本研究之主要目的為研究公司在併購時使用私募資金的動機。當市場上存在資訊不對稱，主併公司很難透過公開發行來融資併購所需的資金。私募資金可以減少公開市場投資人與經理人之間的資訊不對稱並進而減少投資不足的問題，所以它可被當作併購時融資的替代工具。本研究發現，股價被低估的公司傾向使用私募股權資金來融資其併購。我們也發現，過度自信的經理人在面臨資金限制時，傾向使用私募資金來支付併購。且短視近利經理人為了短期股價上漲，也傾向使用私募資金來進行併購。然而，當公司面臨資金限制但卻又有著投資機會時，並不會傾向使用私募資金進行併購。

This paper examines the motivation of firms using private placement to fund mergers and acquisitions. When information asymmetry exists, acquiring firms are difficult to support their acquisitions through public issuances. Because private placement can mitigate the likelihood of under-financing and thus underinvestment due to the information asymmetry between capital market investors and managers, it can be an alternative to finance acquisitions. We find that firms- with undervalued stocks are more likely to finance acquisitions through the private placement of equity. We also find that overconfident CEOs in financially-constrained firms tend to choose private placement to fund acquisitions, and that short-horizon managers may finance acquisitions through private placement. However, firms with financial constraints and high growth opportunities do not tend to finance acquisitions through private placement.

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