政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/124136

政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/124136

English | 正體中文 | 简体中文 | Post-Print筆數 : 27 | 全文筆數/總筆數 : 113318/144297 (79%)
造訪人次 : 51099047 線上人數 : 909

RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.

搜尋範圍

查詢小技巧：

您可在西文檢索詞彙前後加上"雙引號"，以獲取較精準的檢索結果

若欲以作者姓名搜尋，建議至進階搜尋限定作者欄位，可獲得較完整資料

進階搜尋

主頁 ‧ 登入 ‧ 上傳 ‧ 說明 ‧ 關於政大典藏 ‧ 管理

到手機版

政大機構典藏 > 商學院 > 金融學系 > 學位論文 > Item 140.119/124136

請使用永久網址來引用或連結此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/124136

題名:	英國脫歐公投對英國企業併購活動之影響 The Impact of Brexit Referendum on Mergers and Acquisitions of UK Firms
作者:	陳冠宇
貢獻者:	林靖庭陳冠宇
關鍵詞:	英國脫歐公投併購 Brexit Referendum Mergers and acquisitions
日期:	2019
上傳時間:	2019-07-01 10:46:45 (UTC+8)
摘要:	本研究針對英國脫歐公投對英國企業併購影響進行探討。樣本為主併或被併為英國企業，且宣告日於2012年至2018年期間的併購案，分別有國內併購（英商併英商）、對外跨國併購（英商併外商）、以及對內跨國併購（外商併英商）三種型態。針對這三種型態，進行完成機率、短期宣告效果，及併購後股票長期持有績效實證研究。結果指出，在上述三類併購型態中，公投後宣告之併購案均有顯著較低的完成機率；其中，公投後宣告之國內併購案如涉及相對規模較大的被併方，完成機率更低。然而，若主併有過去併購經驗，則可提高完成機率。對外跨國併購案中，如被併國家為歐盟成員國或有較高人均GDP，則完成機率較高。就績效而言，結果顯示公投後宣告之對外跨國併購案對短期宣告效果有負面影響，但併購後之股票長期持有績效則有正面影響。然而，在國內併購案及對內跨國併購案中，本文並未發現英國脫歐公投對短期宣告效果或股票長期持有績效產生顯著影響。 In this paper, I analyze domestic (UK firms acquiring other UK firms), outward (UK firms acquiring foreign firms) and inward (UK firms acquired by foreign firms) mergers and acquisitions announced between 2012 and 2018 to investigate the effects of Brexit Referendum on deal completion likelihood, short-term announcement effects and post-acquisition long-term stock performance. The results show that there is a lower probability of completion if the deals are announced after Brexit Referendum across all types. Domestic deals announced after the vote which involve relative large targets are less likely to complete while experienced acquirers increase the probability of deal completion. Outward deals whose targets located in countries with EU membership or higher GDP per capita are more likely to complete. Empirical findings suggest that outward deals announced after the vote are less favorable by acquirers’ shareholders in the short run, but a positive effect is observed in the long-term performance. However, these effects are not observed in domestic and inward deals in terms of short- and long-term performance.
參考文獻:	Alquist, R., Mukherjee, R., & Tesar, L. (2016). Fire-sale FDI or business as usual? Journal of International Economics 98, 93-113 Aristotelous, K., & Fountas, S. (1996). An empirical analysis of inward foreign direct investment flows in the EU with emphasis on the market enlargement hypothesis. Journal of Common Market Studies 34(4), 571-583 Badinger, H. (2005). Growth effects of economic integration: Evidence from the EU member states. Review of World Economics 141(1), 50-78 Baker, S.R., Bloom, N., & Davis, S.J. (2016). Measuring economic policy uncertainty. The Quarterly Journal of Economics 131(4), 1593-1636 Baldwin, R., & Seghezza, E. (1996). Growth and European integration: Towards an empirical assessment, CEPR Discussion Papers 1393 Bevan, A.A., & Estrin, S. (2004). The determinants of foreign direct investment into European transition economies. Journal of Comparative Economics 32(4),775-787 Bonaime, A., Gulen, H., & Ion, M. (2018). Does policy uncertainty affect mergers and acquisitions? Journal of Financial Economics 129(3), 531-558 Buch, C.M., & DeLong, G. (2004). Cross-border bank mergers: What lures the rare animal. Journal of Banking and Finance 28(9), 2077-2102 Caiazza, S., & Pozzolo, A.F. (2016). The determinants of failed takeovers in the banking sector: Deal or country characteristics? Journal of Banking and Finance 72, S92-S103 Collins, J.D., Holcomb, T.R., Certo, S.T., Hitt, M.A., & Lester, R.H. (2009). Learning by doing: Cross-border mergers and acquisitions. Journal of Business Research 62(12), 1329-1334 Dhingra, S., Huang, H., Ottaviano, G., Pessoa, J.P., Sampson, T., & van