Performance after strategic private placement

• Main Author: 詹竣揚
• Other Authors: 張清福
• Format: Others
• Language: zh-TW
• Online Access: http://ndltd.ncl.edu.tw/handle/81761281417852817815

碩士 === 國立政治大學 === 會計研究所 === 100 === This study investigates two issues, the abnormal return and the R&;D investment and accounting performance before/after the announcement of the strategic private placement. We found that investors gain abnormal return before/after the announcement of the strategic placement. It indicates that the information leakage before the announcement is severe and, as investors expected, they gain high abnormal return even after the strategic placement. However, based on Healy, Palepu and Rubak (1992) model, we found that the accounting performances after strategic placements are not as investors expected when they are measured in terms of cash flow returns on investments, EPS, gross profit, ROA, ROI and Tobin’s Q. On the other hand, the companies do invest more R&;D input after strategic private placement. Observing these two facts together, we may conclude that the strategic private placement makes firms input more R&;D expenditure but couldn’t gain significant accounting performance within 2 years.