併購動能:以台灣市場為例

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：75

、訪客IP：18.221.187.121

姓名

林德宇(De-Yu Lin) 查詢紙本館藏

畢業系所

財務金融學系

論文名稱

併購動能:以台灣市場為例
(Merger Momentum:The Evidence from Taiwan)

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	★ 國內股票型共同基金異常報酬之特徵研究
★ 台灣境外高收益債券型基金績效分析	★ 財富管理客戶選擇銀行之因素探討
★ 境外匯回專法實施前後境外資金解決方案比較－以個案分析為例	★ 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

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)

本文主要探討主併公司在併購後會產生何種效果。併購動能可以造成市場掀起一股併購的熱潮，但是何種因素會產生併購動能並且造成市場併購盛行呢？結果在本文發現台灣市場上產生併購動能的因素來自於經理人的自利主義。經理人因為害怕市場併購盛行的當下，公司因此而被併購而其職位不保或免職，促使經理人借由做出併購的決策以避免被其他公司所併購。然而，此類型的併購通常會損及公司價值，造成併購宣告的同時，市場的反應也會給予不好的回應，其股價表現低於大盤；長期相對於大盤的超額報酬表現，亦會有相同不好的結果。

摘要(英)

This thesis examines the effects of mergers on bidding firms’ stock price. Merger momentum could lead to market has a merger wave. There are different explanations for merger momentum. We find evidence of merger momentum that bidding firms do a merger to prevent managerial private benefit. If there is a merger wave, then the managers are willing to do a bad decision. As a result, merger announcement abnormal returns could be negative correlation to the bidding firms’ past stock performance. In the long run, there is a similar result for bidding firms.

關鍵字(中)

★ 投資人情感
★ 併購
★ 併購動能
★ 新古典理論
★ 管理者的動機

關鍵字(英)

★ investor
★ managerial motivation
★ neoclassical theory
★ M&
★ A
★ merger momentum

論文目次

Content
Chinese Abstract………………………………………………………i
Abstract………………………………………………………………ii
Acknowledgement……………………………………………………iii
Content…………………………………………………………………iv
Figure and Table Contents…………………………………………………………………v
Ι. Introduction 1
II. Hypothesis and Literature Review 3
III. Methodology and Empirical Model Description 7
A. Data 7
B. Methodology 9
C. Empirical Model 10
IV. Empirical Result 13
A. Merger Announcement Effect 13
B. Short-Run Results 14
C. Long-Run Results 18
V. Conclusion 21
References 23
Figure and Table Contents
Figure 1: Number of mergers for Taiwan Market Conditions from 1994 to 2005………25
Table 1: Hypotheses and Relative Variables Connection…………………………………26
Table 2: Summary Statistics of Independent Variables…………………………………27
Table 3: Statistics of Announcement Effect………………………………………………...28
Table 4: Regression Results for the CAR…………………………………………………..29
Table 5: Regression Results for the CAR…………………………………………………..30
Table 6: Regression results for the BHAR (Full Sample)…………………………………..31
Table 7: Regression results for the BHAR (Multi-variable Sample)……………………….32
Table 8: Regression results for the BHAR (Cold Market: 1994~2001)……………………33
Table 9: Regression results for the BHAR (Hot Market: 2002~2005)…...………………...34

