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    題名: 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
    作者: 薛伊琇
    貢獻者: 譚丹琪
    林信助
    薛伊琇
    關鍵詞: 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
    日期: 2010
    上傳時間: 2013-09-05 16:49:41 (UTC+8)
    摘要: 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。
    參考文獻: 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
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    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.
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    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.
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    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.
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    描述: 碩士
    國立政治大學
    國際經營與貿易研究所
    98351007
    99
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0098351007
    資料類型: thesis
    顯示於類別:[國際經營與貿易學系 ] 學位論文

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