English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 113325/144300 (79%)
Visitors : 51182087      Online Users : 918
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
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/60525


    Title: 開發中國家企業進行跨國購併對公司股東價值影響之實證研究
    Authors: 薛伊琇
    Contributors: 譚丹琪
    林信助

    薛伊琇
    Keywords: 跨國購併
    事件研究法
    異常報酬
    GARCH模型
    Cross-border Acquisition
    Event Study
    Abnormal Return
    GARCH model
    Date: 2010
    Issue Date: 2013-09-05 16:49:41 (UTC+8)
    Abstract: 隨著企業往全球化發展,產業環境也不斷的變遷,跨國購併已成為企業追求快速成長的手段之一,而近幾年新興國家的快速發展也使得開發中國家的企業逆向購併已開發國家企業的現象愈見普遍,因此,此議題特別值得加以關注,本研究欲針對中國和台灣的企業,探討在其在跨國購併上,是否能為公司股東創造價值。

    本研究以2003年1月1日至2010年12月31日間,中國和台灣製造業之上市公司所從事的跨國購併交易案做為樣本,利用事件研究法及GARCH(1,1)的模型,對公司的股票報酬率進行衡量,檢測是否有顯著的異常報酬產生,並影響股東價值。

    研究結果顯示,即使在購併宣告日之前,平均異常報酬率有顯著的正面效果,但在宣告日之後,卻轉而有顯著的負面效果,此一正一負正好抵消了購併預期應帶來的好處,因此當開發中國家的企業進行跨國購併時,對主併企業的股東價值並無顯著的正面影響。
    Reference: 一、 中文部分
    沈中華、李建然(2000),「事件研究法:財務與會計實證研究必備」,台北市:華泰出版社。
    古御呈(2003),「國內上市上櫃電子公司併購宣告對股價影響之研究」,實踐大學企業管理研究所碩士論文。
    林任達(2002),「台灣高科技及非高科技企業跨國購併宣告對股票報酬與財務績效影響之研究」,中原大學企業管理研究所碩士論文。
    邱永玲(2010),「文化差異對購併績效之影響分析」,國立政治大學國際經營與貿易研究所碩士論文。
    許露云(2006),「台灣上市公司購併宣告對公司股票報酬率之影響」,南華大學財務管理研究所碩士論文。
    黃盈凱(2006),「購併前既存之關係對購併績效影響之研究—以台灣上市(櫃)資訊電子業與食品業為例」,國立政治大學國際經營與貿易研究所碩士論文。
    蘇倬漢(2010),「台灣地區上市公司購併宣告對股東財富影響之研究」,國立中山大學企業管理研究所碩士論文。
    胡蕙文(2004),「鴻海購併策略積極,郭台銘向中小廠商招手」,大紀元網頁,http://www.epochtimes.com/b5/4/10/27/n701579.htm,2004/10/27。
    數位時代(2004),「高科寄購併風起雲湧原因何在?」,數位時代網頁,http://www.bnext.com.tw/article/view/cid/0/id/5755,2004/03/01。
    數位時代(2005),「紅色併購潮流竄全球」,數位時代網頁,http://www.bnext.com.tw/article/view/cid/0/id/3802,2005/09/01。
    中國評論新聞網(2010),「全球經濟格局變遷中的”中國式併購”」,http://www.chinareviewnews.com,2010/01/07。

