英國主併公司規模與併購利益關係之探討

以作者查詢圖書館館藏

、以作者查詢臺灣博碩士

、以作者查詢全國書目

、勘誤回報

、線上人數：63

、訪客IP：3.139.80.82

姓名

馬翠芬(Tsui-Fen Ma) 查詢紙本館藏

畢業系所

財務金融學系

論文名稱

英國主併公司規模與併購利益關係之探討
(Firm Size and the Gains of Acquirers in the UK)

相關論文

★ 使用信用卡循環信用持卡人特性之研究	★ 證券商分公司經營績效-以元大證券為例
★ 經濟變數對十年期公債殖利率影響之研究	★ 從股務代理機構之角度探討全面發行無實體有價證券作業
★ 以KMV 及Logistic 模型計算發行公司違約機率-台灣股市實證研究	★ 財務比率與股價報酬關聯性之研究--以全球汽車產業為例
★ 以完全複製不定期調整方式建構指數股票型基金之績效研究	★ 投資組合理論在財富管理上之應用
★ 以存活分析法預測通信貸款之還款期限	★ 匯率風險與亞洲金融風暴之研究
★ 消費者情緒對股價報酬的預測能力	★ 因子或特徵:全球觀點
★ 台灣加權指數波動率之實證研究	★ 從隨機優勢觀點探究全球價值-成長策略
★ 全球反向與動能策略	★ 套利訂價模型中未知因子之分析：全球實證研究

檔案

[Endnote RIS 格式]

[Bibtex 格式]

[相關文章]

[文章引用]

[完整記錄]

[館藏目錄]

至系統瀏覽論文 ( 永不開放)

摘要(中)

本論文研究英國市場中主併公司併購的異常報酬是否會受公司規模大小影響。我們分析從1996年到2005年總計共1,085件併購事件, 發現當主併者為大公司時, 其異常報酬較小公司來的顯著, 由此結果可知在英國併購市場中並沒有存在顯著的規模效果。由過去文獻中亦發現主併公司的異常報酬會受目標公司上市狀態及併購時的支付方式影響, 因此我們進一步將樣本依照目標公司上市狀態及支付方式分組, 由實證結果發現當併購目標為非上市公司以及利用混和支付方式時, 其異常報酬較其餘分類方式高, 這與管理激勵假說及流動性假說一致。在長期下, 股票表現出現反轉現象。不論公司上市狀態及支付方式為何,小公司的長期事後異常報酬較大公司來的顯著,同時附屬公司的異常報酬也較上市公司及非上市公司來的高。

摘要(英)

This study examines the relationship between firm size and the abnormal returns of mergers and acquisitions in the UK. We analyze a sample of 1,085 M&As over the period 1996
to 2005. Large acquirers earn significant positive returns during the period surrounding the bid announcement. There is no obvious size effect for M&As in the UK. The gains are
also dependent on the organizational form of acquired assets and methods of payment. As a result, we sort our sample by different organizational form of acquired assets and different methods of payment. The result shows that M&As of private target and payment with mixed method gain significantly and it is consistent with the managerial motive hypothesis and liquidity hypothesis. In the long run, there is evidence that the stock performance of acquiring firms is reversed over time. The post-event long-term result for small acquirers is better than large acquirers irrespective of the organizational form of acquired assets and methods of payment. Further, the abnormal return of subsidiary target is higher than private and public target.

關鍵字(中)

★ 英國
★ 支付方式
★ 目標公司上市狀態
★ 規模效果
★ 併購

關鍵字(英)

★ methods of payment
★ organizational form
★ size effect
★ mergers and acquisitions

論文目次

Contents
1 Introduction 1
2 Data 4
3 Methodology 5
3.1 Cumulative Abnormal Return (CAR) . . . . . . . . . . . . . . . . . . . . . 5
3.2 Buy and Hold Abnormal Return (BHAR) . . . . . . . . . . . . . . . . . . 6
3.3 Calendar−Time Abnormal Return (CTAR) . . . . . . . . . . . . . . . . . 8
4 Empirical Results 9
4.1 Summary Statistics on Mergers and Acquisitions Characteristics . . . . . . 9
4.2 Cumulative Abnormal Return (CAR) . . . . . . . . . . . . . . . . . . . . . 11
4.3 Cross-Sectional Regression Analysis . . . . . . . . . . . . . . . . . . . . . . 12
4.4 Buy and Hold Abnormal Return (BHAR) . . . . . . . . . . . . . . . . . . 14
4.5 Calendar−Time Abnormal Return (CTAR) . . . . . . . . . . . . . . . . . 16
5 Conclusion 17
Reference 20

