Private Placements of Equity and Firm Value: Value Enhancing or Value Destroying?
研究私募股权发行（PPE）对公司价值的影响，发现具有股东批准、活跃买方和溢价定价特征的PPE能提升价值，反之则破坏价值，有助于解释以往矛盾的研究结论。
Abstract This paper reassesses two conflicting hypotheses on the valuation impacts of private placements of equity (PPEs), the monitoring/certification hypothesis and the managerial entrenchment hypothesis, by focusing on the shareholder approval, active buyer, and premium pricing features of PPEs. We find that PPEs with these features have significant positive announcement returns and insignificant mean long-run returns, while the corresponding announcement and long-run returns for PPEs without such features are significantly negative. Firms with value-enhancing PPE features are better governed and use proceeds more efficiently. Thus, the heterogeneous nature of PPEs helps reconcile the puzzling return patterns and conflicting hypotheses regarding PPEs.