    二、 西文部分
    Agrawal, A., Jaffe, J. F., & Gershon, N. M. 1992. The Post-Merger Performance of Acquiring Firms: A Re-Examination of an Anomaly. The Journal of Finance, 47(4): 1605-1621.
    Ahuja, G., & Katila, R. 2001. Technological acquisitions and the innovation performance of acquiring firms: a longitudinal study. Strategic Management Journal, 22(3): 197-220.
    Anand, J., & Delios, A. 2002. Absolute and relative resources as determinants of international acquisitions. Strategic Management Journal, 23(2): 119-134.
    Asquith, P., Bruner, R. F., & Mullins, D. W. 1983. The gains to bidding firms from merger. Journal of Financial Economics, 11(1-4): 121-139.
    Aybar, B., & Ficici, A. 2009. Cross-border acquisitions and firm value: An analysis of emerging-market multinationals. Journal of International Business Studies, 40(8): 1317-1338.
    Brealey, Richard A. and Stewart C. Myers. 2000. Principles of Corporate Finance, 6th edition. Burr Ridge, IL: Irwin McGraw-Hill.
    Bollerslev, T. 1986. Generalized autoregressive conditional heteroskedasticity. Journal of Econometrics, 31(3): 307-327.
    Brigham, E. F., & Gapenski, L. C. 1991. Financial Management: Theory and Practice, 6th edition. The Dryden Press, New York.
    Brock, D. M. 2005. Multinational acquisition integration: the role of national culture in creating synergies. International Business Review, 14(3): 269-288.
    Brown, S. J., & Warner, J. B. 1985. Using daily stock returns : The case of event studies. Journal of Financial Economics, 14(1): 3-31.
    Chan, C., Isobe, T., & Makino, S. 2008. Which country matters? Institutional development and foreign affiliate performance. Strategic Management Journal, 29(11): 1179.
    Chen, Y., & Young, M. 2010. Cross-border mergers and acquisitions by Chinese listed companies: A principal-principal perspective. Asia Pacific Journal of Management, 27(3): 523.
    Datta, D. K., & Puia, G. 1995. Cross-border acquisitions: An examination of the influence of relatedness and cultural fit on shareholder value creation in U.S. acquiring firms. Management International Review, 35(4): 337.
    Deepak, K. D. 1991. Organizational fit and acquisition performance: Effects of post-acquisition integration. Strategic Management Journal (1986-1998), 12(4): 281.
    Doukas, J., & Travlos, N. G. 1988. The Effect of Corporate Multinationalism on Shareholders` Wealth: Evidence from International Acquisitions. The Journal of Finance, 43(5): 1161-1175.
    Engle, R. F. 1982. Autoregressive Conditional Heteroscedasticity with Estimates of the Variance of United Kingdom Inflation. Econometrica, 50(4): 987-1007.
    Freek, V., & Harry, B. 2001. Learning through acquistions. Academy of Management Journal, 44(3): 457.
    Gubbi, S. R., Aulakh, P. S., Ray, S., Sarkar, M. B., & Chittoor, R. 2010. Do international acquisitions by emerging-economy firms create shareholder value? The case of Indian firms. Journal of International Business Studies, 41(3): 397-418.
    Heather, B. 2006. Shareholder valuation of foreign investment and expansion. Strategic Management Journal, 27(12): 1123.
    Jensen, M. C., & Ruback, R. S. 1983. The Market for Corporate Control: The Scientific Evidence. Journal of Financial Economics, 11(1-4): 5.
    Kannan, R. 1997. The performance impact of strategic similarity in horizontal mergers: Evidence from the U.S. banking industry. Academy of Management Journal, 40(3): 697.
    Levy, H., & Sarnat, M. 1970. International Diversification of Investment Portfolios. The American Economic Review, 60(4): 668-675.
    Lewellen, W. G. 1971. A Pure Financial Rationale for the Conglomerate Merger. The Journal of Finance, 26(2): 521-537.
    McWilliams, A., &Siegel, D. 1997. Event studies in management reseearch: Theoretical and empirical issues. Academy of Management Journal, 40(3): 626-657.
    Meckling, M. C. J. a. W. H. 1976. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics (JFE), Vol. 3(No. 4): pp. 305-360.
    Michael, L. 1983. Mergers and the performance of the acquiring firm. Academy of Management. The Academy of Management Review (pre-1986), 8(000002): 218.
    Morosini, P., & Singh, H. 1994. Post-cross-border acquisitions: Implementing "national culture-compatible` strategies to improve performance. European Management Journal, 12(4): 390-400.
    Peter, A. S., & Howard, T. 1986. Using Simulated Mergers to Evaluate Corporate Diversification Strategies. Strategic Management Journal (1986-1998), 7(6): 523.
    Piero, M., Scott, S., & Harbir, S. 1998. National cultural distance and cross-border acquisition performance. Journal of International Business Studies, 29(1): 137.
    Preet, S. A., Masaaki, K., & Hildy, T. 2000. Export strategies and performance of firms from emerging economies: Evidence from Brazil, Chile, and Mexico. Academy of Management Journal, 43(3): 342.
    Roberto, A. W., & Colin, F. C. 2003. Cultural conflict and merger failure: An experimental approach. Management Science, 49(4): 400.
    Salinger, M. 1992. Standard errors in event studies. Journal of Financial and Quantitative Analysis, 27(1): 39-53.
    Seth, A. 1990. Sources of value creation in acquisitions: An empirical investigation. Strategic Management Journal, 11(6): 431-446.
    Singh, H., & Montgomery, C. A. 1987. Corporate acquisition strategies and economic performance. Strategic Management Journal, 8(4): 377-386.
    Williamson, P. J., & Raman, A. P. 2011. How china reset its global acquition agenda. Harvard Business Review.
    Yadong, L., & Rosalie, L. T. 2007. International expansion of emerging market enterprises: A springboard perspective. Journal of International Business Studies, 38(4): 481.
    Description: 碩士
    國立政治大學
    國際經營與貿易研究所
    98351007
    99
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0098351007
    Data Type: thesis
    Appears in Collections:[國際經營與貿易學系 ] 學位論文

    Files in This Item:

    File SizeFormat
    100701.pdf708KbAdobe PDF2847View/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