政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/130902

政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/130902

English | 正體中文 | 简体中文 | Post-Print筆數 : 27 | 全文筆數/總筆數 : 113324/144300 (79%)
造訪人次 : 51121149 線上人數 : 898

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 > 國際經營與貿易學系 > 學位論文 > Item 140.119/130902

請使用永久網址來引用或連結此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/130902

題名:	地區制度與產業相關性對購併宣告效果的影響-以中國上市公司為例 The impact of Local Institution and Industrial Relatedness on M&A performance: Evidence from China’s listed companies
作者:	何惠婷 Ho, Hui-Ting
貢獻者:	譚丹琪 Tan, Dan-Chi 何惠婷 Ho, Hui-Ting
關鍵詞:	異常報酬產業相關性中國市場化指數制度 Abnormal return Industrial relatedness Marketization index of China’s provinces Institution
日期:	2020
上傳時間:	2020-08-03 17:22:34 (UTC+8)
摘要:	近年以來大陸地區經濟成長快速，在全球經濟體系中占據了重要的地位，由於大陸經濟市場熱絡，相較於台灣，大陸地區每年發生的購併案數量眾多，已然是台灣的好幾倍以上，因此對於研究購併來說，數據資料來源充足且資料間有足夠的差異性能作為研究討論。本研究採用事件研究法，探討購併時主併企業與被併企業兩者的產業相關性及主併企業位在的地區制度發展程度是否對購併的報酬造成影響，採用2015~2019年間中國上市公司的購併案件為樣本，其中需已完成收購程序且收購後主併企業持股需達50%以上，代表此收購事件發生後主併方可取得相當程度控制權，並刪除同一企業於同一天有多筆購併的樣本避免不同事件間產生交互影響，最終採用樣本數共131筆，購併的報酬以企業的累積平均異常報酬為指標，地區制度則採中國市場化指數。研究設計主要分成三個階段進行，首先觀察CAR在不同期間觀察窗口(購併宣告日前後一、三、五、十、十五天)的變化，之後進行T檢定，最後進行多元迴歸分析。觀察累積平均異常報酬，發現非相關購併CAR在五種觀察窗口下均較相關購併高且在前後十、十五天兩個窗口呈顯著。在制度方面發現得分位於中間的省分之CAR較高，差異隨觀察區間越長越明顯，最後進行迴歸分析，發現在宣告日前後十天之累積平均異常報酬與產業相關性呈顯著及負相關、與制度得分呈顯著且為倒U型關係。 Because of rapid economic growth in China in recent years, China plays an important role in the global economy. Cases of mergers and acquisitions (M&As) happen in China more frequently than Taiwan, so its rich data resources provide researchers sufficient information to conduct a research study. This thesis examines the impact of targets’ relatedness and local institutions on acquirers’ values in China. Empirical findings based on a sample of M&A cases of China’s publicly traded companies from 2015 to 2019, indicates that industry unrelated acquisitions get higher CARs than industry related acquisitions. I also find that the provinces which get the middle scores at marketization index get the highest CAR. Regression analysis further confirms there is an inverted U shaped relationship between marketization scores and acquirers’ values.
參考文獻:	一、中文資料王坤煌 (1997) 。改革開放後中國大陸企業會計制度之研究-制度變遷理論之運用 (未出版之碩士論文) 。國立政治大學東亞研究所，台北市。王擎、謝濤、歐兵、石中學 (1998) 。企業購併原理與經典案例。北京︰中國城市出版社。王小魯、樊綱、余靜文 (2017) 。中國分省份市場化指數報告(2016)。社會科學文獻出版社。伍忠賢 (1998) 。企業購併聖經。一版。遠流出版事業股份有限公司。李翠紅 (2006) 。企業併購方式的比較與選擇。內蒙古科技與經濟。第20期。吳宜頻 (2013) 。已開發國家食品產業跨國購併宣告效果之研究 (未出版之碩士論文) 。國立政治大學企業管理研究所。林柏兆 (2002) 。分稅制下中央與省級的財政互動：委託-代理體制的轉變 (未出版之碩士論文) 。國立政治大學東亞研究所，台北市。林佳蓉 (2008) 。台灣跨國購併與非跨國購併績效之研究 (未出版之碩士論文) 。國立政治大學會計研究所，台北市。胡文宗 (1997) 。大陸企業收購之研究— 台資觀點 (未出版之碩士論文) 。國立中山大學大陸研究所，高雄市。侯俊吉 (2001) 。中共國家公務員培訓制度與組織之研究 (未出版之碩士論文) 。國立政治大學公共行政學系，台北市。洪宏達 (2002) 。購併活動對主併公司經營績效之影響-以臺灣上市公司為例 (未出版之碩士論文)。國立中山大學財務管理學系研究所，高雄市。陳月端 (1996) 。中國大陸國有企業產權制度之研究 (未出版之碩士論文) 。國立政治大學法律學研究所，台北市。曹海濤、柯朝斌 (2011) 。中國大陸國有企業改革的路徑選擇─基於賽局理論的分析。東亞研究。第42卷第2期。1-37頁。黃財尉 (2003) 。共同因素分析與主成份分析之比較。彰師大輔導學報。第25期。63-86頁。曾偉峰 (2006) 。當中國遇見市場：有關市場轉型、經濟成就、發展失衡的制度理論 (未出版之碩士論文) 。政治大學東亞研究所，台北市。楊曉維 (1996) 。關於制度變遷的經濟學理論:誘致性變遷與強制性變遷。財產權利與制度變遷:產權學派與新制度學派譯文集。397-403。楊雅惠 (2001) 。大陸金融體制之沿革與問題。台灣金融財務季刊。2(1)。1-16。楊詠清 (2015) 。相關與非相關購併對股價之影響 (未出版之碩士論文) 。國立政治大學國際經營與貿易學系，台北市。蔡慧珊 (2008) 。企業併購虧損公司對股東財富影響之研究 (未出版之碩士論文) 。國立交通大學管理科學系所，新竹市。