| Summary: | 碩士 === 東海大學 === 財務金融學系 === 105 === The main purpose of this paper is to explore the following correlations among private premiums, analysts’ earnings forecast, and abnormal return on private equity: (1)The correlation between private premiums and the analyst's earnings forecast. (2)The correlation between the short-term abnormal return of private equity and the analyst's earnings forecast. (3) The correlation between long-term abnormal return of private equity and analyst earnings forecast. The sample period of this study begins in January 2003 and ends in September 2016. The sample in this study includes only listing companies which were listed through private placement. Also, this study incorporates the use of event research method market model analysis and OLS. In this study, the evidence shows that (1)The regression of the private discount premium, the analyst's earnings error and private discount premium only have a positive correlation but there is no statistically significant impact; even after adding other control variables, the statistics are still not significant. (2)The short-term abnormal return of the private companies, the analyst's earnings error have no significant impact on and the short-term abnormal return , only produce positive correlation; after adding other control variables, there is still no significant positive correlation. (3)Among all the variables in all regression models, only private equity firms long-term abnormal return, the analyst’s earnings error and long-term abnormal compensation show significant impact.
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