English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 113303/144284 (79%)
Visitors : 50814528      Online Users : 465
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/140.119/99288


    Title: 台灣企業國內外購併宣告對股價之影響
    The Effect of Domestic and Foreign Acquisitions on Stock Prices in Taiwan
    Authors: 葉以晨
    Contributors: 譚丹琪
    葉以晨
    Keywords: 跨國購併
    事件研究法
    異常報酬
    台灣企業
    Date: 2015
    Issue Date: 2016-07-20 16:38:04 (UTC+8)
    Abstract: 隨全球化趨勢的發展,愈來愈多企業希望能透過跨國購併使企業快速成長並增加企業競爭力,台灣在近十幾年來的跨國購併案件也明顯增加。本論文採用事件研究法,對2002年到2014年間台灣上市公司進行之併購案進行實證分析,透過檢測平均異常報酬與累積平均異常報酬,希望能了解購併宣告、跨國與否、時間先後與文化距離對主併公司股價之影響。
    本研究結果發現: 1. 購併宣告可為主併公司帶來顯著正向的股票異常報酬。2. 國內、國外購併宣告之平均異常報酬檢定結果,兩者均產生正向顯著異常報酬。但經由差異檢定,國內外購併宣告之累積異常報酬並無顯著差異。3. 根據分期國內外累積異常報酬差異檢定,第一期與第二期之跨國購併報酬並無顯著差異,第三期在購併宣告日當天之累積異常報酬檢定結果是國內宣告效果顯著高於國外。4. 由平均異常報酬檢定,購併目標位在華人區與美加區的購併案都有顯著正向的平均異常報酬,而目標公司位於歐洲區的購併案出現顯著負向平均異常報酬。由差異檢定,華人區與美加區並未發現有顯著差異,華人區與美加區之累積異常報酬則各自顯著高於歐洲區的報酬,較遠文化距離並無證據顯示可為公司帶來更高的股價異常報酬。
    Reference: 一、 中文文獻
    吳宜頻(2013),「已開發國家食品產業跨國購併宣告效果之研究」,國立政治大學企業管理學系碩士論文。
    李懷玉(2007),「投資評等績效評估」,國立中山大學財務管理學系碩士論文。
    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。
    杜文禮、賴鈺城、謝永清(2004),「金融全球化對國內金融機構發展之影響」,貨幣市場,8(4),1-22。
    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。
    林佳蓉(2008),「台灣跨國併購與非跨國併購績效之研究」,國立政治大學會計學系碩士論文。
    姚蕙芸(2001),「企業購併類型、評價方法、及綜效之探討」,國立臺北商業技術學院學報,1,1-24。
    梁韶芹(2011) ,「大中華地區跨國收購與企業經營績效之研究 」,東吳大學國際經營與貿易學系碩士論文。
    陳安琳、湯惠雯、許銘峻(2000),「企業購併對主併公司股東財富的影響」,亞太管理評論,5,171-182。
    黃日燦(2012),「台灣要升級全球"買"實力」,天下雜誌,502。
    潘麗仙(2008) ,「台灣企業跨國併購宣告效果與資訊內涵」,國立台灣大學國際企業學系碩士論文。
    薛伊琇(2010),「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」,政大國際經營與貿易學系碩士論文。
    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學系碩士論文。
    經理人月刊(2006),「購併成功的7個關鍵」,經理人月刊網頁,http://www.managertoday.com.tw/articles/view/52。
    二、 西文文獻
    Ahammad, M. F. & Glaister, K. W. (2010). Motives for Cross Border Mergers and Acquisitions: Perspective of UK Firms. SSRN Working Paper Series, Retrieved from SSRN: http://ssrn.com/abstract=1549812
    Aw, M., & Chatterjee, R. (2004). The performance of UK firms acquiring large cross-border and domestic takeover targets. Applied Financial Economics, 14, 337–349.
    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.
    Barkema, H. G., & Vermeulen, F. (1998) International expansion through start-up or acquisition: a learning perspective. Academy of Management Journal, 41(1), 7-27.
    Beaver, W. H. (1982). Discussion of market-based empirical research in accounting: A review, interpretation, and extension. Journal of Accounting Research supplement, 20, 323-331.
    Bhagat, S., Malhotra, S., & Zhu, P. C. (2011). Emerging country cross-border acquisitions: Characteristics, acquirer returns and cross-sectional determinants. Emerging Markets Review, 12, 250-271.
    Boateng, A., & Glaister K. W. (2003). Strategic motives for international joint venture formation in Ghanal. Management International Review, 43(2), 107-128.