二、英文資料 Brealey, R. A., & Myers, S. C. (1988). Principles of Corporate Finance (3rd ed). New York: McGraw-Hill. Boubakri, N., Dionne, G., & Triki, T. (2008). Consolidation and value creation in the insurance industry: The role of governance. Journal of Banking & Finance, Elsevier, vol. 32-1, pages 56-68. Brockman, P., Rui, O. M., & Zou, H. (2013). Institutions and the Performance of Politically Connected M&As. Journal of International Business Studies, Vol. 44, Issue 8, 833-852. Barai, P., & Mohanty, P. (2014). Role of industry relatedness in performance of Indian acquirers—Long and short run effects. Asia Pacific Journal of Management, Springer, vol. 31(4), 1045-1073. Carpon, L. (1999). The long-term performance of horizontal acquisitions. Strategic Management Journal, Vol.20, 987-1018. Datta, D. K., & Puia, G. (1995). Cross-border acquisitions: An examination of the influence of related and cultural fit on shareholder value creation in US acquiring firms. Management International Review, 35, 337-359. Dikova, D., & Sahib, P. R. (2013). Is cultural distance a bane or a boon for cross-border acquisition performance? Journal of World Business, 48(1), 77-86. Greve, H. R., & Zhang, C. M. (2017). Institutional Logics and Power Sources: Merger and Acquisition Decisions. AMJ, 60, 671–694. Hoskisson, R. E., & Hitt, M. A. (1988). Strategic Control Systems and Relative R&D Investment in large Multiproduct Firms. Strategic Management Journal, 9, 605-621. Hennart, J., & Reddy, S. B. (2000). Digestibility and asymmetric information in the choice between acquisitions and joint ventures: where’s the beef? Strategic Management Journal, 191–193. Hitt, M., Ireland, R. & Hoskisson, R. (2013). Strategic Management: Competitiveness and Globalization (10th ed). Cengage Southwestern Publishing Co. Jefferson, G. H., & Su, J. (2003). The Impact of Shareholding Reform on Chinese Enterprise,1995-2001. William Davidson Institute Working Paper No. 542. Ko, T. (2002). Why China’s new M&A rules need a second look. International Financial Law Review, 33-35. Khanna, T., & Palepu K. G. (2011). Winning in Emerging Markets: Spotting and Responding to Institutional Voids. World Financial Review, 18–20. Lichtenberg, F., & Siegel, D. (1987). Productivity and changes in ownership of manufacturing plants. Brookings Papers on Economic Activity, 3, 643-73. Lichtenberg, F., & Siegel, D. (1990). The effects of leveraged buyouts on productivity and relates aspects of firm behavior. Journal of Financial Economics, 27, 165-194. Laamanen, T., Brauer, M., & Junna, O. (2014). Performance of acquirers of divested assets: Evidence from the U.S. Software industry. Strategic Management Journal, 35. Li, T., Xue, Y., Lu, J., & Li, A. (2018). Cross-Border Mergers and Acquisitions and the Role of Free Trade Agreements. Emerging Markets Finance and Trade, 54:5, 1096-1111. Lu, H., Hong, J., Chen, Q., & Deng, P. (2019). Impact of overseas M&As on Chinese service enterprises’ market value. The Service Industries Journal 0:0, 1-21. Liu, H. Y., Li, Y. X., Yang, R., & Li, X. P. (2019). How Do Chinese Firms Perform Before and After Cross-Border Mergers and Acquisitions? Emerging Markets Finance and Trade. doi:10.1080/1540496X.2018.1556636. Marsh, R. M., & Mannari, H. (1977). Organizational Commitment and Turnover: A Prediction Study. Administrative Science Quarterly, vol. 22(1), 57-75. Meyer, J. W., & Rowan, B. (1977). Institutionalized organizations: Formal structure as myth and ceremony. American journal of sociology, 340-363. McGuckin, R., Nguyen, S., & Reznek, A. (1995).The impact of ownership change on employment, wagesand labour productivity in US manufacturing 1977-87. Center