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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/34082


    Title: 母子公司合併財富移轉效果之研究
    Authors: 柯雅萍
    Contributors: 屠美亞
    柯雅萍
    Keywords: 母子公司
    合併
    Date: 2004
    Issue Date: 2009-09-17 19:24:39 (UTC+8)
    Abstract: 本研究以民國89年至94年3月為研究期間，蒐集台灣地區曾經宣告購併的公司為樣本，利用事件研究法以及複迴歸分析，檢驗母子公司合併對股東財富之影響，以及財富移轉動機的探討。

    本研究所獲得結論為：（1） 母子公司合併累積異常報酬率低於非母子公司購併；（2） 考慮內部人持股下，母子公司合併累積異常報酬率明顯低於非母子公司合併；（3）主併公司經營績效為影響合併宣告效果最重要之因素，且在母子公司與非母子公司之影響不同。
    Reference: 中文部分
    石月烘 (民84)， 台灣合併目標公司財務績效之實證研究，淡江大學金融研究所未出版碩士論文
    吳安妮 (民81)， 「台灣企業合併動機之實證研究」，管理評論，民81年11月，1-28
    杜曉君 (民 89)， 合併事件宣告時主併公司特質對股東財富之研究-台灣上市公司為例，東吳大學會計研究所未出版碩士論文
    沈中華、李建然(民89)， 「事件研究法-財務與會計實證研究必備」，華泰文化
    洪麗惠 (民84)， 合併宣告對股東財富的影響－Jensen 閒餘現金流量與Tobin’s q 兩假說之驗證，東吳大學管理研究所未出版碩士論文。
    曾品玉 (民90)， 代理問題探討合併行為及其相關研究-以上市公司為例，輔仁大學企業管理研究所未出版之碩士論文
    英文部分
    Amihud, Yakov, Lev, Baruch (1981), “Risk Reduction as a Managerial Motive for Conglomerate Mergers,” Bell Journal of Economics, Autumn 1981. Vol. 12, p. 605 (13 pages)
    Paul Asquith, Robert F. Bruner, David W. Mullins JR. (1983), “The Gains to Bidding Firms from Merger,” Journal of Financial Economics, 11, 121-139
    Claessens, S., S. Djankov, L. Lang (2000), “The separation of ownership and control in East Asia corporations,” Journal of Financial Economics, 58, 81-112
    Darrough M., Stoughton N. (1990), “Financial disclosures in an entry game,” Journal of Accounting and Economics, 12, 219-243
    Dodd P., Ruback R. (1977), “tender offers and stockholders returns,” Journal of Financial Economics, 5, 351-373
    Dye R. (1986), “Proprietary and nonproprietary disclosures,” Journal of Business, 59, 331-366
    Easterbrook F., Fiscal D. (1982), “Corporate control transactions,” Yale Law Journal, 91, 698-737
    Feinberg, R. M. (1985), “Sales-at-Risk: A test of the mutual forbearance theory of conglomerate, behavior,” Journal of Business, 58, 225-241
    Jensen, M. C. (1984), “Takeovers: Folklore and science,” Harvard Business Review, 62(6), 109-121
    Jensen, Michael C. (1986), “Agency Cost of Free Cash Flow, Corporate Finance and Takeovers,” American Economic Review, 76, May, 323-329
    Jensen, Michael C. (1988), “Takeover: Their Causes and Consequences,” Journal of Economic Perspectives, Vol:2, Iss:1, Winter , 49-68
    Jensen, Michael C., and William H. Meckling (1976), “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure,” Journal of Financial Economics, 3, 305-360
    Krishnaswami, Sudha, and Venkat Subramamiam (1999), “Information asymmetry, valuation, and the corporate spin-off decision,” Journal of Financial Economics, 53, 73-112
    Lang, Larry H.P., Rene M. Stulz Ralph A. Walking (1989), “Managerial Performance, Tobin’s Q and The Gains from Successful Tender Offers,” Journal of Financial Economics, 24, 137-154
    Lewellen G. Wilbur (1971), “A Pure Financial Rationale for Conglomerate Merger,” Journal of Finance, 26, 521-545
    Morck, Randall, Andrei Shleifer, Robert W. Vishny (1990), “Do Managerial Objectives Drive Bad Acquisitions?” The Journal of Finance, XLV, 1, 31-48
    Myron B. Slovin, Marie E. Sushka (1998), “The economics of parent-subsidiary mergers: an empirical analysis,” Journal of Financial Economics, 49, 255-279
    Nanda V. (1991), “On the good news in equity carve-outs,” Journal of Finance, 46, 1717-1738
    of Business, 59, 197-216
    Pascal Dumontier, Barbara S. Pecherot Petitt (2002), “Determinants of returns of acquiring firms around tender offer announcement: evidence from French control-oriented and Parent-subsidiary offers,” working paper, University of Pierre Mendes France
    Rau, P.R. & T. Vermaelen (1998), “Glamour, value and the post-acquisition performance of acquiring firms，Journal of Financial Economics, vol.49, 223-253
    Roll, Richard (1986), “The Hubris Hypothesis of Corporate Takeovers,” Journal
    Roll, Richard (1986), “The Hubris Hypothesis of Corporate Takeovers,” Journal of Business, 59, 197-216.
    Saeyoung Chang (1998), “Takeovers of privately held targets, methods of payments, and bidder returns,” Journal of Finance, vol. Ⅷ, No. 2
    Schipper K., Smith A. (1986), ”A comparison of equity carve-out and seasoned equity offerings: share price effects and corporate restructuring,” Journal of Financial Economics, 15, 153-186
    Shleifer, Andrei, R. W. Vishny (1997), “A Survey of Corporate Governance,” Journal of Finance, 52(2), 737-783
    Travlos, Nickolaos G. (1987), “Corporate Takeover Bids, Methods of Payment, and Bidding Firms’ Stock Return,” Journal of Finance, 42, 943-963
    Description: 碩士
    國立政治大學
    財務管理研究所
    91357012
    93
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0913570121
    Data Type: thesis
    Appears in Collections:[Department of Finance] Theses

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