參考文獻

Aggarwal, R. K. and Samwick, A. A. (2003), “Why do managers diversify their firms? agency reconsidered”, Journal of Finance, 58, 71–118.
Ang, J. S., Cole, R. A., and Lin, J. W. (2000), “Agency costs and ownership structure”, Journal of Finance, 55, 81–106.
Asquith, P., Bruner, R., and Mullins, D. (1983), “The gains to bidding firms from merger”, Journal of Financial Economics, 11, 121–139.
Brown, S. J. and Warner, J. B. (1985), “Event studies with daily returns”, Journal of Financial Economics, 14, 3–31.
Chang, S. (1998), “Takeovers of privately held targets, method of payment, and bidder returns”, Journal of Finance, 53, 773–784.
Demsetz, H. and Lehn, K. (1985), “The structure of corporate ownership: causes and consequences”, Journal of Political Economy, 1155–1177.
Dong, M., Hirshleifer, D., Richardson, S., and Teoh, S. H. (2000), “Does investor misevaluation drive the takeover market? unpublished working paper”, Ph.D. thesis, The
Ohio State University.
Doukas, J. and Travlos, N. G. (1988), “The effect of corporate multinationalism on shareholderswealth: evidence from international acquisitions”, Journal of Finance, 43, 521–558.
Draper, P. and Paudyal, K. (1999), “Corporate takeovers: mode of payment, returns and trading activity”, Journal of Business Finance and Accounting, 26, 521–558.
(2006), “Acquisitions: private versus public”, European Financial Management, 12(1), 57–80.
Fama, E. F. and French, K. (1993), “Common risk-factors in the returns on stocks and bonds”, Journal of Financial Economics, 33, 3–56.
Fuller, K., Netter, J., and Stegemoller, M. (2002), “What do returns to acquiring firms tell us? evidence from firms that make many acquisitions”, Journal of Finance, 57,
1763–1794.
Hertzel, M. G. and Smith, R. L. (1993), “Market discounts and shareholder gains for placing equity privately”, Journal of Finance, 48, 459–485.
Jaffe, J. F. (1974), “Special information and insider trading”, Journal of Business, 47, 410–428.
Jensen, M. C. and Ruback, R. (1983), “The market for corporate control: the scientific evidence”, Journal of Financial Economics, 11, 5–50.
Loughran, T. and Ritter, J. (1998), “Uniformly least powerful tests of market efficiency”, Journal of Financial Economics, forthcoming.
Maloney, M. T., McCormick, R. E., and Mitchell, M. L. (1993), “Managerial decision making and capital structure”, Journal of Business, 66, 189–217.
Mandelker, G. (1974), “Risk and return: The case of merging firms”, Journal of Financial Economics, 1, 303–335.
Mitchell, M., Pulvino, T., and Stafford, E. (2004), “Price pressure around mergers”, Journal of Financie, 59, 31–63.
Moller, S. B., Schlingemann, F. P., and Stulz, R. M. (2004), “Firm size and the gains from acquisitions”, Journal of Financial Economics, 73, 201–228.
Morck, R., Shleifer, A., and Vishny, R. W. (1990), “Do managerial objectives drive bad acquisitions?”, Journal of Finance, 45, 31–48.
Myers, S. C. and Majluf, N. S. (1984), “Corporate financing and investment decisions when firms have information that investors do not have”, Journal of Financial Economics , 13, 187–221.
Roll, R. (1986), “The hubris hypothesis of corporate takeovers”, Journal of Business, 59, 197–216.
Sudarsanam, S. (2003), Creating Value from Mergers and Acquisitions: The Challenges, FT Prentice Hall.
Travlos, N. G. (1987), “Corporate takeover bids, method of payment, and bidding firms stock returns”, Journal of Finance, 52, 943–963.

指導教授

何耕宇(Keng-yu Ho)

審核日期

2008-6-23

推文