for Economic Studies, US Bureau of Census, 95-8. MacCallum, R. C., Widaman, K. F., Zhang, S., & Hong, S. (1999). Sample size in factor analysis. Psychological Methods, 4(1), 84–99. Mehta, M., & Hirschheim, R. (2004). A Framework for Assessing IT Integration Decision-Making in Mergers and Acquisitions. Paper presented at the Proceedings of the 37th Hawaii International Conference on System Sciences, Big Island, Hawaii. Nee, V. (1989). A Theory of Market Transition: From Redistribution to Markets in State Socialism. American Sociological Review, 54(5), 663-681. North, D. (1990). Institutions, Institutional Change and Economic Performance (Political Economy of Institutions and Decisions). Cambridge: Cambridge University Press. doi:10.1017/CBO9780511808678 Nadolska, A. M., & Barkema, H. G. (2007). Learning to internationalize: the pace and sucess of foreign acquisitions. Journal of International Business Studies, 38 (7), 1170-1186. Oguji, N. (2018). How Do Entry Motives and Institutions Influence the Acquisition Strategies of Multinationals in Foreign Markets? Lessons from Acquisitions of Finnish Multinationals in Global Markets. Journal of East-West Business, 24(2), 81-107. doi: 10.1080/10669868.2018.1430090 Prince, M., & Davies, M. (2002). Co-branding partners: What do they see in each other? Business Horizons. vol. 45(5), 51-55. Rumelt, R. P. (1974). Strategy, Structure, and Economic Performance. Division of Research, Graduate School of Business Administration, Harvard University, Bostion. Roll, R. (1986). The Hubris Hypothesis of Corporate Takeovers. Journal of Business, Vol 59, No. 2, Part 1, 197-216. Scherer, F. M. (1980). Industrial market structure and economic performance (2d ed.). Chicago: Rand McNally College Pub. Co. Scott, W.R. (2008). Institutions and Organizations: Ideas and Interests (3rd ed.). Los Angeles, CA: Sage Publications. Stahl, G. K., & Voigt, A. (2005). The performance impact of cultural differences in mergers and acquisitions: A critical research review and an integrative model. Advances in Mergers and Acquisitions, 4, 51-82. Venkatraman, N., & Ramanujam, V. (1986). Measurement of Business Performance in Strategy Research: A Comparison of Approaches. Academy of Management Review, 11, 801-814. Williamson, O. E. (1975). Markets and Hierarchies: Analysis and Antitrust Implications. New York: The Free Press. Williamson, O. E. (1983). Credible Commitments: Using Hostages to Support Exchange. The American Economic Review, vol. 73(4), 519-540. Williamson, O. E. (2000). The New Institutional Economics: Taking Stock, Looking Ahead. Journal of Economic Literature, American Economic Association, vol. 38(3), 595-613. Wang, J., & Wang, X. (2015). Benefits of Foreign Ownership: Evidence from Foreign Direct Investment in China. Journal of International Economics, vol. 97(2), 325-338. Yildiz, H. E., & Fey, C. F. (2016). Are the extent and effect of psychic distance perceptions symmetrical in cross-border M&As? Evidence from a two-country study. Journal of International Business Studies, 47(7), 830-857. Yan, J. (2018). Do mergers and acquisitions promote trade? Evidence from China. The Journal of International Trade & Economic Development, 27(7), 792-805.
描述:	碩士國立政治大學國際經營與貿易學系 103351040
資料來源:	http://thesis.lib.nccu.edu.tw/record/#G0103351040
資料類型:	thesis
DOI:	10.6814/NCCU202000674
顯示於類別:	[國際經營與貿易學系 ] 學位論文

文件中的檔案:

檔案	描述	大小	格式	瀏覽次數
104001.pdf		2593Kb	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