本研究以台灣私募和公募的上市櫃公司為研究樣本，探討(1)選擇募集資金方式的因素、(2)選擇募集資金方式的盈餘管理程度，和(3)選擇募集資金方式的市場反應。第(1)部分以Logistic迴歸模型；第(2)部分和第(3)部分則利用OLS 迴歸模型進行分析。

實證結果發現(1)台灣上市櫃公司是否選擇私募普通股，與下列因素有關：當公司治理不好時，公司越傾向使用私募方式募資；當公司的資訊透明度愈低，公司越傾向使用私募方式募資。(2)在選擇募集資金方式的盈餘管理程度而言，選擇私募的公司較公募的公司，其盈餘管理的程度較大。(3)選擇募集資金方式的宣告和長期市場反應而言，私募相較於公募，有較佳的市場反應。

In this study, I investigate a firm's choice between public offering and private placement for listed firms in Taiwan firstly. Secondly, I examine the magnitude of earnings management between the offering choices. Thirdly, I examine the market reactions to the announcements of offering choices.

According to this empirical research, my empirical results show that corporate governance structure has a significantly negative association with the choice of private placement. Information asymmetry has a significantly positive association with the choice of private placement.The magnitude of earnings management has significantly positive association with the choice of private placement.The market reaction has significantly positive association with the choice of private placement.

中文文獻
王曉羚，2006，審計品質對現金增資公司從事盈餘管理之影響，國立成功大學會計學研究所碩士論文。
台灣工銀證券投顧承銷部，2005，私募有價證券之相關規定及市場現況分析，台灣工銀證券投顧研究報告。
李建然與林子瑄，2001，現金增資採用詢價圈購方式對外部股東財富之影響，當代會計第2卷第2期：127-146。
李建然、廖秀梅、廖益興，2003，股權結構、董事獨立性與企業經營績效之研究，會計理論與實務研討會。
李建然與林秀鳳，2005，會計師任期與異常應計數之關聯性研究，管理評論第24卷第4期：103-126。
李桐豪、江怡慧與陳以姍，2010，私募訂價與宣告效果之探討-以臺灣上市上櫃公司為例，2010 MAPECT併購與私募股權學術暨實務研討會。
沈中華與李建然，2000，事件研究法，台北：華泰書局。
周百隆與郭和益，2006，財務風險評估與異常報酬－中國上市公司之實證研究，企業管理學報 69期：1-38。
張瑞當、方俊儒與曾玉琦，2007a，核心代理問題與盈餘管理：董事會結構與外部監督機制之探討，管理學報，第24卷第1期：17-39。
張瑞當、沈文華與黃怡翔，2007b，宣告效果、股價報酬與盈餘管理：我國企業私募之研究，2007會計理論與實務研討會。
許永聲及陳俊合，2006，普通股私募與盈餘管理，2006會計理論與實務研討會。
陳俊合、羅國華與王馨晨，2009, 內部人認購、公司治理結構與私募股權折價，證券市場發展季刊，第21卷第2期：119-149。
陳瑞斌與許崇源，2008，資訊透明度對權益資金成本之影響，東吳經濟商學學報第61期：67-108。
陳維慈、劉啟群與張儒欣，2011，股權私募之折價因素:資訊假說之再檢視，證券市場發展季刊第23卷第1期。
陳錦村、吳有山與廖婉惠，2011，金融機構私募股權及其折溢價研究，台灣金融財務季刊第12卷第1期：1-40。
黃志仁、廖彩伶與陳於格，2009，現金增資之盈餘管理行為：裁決性應計項目與業外損益之整合，當代會計第10卷第1期：63-98。
楊紹華，2005，私募股票成風，股東權益拉警報，錢雜誌第224期：64-68。
廖益興、陳彥綺與王貞靜，2011，年報資訊揭露與資訊不對稱：來自私有資訊交易之證據， 經濟研究第47期：45-96。
歐陽豪，2009，外部公司治理機制、相對績效與金融機構總經理更迭關聯之實證研究，臺灣金融財務季刊第10輯第1期：29-80。
蔡柳卿、邵珮雯與楊怡芳，2008，公司治理對代理成本與無形資產之影響，中華管理評論國際學報第11卷第4期：1-32。
鄭欣婷，2007，資訊揭露評鑑系統對企業盈餘管理行為之影響-以第三屆分級結
果探討，國立政治大學會計研究所碩士論文。
薛明玲 2002，資訊透明度與企業競爭力，會計研究月刊第 200期 ：14-15。
謝宛庭與吳清在，2010，公開募集或私募有價證券之決定因素及其市場反應，會計評論第51 期：73-106。
蘇永盛與陳福東，2006，私募公司特性之研究，創新、整合與應用研討會。