Reenen, J. (2017). The costs and benefits of leaving the EU: Trade effects. Economic Policy 32(92), 651-705 Di Giovanni, J. (2005). What drives capital flows? The case of cross-border M&A activity and financial deepening. Journal of International Economics 65(1), 127-149 Dikova, D., Sahib, P.R., & van Witteloostuijn, A. (2010). Cross-border acquisition abandonment and completion: The effect of institutional differences and organizational learning in the international business service industry, 1981–2001. Journal of International Business Studies 41(2), 223-245 Dunning, J.H. (2000). The eclectic paradigm as an envelope for economic and business theories of MNE activity. International Business Review 9(2), 163-190. Erel, I., Liao, R.C., & Weisbach, M.S. (2012). Determinants of cross‐border mergers and acquisitions. Journal of Finance 67(3), 1045-1082 Faccio, M., & Masulis, R.W. (2005). The choice of payment method in European mergers and acquisitions. Journal of Finance 60(3), 1345-1388 Grinstein, Y., & Hribar, P. (2004). CEO compensation and incentives: Evidence from M&A bonuses. Journal of Financial Economics 73(1), 119-143 Guiso, L., Jappelli, T., Padula, M., & Pagano, M. (2004). Financial market integration and economic growth in the EU. Economic Policy 19(40), 524-577 Henry, D. (2004). Corporate governance and ownership structure of target companies and the outcome of takeovers. Pacific-Basin Finance Journal 12(4), 419-444 Huang, P., Officer, M.S., & Powell, R. (2016). Method of payment and risk mitigation in cross-border mergers and acquisitions. Journal of Corporate Finance 40, 216-234 Hyun, H.J., & Kim, H.H. (2010). The determinants of cross‐border M&As: The role of institutions and financial development in the gravity model. The World Economy 33(2), 292-310 Karampatsas, N., Petmezasa, D., & Travlos, N.G. (2014). Credit ratings and the choice of payment method in mergers and acquisitions. Journal of Corporate Finance 25, 474-493 Lim, M.H., & Lee, J.H. (2016). The effects of industry relatedness and takeover motives on cross-border acquisition completion. Journal of Business Research 69(11), 4787-4792 Muehlfeld, K., Sahib, P.R., & van Witteloostuijn, A. (2007). Completion or abandonment of mergers and acquisitions: Evidence from the newspaper industry, 1981–2000. Journal of Media Economics 20(2), 107-137 Nguyen, N.H., & Phan, H.V. (2017). Policy uncertainty and mergers and acquisitions. Journal of Financial and Quantitative 52(2), 613-644 Pain, N., & Lansbury, M. (1997). Regional economic integration and foreign direct investment: The case of German investment in Europe. National Institute Economic Review 160(1), 87-99 Rossi, S., & Volpin, P.F. (2004). Cross-country determinants of mergers and acquisitions. Journal of Financial Economics 74(2), 277-304 Schillig, M. (2016). Corporate law after Brexit. King`s Law Journal 27(3), 431-441 Steinberg, J.B. (2019). Brexit and the macroeconomic impact of trade policy uncertainty. Journal of International Economics 117, 175-195 Sudarsanam, P.S. (1995). The role of defensive strategies and ownership structure of target firms: Evidence from UK hostile takeover bids. European Financial Management 1(3), 223-240 Uddin, M., & Boateng, A. (2011). Explaining the trends in the UK cross-border mergers & acquisitions: An analysis of macro-economic factors. International Business Review 20(5), 547-556 Zhou, J., Lan, W., & Tang, Y. (2016). The value of institutional shareholders: Evidence from cross-border acquisitions by Chinese listed firms. Management Decision 54(1), 44-65
描述:	碩士國立政治大學金融學系 106352001
資料來源:	http://thesis.lib.nccu.edu.tw/record/#G0106352001
資料類型:	thesis
DOI:	10.6814/NCCU201900007
顯示於類別:	[金融學系] 學位論文

文件中的檔案:

檔案	大小	格式	瀏覽次數
200101.pdf	1370Kb	Adobe PDF2	0	檢視/開啟

在政大典藏中所有的資料項目都受到原著作權保護.

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 © - 回饋