English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 113311/144292 (79%)
Visitors : 50932513      Online Users : 982
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
  • Adv. Search
    HomeLoginUploadHelpAboutAdminister Goto mobile version
    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/112620
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/112620


    Title: 經理人股票選擇權、企業現金持有與併購
    Executive Stock Options, Corporate Cash Holdings and Mergers and Acquisitions
    Authors: 陳佰弦
    Chen, Bai-Sian
    Contributors: 陳嬿如
    Chen, Yenn-Ru
    陳佰弦
    Chen, Bai-Sian
    Keywords: 現金持有
    經理人股票選擇權
    非系統性風險
    併購
    Cash holdings
    ESO
    Idiosyncratic risk
    Mergers and acquisitions
    Date: 2017
    Issue Date: 2017-09-13 14:14:06 (UTC+8)
    Abstract: 本研究以企業現金持有之理論結合經理人股票選擇權是否使經理人有不同的投資決策。並提出在超額現金情境之下,經理人具有股票選擇權的風險誘因將會傾向透過執行併購的方式,增加非系統性風險的投資,並貢獻長遠的經濟利潤。本研究蒐集於 1992 年至 2014 年的 S&P1500 企業,根據是否具有超額現金將公司進行分組,並對選擇權誘因進行回歸分析。實證結果顯示具中有風險誘因的經理人在具有超額現金的公司中會有顯著更高的傾向執行併購,尤其當公司同時是屬於舊產業。此外當排除全額股票支付的併購與公開上市的被併公司後,投資人會給予顯著的正面反應。
    This study combines the cash holdings theory and executive stock options (ESOs), and investigates whether excess cash holdings could enlarge the risk incentive effect of ESOs on idiosyncratic-risk investments with positive NPV via mergers and acquisitions (M&As). By examining the Standard and Poor indexed 1500 firms from 1992 to 2014, we find that CEO with ESOs in cash-rich firm is significantly more likely to make M&As especially when the cash-rich firm is in old economy. In addition, investors give positive reaction when CEO with ESOs in cash-rich firm acquires a non-public target and doesn’t adopt the all-stock payment.
    Reference: Almazan, A., De Motta, A., Titman, S., & Uysal, V. (2010). Financial structure, acquisition opportunities, and firm locations. The Journal of Finance, 65(2), 529-563.
    Armstrong, C. S., & Vashishtha, R. (2012). Executive stock options, differential risk-taking incentives, and firm value. Journal of Financial Economics, 104(1), 70-88.
    Bates, T. W., Kahle, K. M., & Stulz, R. M. (2009). Why do US firms hold so much more cash than they used to?. The journal of finance, 64(5), 1985-2021.
    Bena, J., & Li, K. (2014). Corporate innovations and mergers and acquisitions. The Journal of Finance, 69(5), 1923-1960.
    Black, F., & Scholes, M. (1973). The pricing of options and corporate liabilities. Journal of political economy, 81(3), 637-654.
    Brown, J. R., & Petersen, B. C. (2011). Cash holdings and R&D smoothing. Journal of Corporate Finance, 17(3), 694-709.
    Brown, J. R., Fazzari, S. M., & Petersen, B. C. (2009). Financing innovation and growth: Cash flow, external equity, and the 1990s R&D boom. The Journal of Finance, 64(1), 151-185.
    Carpenter, J. N. (2000). Does option compensation increase managerial risk appetite?. The journal of finance, 55(5), 2311-2331.
    Chatterjee, S., and Lubatkin, M. (1990). Corporate mergers, stockholder diversification, and changes in systematic risk. Strategic Management Journal, 11(4), 255-268.
    Chen, C. R., and Steiner, T. L. (2000). An agency analysis of firm diversification: the consequences of discretionary cash and managerial risk considerations. Review of Quantitative Finance and Accounting, 14(3), 247-260.
    Chen, Y. R. (2008). Corporate governance and cash holdings: Listed new economy versus old economy firms. Corporate Governance: An International Review, 16(5), 430-442.
    Chen, Y. R., Chen, C. R., & Chu, C. K. (2014). The effect of executive stock options on corporate innovative activities. Financial Management, 43(2), 271-290.
    Coles, J. L., Daniel, N. D., & Naveen, L. (2006). Managerial incentives and risk-taking. Journal of financial Economics, 79(2), 431-468.
    Core, J., & Guay, W. (2002). Estimating the value of employee stock option portfolios and their sensitivities to price and volatility. Journal of Accounting research, 40(3), 613-630.
    Croci, E., & Petmezas, D. (2015). Do risk-taking incentives induce CEOs to invest? Evidence from acquisitions. Journal of Corporate Finance, 32, 1-23.