英文文獻
Asquith, P., and D. W. Mullins. 1986. Equity issues and offering dilution.Journal of Financial Economics 15 : 61-89.
Barclay, M. J., C. G. Holderness, and D. P. Sheehan. 2007. Private placements and managerial entrenchment. Journal of Corporate Finance 13：461-484.
Barton, J. 2001. Does the use of financial derivatives affect earnings management decisions? The Accounting Review 76 (1): 1-26.
Chemmanur, T. J. and P. Fulghieri .1999. A Theory of the Going-Public Decision. The Review of Financial Studies 12: 249-279.
Chen, A., L. Cheng, K. Cheng,and S. Chihi. 2010.Earnings management, market discounts and the performance of private equity placements.Journal of Banking and Finance 34： 1922-1932
Chou, D., M. Gombola,and F. Liu. 2010 .Earnings management and long-run stock performance following private equity placements. Review of Quantitative Finance and Accounting 34：225-245
Classens, S., S. Djankov and L. H. P. Lang.2000.The Separation of Ownership and Control in East Asian Corporations. Journal of Financial Economics 58：81-112.
Cronqvist, H., and M. Nilsson .2005.The choice between rights offerings and private equity placements. Journal of Financial Economics 78：375-407.
Diamond, D., and R.Verrecchia.1991.Disclosure, liquidity and the cost of capital. Journal of Finance 46, 1325-1360.
Gomes, A. R., and G. M. Phillips. 2005. Why do public firms issue private and public equity, convertibles, and debt? Working paper, University of Pennsylvania.
Healy,P., and J. Whalen.1999. A Review of the Earnings Management Literature and Its Implications for Standard Setting. Accounting Horizons 13 : 365-383.
Hertzel, M., M. Lemmon, J.S. Linck and L. Rees.2002. Long-run performance following private placements of equity. Journal of Finance 57：2595-2617.
Hertzel, M.G., and R.L. Smith .1993. Market Discounts and Shareholder Gains for Placing Equity Privately.Journal of Finance 48：459-485.
Hess, A. C., and P. A. Frost. 1982. Tests for price effects of new issues of seasoned securities. Journal of Finance 37 : 11-25.
Jensen, M. C. and W. Meckling.1976.Theory of the Firm: Managerial Behavior, Agency Costs, and Capital Structure.Journal of Financial Economics 33：305-360
Jensen, M. C., and R. S. Ruback, 1983. The Market for Corporate Control: The Scientific Evidence. Journal of Financial Economics 11: 5-50.
Kalay, A. ,and A. Shimrat. 1987. Firm value and seasoned equity issues: price pressure, wealth redistribution, or negative information. Journal of Financial Economics 19: 109-126.
Kao, J.L., D. Wu , and Z.Yang.2009. Regulations, earnings management, and post-IPO performance: The Chinese evidence. Journal of Banking and Finance 33, 63-76.
Klein, A. 2002.Audit Committee, Board of Director Characteristics, and Earnings Management. Journal of Accounting and Economics 33：375-400.
Kothari, S. P., A. J. Leone, and C. E. Wasley. 2005. Performance matched discretionary accrual measures. Journal of Accounting and Economics 39 (1): 163-197.
La Porta, R., F. Lopez-De-Silanes, and A. Shleifer .1999.Corporate Ownership Around the World. Journal of Finance 57：471-517.
Lang, M., and R. Lundholm 1996. Corporate disclosure policy and analyst behavior. The Accounting Review 71(4): 467-492.
Loughran, T., and J.R. Ritter.1995. The new issues puzzle. Journal of Finance 50, 23–51.
Masulis, R. W., and A. N. Korwar.1986. Seasoned equity offerings: an empirical investigation. Journal of Financial Economics 15 : 91-118.
Myers, S., and N. Majluf. 1984. Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics 13: 187-221.
Park, M. S., and T. Park. 2004. Insider sales and earnings management.Journal of Accounting and Public Policy 23: 381-411.
Sant, R., and S. P. Ferries. 1994. Seasoned equity offerings: the case of all-equity firms. Journal of Business Finance and Accounting 21:429-444.
Schipper,K. 1989. Commentary on Earning Management. Accounting Horizons 4 : 91-102.
Sharpe, I. G. and L. A. E. Woo .2005. Corporate control, expected underpricing, and the choice of issuance mechanism in unseasoned equity markets.Journal of Corporate Finance 11：716-735.
Shivakumar, L. 2000. Do firms mislead investors by overstating earnings before seasoned equity offerings? Journal of Accounting and Economics 29, 339–371.
Shleifer, A. and R. W. Vishny, 1997. A Survey of Corporate Governance, Journal of Finance, 52(2),737-783.
Spiess, D. K., and J. Affleck-Graves. 1995. Underperformance in long-run stock returns following seasoned equity offering. Journal of Financial Economics 38 : 243-267.
Tan, R. S. K., P. L. Chng,and Y.H. Tong .2002. Private placements and rights issues in Singapore. Pacific-Basin Finance Journal 10: 29-54.
Teoh, S.H., I. Welch and T.J. Wong.1998a.Earnings management and the long-run market performance of initial public offerings.Journal of Finance 53：1935-1974.
Teoh, S.H., I. Welch, and T.J. Wong. 1998b. Earnings management and the underperformance of seasoned equity offering.Journal of Financial Economics 50：63-99.
Thomsen, T., T. Pedersen, and H. K. Kvist. 2006. Blockholder ownership: effects on firm value in market and control based governance systems. Journal of Corporate Finance 12: 246-269.
Wruck, K. H. and Y. Wu .2008. Relationships, Corporate Governance, and Performance: Evidence from Private Placements of Common Stock .Journal of Corporate Finance 15：30-47.
Wruck, K.H. 1989.Equity ownership concentration and firm value. Journal of Financial Economics 23：3-28.
Wu, Y .2004 .The choice of Equity-selling Mechanisms . Journal of Financial Economics 74：93-119.
Wu, X., Z. Wang,and J. Yao. 2005. Understanding the positive announcement effects of private equity placements: New insights from Hong Kong data. Review of Finance 9:385-414.