政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/34082

政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/34082

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题名:	母子公司合併財富移轉效果之研究
作者:	柯雅萍
贡献者:	屠美亞柯雅萍
关键词:	母子公司合併
日期:	2004
上传时间:	2009-09-17 19:24:39 (UTC+8)
摘要:	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。
參考文獻:	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
描述:	碩士國立政治大學財務管理研究所 91357012 93
資料來源:	http://thesis.lib.nccu.edu.tw/record/#G0913570121
数据类型:	thesis
显示于类别:	[財務管理學系] 學位論文

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