    Bradley, M., Desai, A., & Kim E.H. (1988). Synergistic gains from corporate acquisitions and their division between the stockholders of target and acquiring firms. Journal of Financial Economics, 21(1), 3-40.
    Buckley, P. J., & Casson, M (1976). The future of the multinational enterprise. London: Macmillan.
    Buono, A. F., Bowditch, J. L., & Lewis, I. J. W. (1985). When cultures collide: The anatomy of a merger. Human Relations, 5, 477–500.
    Caves, R.E. (1990). Corporate mergers in international economic integration. Working Paper, Centre for Economic Policy Research, Harvard University.
    Chakrabarti, R., Gupta-Mukherjee, S., & Jayaraman, N. (2009). Mars–Venus marriages: Culture and cross-border M&A. Journal of International Business Studies, 40(2), 216-236.
    Chen, Y. Y., & Young, M. N. (2010) Cross-border mergers and acquisitions by Chinese listed companies: A principal–principal perspective. Asia Pacific Journal of Management, 27(3), 523-539.
    Coase, R. H. (1937). The nature of the firm. Economica, New Series, 4(16), 386-405.
    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.
    Davis, G. (1991). Agents without principle? The spread of poison pill through inter-corporate network. Administrative Science Quarterly, 36, 583-613.
    DePamphilis, D. M. (2010). Mergers, acquisitions, and other restructuring activities: An integrated approach to process, tools, cases, and solutions. London: Academic.
    Dolley, J. C. (1933). Characteristics and procedure of common stock split-ups. Harvard Business Review, 11, 316–26.
    Doukas, J., & Travlos, N. G. (1988). The effect of corporate multinationalism on shareholders’ wealth: Evidence from international acquisitions. Journal of Finance, 43, 1161-1175.
    Doukas, J., & Kan, O. (2006). Does global diversification destroy firm value? Journal Of International Business Studies, 37(3), 352-371.
    Dunning, J. H. (1993). Multinational enterprises and the global economy. Wokingham: Addison-Wesley.
    Dunning, J. H. (2006). Comment on dragon multinationals: New players in 21st century globalization. Asia Pacific Journal of Management, 23, 139-141.
    Dyckman, T., Philbrick, D., Stephan, J., & Ricks, W. E. (1984). Comparison of event study methodologies using daily stock returns: A simulation approach. Journal of Accounting Research, 22(1), 1-33.
    Erruza, V. (1977). Gains from portfolio diversification into developed countries securities. Journal of International Business Studies, 8(2) pp.83-99.
    Errunza, Vihang R., & Lemma W. Senbet. (1981). The effects of international operations on the market value of the firm: theory and evidence. Journal of Finance, 36, 401-417.
    Fama, E. F. (1976). Forward rates as predictors of future spot rates. Journal of Financial Economics, 3(4), 361-377.
    Friedman, A., & Richard Gibson. (1988). Philip Morris Co. is bidding $90 a share for Kraft Inc. in $11 billion tender offer. Wall Street Journal, 18, A3.
    Geringer, J. M., Beamish, P. W., & daCosta, R. C. (1989). Diversification strategy and internationalization: Implications for MNE performance. Strategic Management Journal, 10(2), 109-119.
    Geringer, J. M., Tallman, S., & Olsen, D. M. (2000). Product and international diversification among Japanese multinational firms. Strategic Management Journal, 21(1), 51-80.
    Ghemawat, P. (2001). Distance still matters. Harvard Business Review, 79, 137-147.
    Grant, R. M., Jammine, A. P., & Thomas, H. (1988). Diversity, diversification, and profitability among British manufacturing companies, 1972-1984. Academy of Management Journal, 31(4), 771-801.
    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, 397-418.
    Harrison, J. S., Hitt, M. A., Hoskisson, R. E., & Ireland, R. D. (2001). Resource complementarity in business combinations: Extending the logic to organizational alliances. Journal of Management, 27, 679-690.
    Hitt, M.A., Harrison, J.S., & Ireland, R.D., (2001) Mergers and Acquisitions: A Guide to Creating Value for Stakeholders. New York: Oxford University Press.
    Hitt, M. A., Hoskisson R. E., & Kim, H. (1997). International diversification: Effects on innovation and firm performance in product-diversified firms. Academy of Management Journal, 40(4), 767-798.
    Hofstede, G. (1980). Culture`s Consequences: International Differences in Work-related Values. Beverley Hills: Sage Publications.
    Jemison, D. B., & Sitkin, S. B. (1986). Corporate acquisitions: A process perspective. Academy of Management Review, 11, 145–163.
    Johanson, J., & Vahlne, J. E. (1977). The inaternationalization process of the firm-A model of knowledge development and increasing foreign market commitment. Journal of International Business Studies, 8(1), 23-32.
    Jory, S. R., & Ngo, T. N. (2014). Cross-border acquisitions of state-owned enterprises. Journal of International Business Studies, 45, 1096–1114.
    Kitching, J. (1967). Why do mergers miscarry? Harvard Business Review, 45(6), 84-101.
    Kogut, B. & Singh, H. (1988). The effects of national culture on the choice of entry mode. Journal of International Business Studies, 19(9), 411-432.
    Lindblom, T., & von Koch, C. (2002). Cross-boarder bank mergers and acquisitions in the EU. The Service Industries Journal, 22(4), 41-72.
    Lessard, D. R. (1973). International portfolio diversification: A multivariate analysis for a group of Latin American Countries. Journal of Finance, 28, 610-633.
    MacKinlay, A.C. (1997). Event studies in economics and finance. Journal of Economic Literature, 35(1), 13-39.
    Madhok, A. (1997) Cost, value and foreign market entry: The transaction and the firm. Strategic Management Journal, 18(1), 39-63.
    Markides, C. C., & Ittner, C. D. (1994). Shareholder Benefits from Corporate International Diversification: Evidence from U.S. International Acquisitions. Journal of International Business Studies, 25(2), 343-366.
    Mcgrath, M. (2011). Practical M&A Execution and Integration: A Step by Step Guide to Successful Strategy, Risk and Integration Management. Chichester: Wiley.
    McWilliams, A. & Siegel, D. (1999). Issues in the use of event study methodology: A critical analysis of corporate social responsibility studies. Organizational Research Methods, 2, 340-365.
    Morosini, P., Shane, S., & Singh, H. (1998). National cultural distance and cross-border acquisition performance. Journal of International Business Studies, 29(1), 137-158.
    Nicholson, R. R., & Salaber, J. (2013). The motives and performance of cross-border acquirers from emerging economies: Comparison between Chinese and Indian firms. International Business Review, 22, 963-980.
    Ohmae, K. (1989). The global logic of strategic alliances. Harvard Business Review, 67(2), 143-154.
    Peck, S., & ‎Temple, P. (2002). Mergers and Acquisitions: Motivation. Routledge.
    Porter, M. E. (1991). From competitive advantage to corporate strategy. In Montgomery, C. A. and Porter, M. E. (eds), Strategy - Seeking and Securing Competitive Advantage(pp. 225-255). Boston: Harvard Business School Press.
    Porter, M., & Fuller, M.(1986). Coalitions and global strategy. In M. Porter (Eds), Competition in Global Industries(pp. 315-344). Boston: Harvard Business School Press.
    Ravenscraft, D. J., & Scherer, F. M. (1989). The profitability of mergers. International Journal of Industrial Organization, 7(1), 101-116.
    Reus, T. H., & Lamont, B. T. (2009). The double-edged sword of cultural distance in international acquisitions. Journal of International Business Studies, 40(8), 1298-1316.
    Seth, A. (1990). Value creation in acquisition: A re-examination of performance issues. Strategic Management Journal, 11, 99-111.
    Seth, A., Song, K. P., & Pettit, R. (2000) Synergy, managerialism or Hubris? An empirical examination of motives for foreign acquisitions of U.S. firms. Journal of International Business Studies, 31(3), 387-405.
    Shane, S. (1992). Why do some societies invent more than others? Journal of Business Venturing, 7, 29-46.
    Tallman, S., & Li, J. (1996). Effects of international diversity and product diversity on the performance of multinational firms, Academy of Management Journal, 39(1), 179-196.
    Trautwein, F. (1990) Merger motives and merger prescriptions. Strategic Management Journal, 11(4), 283-295.
    UNCTAD (2000). World Investment Report 2000: Cross-border Mergers and Acquisitions and Development. New York and Geneva: United Nations.
    Vermeuler, F., & Barkema, H.G. (2001) Controlling international expansion. Business Strategy Review, 12(3), 29-36.
    Very, P., Lubatkin, M., Calori, R., & Veiga, J. (1997). Relative standing and the performance of recently acquired European firms. Strategic Management Journal, 18, 593-614.
    Description: 碩士
    國立政治大學
    國際經營與貿易學系
    102351028
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G1023510281
    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
    028101.pdf2023KbAdobe PDF291View/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