    Datta, S., Iskandar‐Datta, M., & Raman, K. (2001). Executive compensation and corporate acquisition decisions. The Journal of Finance, 56(6), 2299-2336.
    Duan, J. C., & Wei, J. (2005). Executive stock options and incentive effects due to systematic risk. Journal of Banking & Finance, 29(5), 1185-1211.
    Eberhart, A. C., Maxwell, W. F., & Siddique, A. R. (2004). An examination of long‐term abnormal stock returns and operating performance following R&D increases. The Journal of Finance, 59(2), 623-650.
    Fu, F. (2009). Idiosyncratic risk and the cross-section of expected stock returns. Journal of Financial Economics, 91(1), 24-37.
    Fuller, K., Netter, J., & Stegemoller, M. (2002). What do returns to acquiring firms tell us? Evidence from firms that make many acquisitions. The Journal of Finance, 57(4), 1763-1793.
    Goyal, A., & Santa‐Clara, P. (2003). Idiosyncratic risk matters!. The Journal of Finance, 58(3), 975-1007.
    Guay, W. R. (1999). The sensitivity of CEO wealth to equity risk: an analysis of the magnitude and determinants. Journal of Financial Economics, 53(1), 43-71.
    Harford, J. (1999). Corporate cash reserves and acquisitions. The Journal of Finance, 54(6), 1969-1997.
    Harford, J., & Uysal, V. B. (2014). Bond market access and investment. Journal of Financial Economics, 112(2), 147-163.
    Haugen, R. A., & Senbet, L. W. (1981). Resolving the agency problems of external capital through options. The Journal of Finance, 36(3), 629-647.
    Hsu, P. H., Tian, X., & Xu, Y. (2014). Financial development and innovation: Cross-country evidence. Journal of Financial Economics, 112(1), 116-135.
    Jemison, D. B., and Sitkin, S. B. (1986). Corporate acquisitions: A process perspective. Academy of Management Review, 11(1), 145-163.
    Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American economic review, 76(2), 323-329.
    Kerr, W. R., & Nanda, R. (2015). Financing innovation. Annual Review of Financial Economics, 7, 445-462.
    Langetieg, T. C., Haugen, R. A., & Wichern, D. W. (1980). Merger and stockholder risk. Journal of Financial and Quantitative Analysis, 15(3), 689-717.
    Lewellen, K. (2006). Financing decisions when managers are risk averse. Journal of Financial Economics, 82(3), 551-589.
    Lintner, J. (1965). The valuation of risk assets and the selection of risky investments in stock portfolios and capital budgets. The review of economics and statistics, 13-37.
    Low, A. (2009). Managerial risk-taking behavior and equity-based compensation. Journal of Financial Economics, 92(3), 470-490.
    Lubatkin, M. (1983). Mergers and the Performance of the Acquiring Firm. Academy of Management review, 8(2), 218-225.
    Lubatkin, M., and O`Neill, H. M. (1987). Merger strategies and capital market risk. Academy of Management Journal, 30(4), 665-684.
    Merton, R. C. (1973). Theory of rational option pricing. The Bell Journal of economics and management science, 141-183.
    Moeller, S. B., Schlingemann, F. P., & Stulz, R. M. (2004). Firm size and the gains from acquisitions. Journal of Financial Economics, 73(2), 201-228.
    Moyer, R. C., and Chatfield, R. (1983). Market power and systematic risk. Journal of Economics and Business, 35(1), 123-130.
    Murphy, K. J. (2003). Stock-based pay in new economy firms. Journal of Accounting and Economics, 34(1), 129-147. Jemison, D. B., and Sitkin, S. B. (1986). Corporate acquisitions: A process perspective. Academy of Management Review, 11(1), 145-163.
    Opler, T., Pinkowitz, L., Stulz, R., & Williamson, R. (1999). The determinants and implications of corporate cash holdings. Journal of financial economics, 52(1), 3-46.
    Pastor, L. and Veronesi, P. (2009). Technological revolutions and stock prices. The American Economic Review, 99(4), 1451-1483.
    Phillips, G. M., & Zhdanov, A. (2012). R&D and the Incentives from Merger and Acquisition Activity. The Review of Financial Studies, 26(1), 34-78.
    Richardson, S. (2006). Over-investment of free cash flow. Review of accounting studies, 11(2), 159-189.
    Roll, R. (1986). The hubris hypothesis of corporate takeovers. Journal of business, 197-216.
    Ross, S. A. (2004). Compensation, incentives, and the duality of risk aversion and riskiness. The Journal of Finance, 59(1), 207-225.
    Schlingemann, F. P., Stulz, R. M., & Walkling, R. A. (2002). Divestitures and the liquidity of the market for corporate assets. Journal of financial Economics, 64(1), 117-144.
    Sharpe, W. F. (1964). Capital asset prices: A theory of market equilibrium under conditions of risk. The journal of finance, 19(3), 425-442.
    Shleifer, A., & Vishny, R. W. (2003). Stock market driven acquisitions. Journal of financial Economics, 70(3), 295-311.
    Smith, C. W., & Stulz, R. M. (1985). The determinants of firms` hedging policies. Journal of financial and quantitative analysis, 20(04), 391-405.
    Thakor, R. T., & Lo, A. W. (2015). Competition and r&d financing decisions: Theory and evidence from the biopharmaceutical industry (No. w20903). National Bureau of Economic Research.
    Tian, Y. S. (2004). Too much of a good incentive? The case of executive stock options. Journal of Banking & Finance, 28(6), 1225-1245.
    Uysal, V. B. (2011). Deviation from the target capital structure and acquisition choices. Journal of Financial Economics, 102(3), 602-620.
    Description: 碩士
    國立政治大學
    財務管理研究所
    104357013
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0104357013
    Data Type: thesis
    Appears in Collections:[財務管理學系] 學位論文

    Files in This Item:

    File SizeFormat
    701301.pdf1002KbAdobe PDF232View/Open


    All items in 政大典藏 are protected by copyright, with all rights reserved.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏,無償提供學術研究與公眾教育等公益性使用,惟仍請適度,合理使用本網站之內容,以尊重著作權人之權益。商業上之利用,則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作,已盡力防止侵害著作權人之權益,如仍發現本網站之數位內容有侵害著作權人權益情事者,請權利人通知本網站維護人員(nccur@nccu.edu.tw),維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback