應募人關連性指應募人與私募發行公司之關係。本研究將應募人關連性分為私募前關連性和私募後新關連。私募前關連性分為雇傭關連、合夥關連及治理關連，而私募後新關連則分為新雇傭關連、新合夥關連及新治理關連。本研究探討私募發行公司與應募人間的關連性，以及該關係對於異常報酬、公司治理與績效的影響。應募人與私募發行公司在私募前大都具有關連性，並且在私募完成後形成新的關連性，而新關連大部分為治理關連，即應募人成為新的董事及大股東。

本研究實證結果發現：第一、關連性應募人及新關連在私募宣告日會帶來正的異常報酬；第二、新的非董事關連較容易於私募後取得董事席次，進而改善公司治理；第三、關連性應募人可帶來私募後較佳的績效，但新關連改善績效的效果並不顯著。整體而言，本研究結果與過去私募文獻所探討的一致，即私募可增加對公司的監督，帶來較好的公司治理，因而替公司創造價值。

This study classifies investor relationship into pre-placement relationships and new relationships. Pre-placement relationships are further classified into three categories: employment agreements, business arrangements, and governance-related relationships. New relationships include new employment agreements, new business arrangements, and new governance-related relationships. This study examines relationships between investors and issuers, and their impact on abnormal return, corporate governance and performance in private placement transactions. Most investors have a relationship with the issuer pre-placement and many new relationships are formed through the placement transactions, which are largely governance-related (board seats and/or 5% or greater blocks).

We have three main findings. First, relationship investors and new relationships drive the positive stock price response at announcement. Second, investors with new non-director relationship ties to the issuer are more likely to gain directorships as part of the placement, and therefore improve corporate governance. Third, relationship investors are associated with stronger post-placement profitability, while new relationships are not. Overall, our findings are consistent with private placements creating value when they are associated with increased monitoring and strong governance.

中文部分
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