參考文獻

References
Andrade, G., M. Mitchell, E. Stafford (2001), "New evidence and perspectives on mergers", The Journal of Economic Perspectives, 15, no. 2: 103-120
Antonio, A., J. M., Guo, D. Petmezas (2008), "Merger momentum and market valuations: the UK evidence", Applied Financial Economics, 18, no. 17: 1411-1423
Dong, M., Hirshleifer, D., Richardson, S. and Teoh, S. H. (2006), "Does Investor Misvaluation Drive the Takeover Market?", The Journal of Finance, 61, no. 2: 725-762
Doukas, J., and D. Petmezas (2007), "Acquisitions, Overconfident Managers and Self-attribution Bias", European Financial Management, 13, no. 3: 531-577
Faccio, M. and Masulis, R. W. (2005), "The Choice of Payment Method in European Mergers and Acquisitions", The Journal of Finance, 60, no. 3: 1345-1388
Fuller, K., J. Netter, and M. Stegemoller (2002), "What do returns to acquiring firms tell us?Evidence from firms that make many acquisitions", The Journal of Finance, 57, no. 4: 1763-1793
Gorton, G., M. Kahl, and R. J. Rosen (2005), "Eat or be eaten: A theory of mergers and merger waves", Working Paper no. 11364, NBER, Cambridge, MA
Harford, J. (2005), "What drives merger waves", Journal of Financial Economics, 77, no. 3: 529-560
Helwege, J., and N. Liang (2004), "Initial Public Offerings in Hot and Cold Markets", Journal of Financial and Quantitative Analysis, 39, no. 3: 541-569
Holmstrom, B., and S. N. Kaplan (2001), "Corporate governance and merger activity in the United States: Making sense of the 1980s and 1990s", The Journal of Economic Perspectives, 15, no. 2: 121-144
Ljungqvist, A. P., V. Nanda, and R. Singh (2006), "Hot Markets, Investors Sentiment, and IPO Pricing", The Journal of Business, 79, no. 4 : 1667-1702
Loughran, T., and J. R. Ritter (1995), "The new issues puzzle", The Journal of Finance, 50, no. 1: 23-51
Loughran, T., and J. R. Ritter (2000), "Uniformly least powerful tests of market efficiency", Journal of Financial Economics, 55, no. 3: 361-389
Loughran, T., and A. M. Vijh (1997), "Do long-term shareholders benefit from corporate acquisitions?", The Journal of Finance, 52, no. 5: 1765-1790
Martin, K. J. (1996), "The method of payment in corporate acquisitions, investment oppotunities, and management ownership", The Journal of Finance, 51, no. 4: 1227-1246
Mitchell, M. L. and Mulherin, H. (1996), "The impact of industry shocks on takeover and restructuring activity", Journal of Financial Economics, 41, no. 2: 193-229
Mitchell, M. L. and E. Stafford (2000), "Managerial decisions and long-term stock price performance", The Journal of Business, 73, no. 3: 287-329
Moeller, S. B., Schlingemann, F. P. and Stulz, R. M. (2005), "Wealth Destruction on a Massive Scale?A Study of Acquiring-Firm Returns in the Recent Merger Wave", The Journal of Finance, 60, no. 2: 757-782
Morck, R., Shleifer, A., and Vishny, R. W. (1990), "Do Managerial Objectives Drive Bad Acquisitions?", The Journal of Finance, 45, no. 1: 31-48
Myers, S. C., and N. S. Majluf (1984), "Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have", Journal of Financial Economics, 13, no. 2: 187-221
Rau, P. R., and T. Vermaelen (1998), "Glamour, value and the post-acquisition performance of acquiring firms", Journal of Financial Economics, 49, no. 2: 223-253
Rhodes-Kropf, M., D. T. Robinson, and S. Viswanathan (2005), "Valuation waves and merger activity: The empirical evidence", Journal of Financial Economics, 77, no. 3: 561-603
Roll, R. (1986), "The Hubris Hypothesis of Corporate Takeovers", The Journal of Business, 59, no. 2: 197-216
Rosen, R. J. (2006), "Merger Momentum and Investor Sentiment: The Stock Market Reaction to Merger Announcements", The Journal of Business, 79, no. 2: 987-1017
Shleifer, A., and R. W. Vishny (2003), "Stock market driven acquisitions", Journal of Financial Economics, 70, no. 3: 295-311
Travlos, N. (1987), "Corporate Takeover Bids, Methods of Payment, and Bidding Firms' Stock Returns", The Journal of Finance, 42, no. 4: 943-963

指導教授

葉錦徽、何耕宇
(Jin-Huei Yeh、Keng-Yu Ho)

審核日期

2009-6-28

推文