染色，得知此啟動子明顯受ABA 和JA 的誘導。若將水稻不同大小之幼苗進行wounding 處理及組織染色，也顯示此啟動子可被受傷誘導。再者將已轉殖pOMBLl::GFP之水稻癒合組織以不同誘導試劑處理或病原真菌感染後進行RT-PCR 反應，結果顯示此啟動子在ABA、JA 和SA 處理或病原真菌感染下會明顯地受到誘導，卻可能受IAA 抑制。最後在菸草轉殖方面，利用已轉殖pOMBLl::GFP 之菸草葉片進行癒合組織的誘導，並利用共軛焦螢光顯微鏡（Confocal microscope）進行觀察，已經確定pOMBLl::GFP 有插入至菸草genome 中。接著，將已轉殖pOMBLl::GFP 之菸草癒合組織以不同誘導試劑處理或病原真菌感染後進行RT-PCR 反應，結果顯示此啟動子在ABA 和SA 處理或病原真菌感染下會明顯地受到誘導，此結果與阿拉伯芥相似。然而，為了確定MBL 基因在文心蘭假球莖中是否會受到不同賀爾蒙處理而誘導其大量表現，我選取同一時期之文心蘭以ABA、SA、IAA 和JA 處理後進行北方墨漬分析，探討其表現量差異，結果顯示MBL 基因明顯地受到ABA、JA 和SA 誘導，而可能受IAA 抑制，此與轉殖水稻分析的結果相符合。
由轉殖阿拉伯芥、菸草與水稻經分析的結果具有些許的差異，我們認為可能MBL 基因啟動子在雙子葉及單子葉中的調控機制有所不同而導致。另外，MBL 基因啟動子無論在阿拉伯芥、水稻或菸草中皆可受病原真菌感染而誘導，我們推測或許MBL 基因在文心蘭中對抗病原真菌入侵時扮演某些角色。The monocot mannose-binding lectins are an extended superfamily of structurally and evolutionarily related proteins, which until now have been isolated from species of the Amaryllidaceae, Alliaceae, Araceae, Bromeliaceae, Lilliaceae, and Orchidaceae. Monocot mannose-binding lectins have been found in most vegetative tissues such as leaves, flowers, ovaries, bulbs, tubers, rhizomes, and roots. Previous study showed that monocot mannose-binding lectins are believed to play a role in the plant’s defense against sucking insects, nematodes, other invertebrates and even fungi. A mannose-binding lectin (MBL) has been isolated from Oncidium Gower Ramsey. It is an abundant storage protein in Oncidium pseudobulb.
In order to understand the role of the promoter region of MBL in the regulating of gene expression, the 2Kb 5’-flanking region of MBL was further cloned and sequenced by PCR-based genomic walking method. A number of putative regulatory motifs were identified, including two ABRE, two WUN-motifs, three W-boxes, three TGA-boxes, four MYBs and six MYC protein binding sequences. The promoter of MBL was fused to the GUS and GFP sequences, then the resulting constructs were used to transform Arabidopsis, rice and tobacco. In Arabidopsis transgenic plants, the histochemical analysis revealed the expression of MBL promoter::GUS was detected at high level in shoot apical meristems, hypocotyls and roots at different stages of development. In RT-PCR analysis, we found that the GUS expression in roots and stems were higher than that in leaves. Besides, we found that the GUS activity was induced by IAA, JA and SA, but especially by ABA and Blumeria gramini f.sp. hordei. In rice transgenic calli and plants, the histochemical and RT-PCR analysis indicated that the GUS activity was prominantly induced by JA, ABA, SA and Blumeria gramini f.sp. hordei, but suppressed by IAA. This expression pattern was similar to that of the MBL gene in Oncidium. In addition, histochemical analysis of GUS activity in rice seedlings revealed that the GUS activity was also induced by mechanical wounding treatment. Otherwise, In tobacco calli, the RT-PCR analysis revealed that the GFP activity was induced by ABA, SA and Blumeria gramini f.sp. hordei. This result in tobacco was similar to that in Arabidopsis. In summary, the data suggest that the regulation of the MBL gene may be not the same in monocots and dicots. Moreover, it also suggested that the MBL genes in Oncidium maybe play a role in the plant’s defense against fungi.中文摘要………………………………………………………………………………4
英文摘要………………………………………………………………………………6
第一章 前言
第一節 植物的防禦機制…………….………………………………………8
第二節 植物凝集素與文心蘭中的MBL基因………………….………….13
第三節 本論文之研究方向…………………………………………………19
第二章 材料與方法
一、實驗材料………………………………………………………………...…..21
二、實驗方法
第一節 MBL基因啟動子之釣取…………………………………………... 22
第二節 MBL基因啟動子載體之構築………………………………………33
第三節 基因槍法洋蔥表皮細胞之轉殖…………………………………….37
第四節 農桿菌的轉型與鑑定……………………………………………….41
第五節 阿拉伯芥之基因轉殖與轉殖株的鑑定…………………………… 42
第六節 阿拉伯芥轉殖株於環境逆境處理誘導之GUS螢光活性分析……46
第七節 水稻之基因轉殖與轉殖株的鑑定………………………………….48
第八節 轉殖水稻中MBL啟動子受環境逆境處理誘導之分析………….. 50
第九節 菸草之基因轉殖與轉殖株的鑑定………………………………….51
第十節 轉殖菸草中MBL啟動子受環境逆境處理誘導之分析…………...52
第十一節 MBL基因在文心蘭假球莖中之表現分析………………………53
第三章 結果
第一節 MBL基因啟動子之釣取……………………………………………61
第二節 MBL基因啟動子載體之構築與進行洋蔥表皮細胞之轉殖………62
第三節 農桿菌的轉型與鑑定…………………………………………….....62
第四節 阿拉伯芥之基因轉殖與轉殖株的鑑定…………………………….63
第五節 阿拉伯芥轉殖株於環境逆境處理誘導之GUS螢光活性分析…...63
第六節 水稻之基因轉殖…………………………………………………….64
第七節 轉殖水稻中MBL啟動子受環境逆境處理誘導之分析…………...65
第八節 菸草之基因轉殖與轉殖株的鑑定………………………………….65
第九節 轉殖菸草中MBL啟動子受環境逆境處理誘導之分析…………...66
第十節 MBL基因在文心蘭假球莖中之表現分析…………………………66
第四章 討論………………………………………………………………………….68
參考文獻……………………………………………………………………………….72
圖表…………………………………………………………………………………….86
附圖……………………………………………………………………………………10
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