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    政大機構典藏 > 商學院 > 金融學系 > 期刊論文 >  Item 140.119/76528


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    題名: Measuring financial synergies in cross-border M&A transactions using diffusion processes
    作者: Brailsford, T.J.;Liao, Szu-Lang;Penm, J.H.
    廖四郎
    貢獻者: 金融系
    關鍵詞: Costs;International trade;Mathematical models;Risks;Capital structure;Financial synergies;Stock exchange ratio;Mergers and acquisitions
    日期: 2007
    上傳時間: 2015-07-13 16:43:50 (UTC+8)
    摘要: In a cross-border M&A framework, the question and measurement of financial synergy can be important in the analysis of the transaction and consideration needs to be given to whether the specific cross-border financial risks outweigh operational synergies. This paper develops a diffusion model to explore a set of optimal capital structures of the acquiring firm, target firm and merged firm. Differential taxes, bankruptcy costs, interest rate risk and foreign exchange risk are considerations of the model. The model results in a measure of pure financial synergy. Further, capital structure can impact on the structure of the offer and the model allows for the determination of an optimal stock exchange ratio. Worked examples reveal that the cross-border M&A of two symmetric firms can result in negative financial synergy, whereas the merger of two asymmetric firms can lead to positive financial synergy. Copyright © 2007 Inderscience Enterprises Ltd.
    關聯: International Journal of Services, Technology and Management, 8(45), 276-292
    資料類型: article
    DOI 連結: http://dx.doi.org/10.1504/IJSTM.2007.013920
    DOI: 10.1504/IJSTM.2007.013920
    顯示於類別:[金融學系] 期刊論文

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