政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/100457
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  全文笔数/总笔数 : 113656/144643 (79%)
造访人次 : 51762018      在线人数 : 519
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜寻范围 查询小技巧：
  • 您可在西文检索词汇前后加上"双引号"，以获取较精准的检索结果
  • 若欲以作者姓名搜寻，建议至进阶搜寻限定作者字段，可获得较完整数据
    •  进阶搜寻
    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/100457


    请使用永久网址来引用或连结此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/100457


    题名: 公司併購綜效來源:併購原因的策略性分析
    Mergers and Acquisitions Synergies: A Strategic Analysis of Merger Purposes
    作者: 陳富德
    Chen, Fu De
    贡献者: 周行一
    張元晨
    Chow, Edward H.
    Chang, Yuan Chen
    陳富德
    Chen, Fu De
    关键词: 併購
    策略目的
    事件研究法
    Mergers and acquisitions
    Strategic purposes
    event study
    日期: 2016
    上传时间: 2016-08-22 10:43:43 (UTC+8)
    摘要: 本論文探討公司進行併購的策略是否會影響公司併購綜效，文獻探討公司併購綜效，主要從營運構面、財務構面、市場錯誤訂價與經理人行為偏誤等構面著手。本文首先檢定宣告併購目的與累積超額報酬、長期績效是否有顯著關聯，公司宣告併購目的不僅是宣示公司的策略方向，也是一項公司重大資訊的揭露，所以檢定宣告併購目的是否可以減輕主併公司與投資人之間的資訊不對稱。最後控制市場錯誤訂價和經理人過度樂觀因素，找出不同併購策略對於併購綜效的影響。
    本文從SDC資料庫獲得有宣告併購目的的樣本，採用Christensen et al. (2011)和Walter and Barney (1990)提出併購目的的分類概念，檢定併購策略對於累積超額報酬與長期營運績效的影響。Christensen et al. (2011) 認為公司併購績效不佳的原因，在於執行長沒有具體的策略性目標，所以經常會選錯併購對象。本文的實證結果發現，專注公司核心事業而且擴充目前市場的併購策略相對於其他策略，對宣告累積超額報酬與長期績效有顯著正向影響；進入新市場和提供新產品與服務，對宣告累積超額報酬與長期績效有顯著負向影響；消除重複與改善營運績效、損失相對於其他策略，只對宣告累積超額報酬有顯著負向影響；進一步檢定有宣告併購目的與沒有宣告併購目的的公司，其累積超額報酬是否有顯著差異，結果發現有宣告併購目的的公司相對於沒有宣告併購目的的公司有較佳的累積超額報酬，顯示宣告併購目的可以部份減輕主併公司與投資人之間的資訊不對稱。最後，本文進一步控制市場錯誤訂價和經理人過度樂觀的因素後，實證結果依然顯著，表示公司採用不同的併購策略會對公司的併購綜效產生影響。
    This dissertation examines how mergers and acquisitions (M&A) strategies affect the synergies of M&A. Previous literature focuses on exploring the operation, finance, market mispricing and managerial behavioral aspects of M&A synergies. I investigate how different M&A purposes affect the returns of acquirer firms controlling for market mispricing and managerial over-optimism effects. I also test whether announcements of M&A purposes can mitigate the asymmetric information between acquirer firms and investors.
    Research data with M&A purposes are retrieved from SDC. Following Christensen et al. (2011) and Walter and Barney (1990), I classify M&A purposes into two kinds of major types and examine how M&A strategies affect the synergies. Christensen et al. (2011) show many M&A fall short of expectations, because CEOs lack a clear strategic vision and choose a wrong target firm. Results show that M&A where CEOs intend to expand current markets and concentrate on core businesses generate positive synergies. On the other hand, when CEOs aim to enter new market and provide new product, services or eliminate duplicate services, operations and general restructuring of business, operations, the M&A strategies are often negative. Besides, Firms can reduce information asymmetry of stock market investors by announcing their M&A purposes. These results are consistent even when we control for market mispricing and managerial over optimism effects.
    參考文獻: 沈中華與李建然，民89年，事件研究法 財務與會計實證研究必備，華泰文化事業公司。
    Agrawal, Anup, Jeffrey F. Jaffe, and Gershon N. Mandelker, 1992, The post-merger performance of acquiring firms: A re-examination of an anomaly, Journal of Finance 47, 1605-1621.
    Amihud, Yakov and Baruch Lev, 1981, Risk Reduction as a Managerial Motive for Conglomerate Mergers, Bell Journal of Economics 12, 605-17.
    Amihud, Yakov, Baruch Lev, and Nickolaos G. Travlos, 1990, Corporate control and the choice of investment financing: The case of corporate acquisitions, Journal of Finance 45, 603-616.
    Asquith, Paul, Robert F. Bruner, and David W. Mullins Jr., 1983, The gains to bidding firms from merger, Journal of Financial Economics 11, 121-140.
    Auerbach, J. Alanand David Reishus, 1987, The Impact of Taxation on Mergers and Acquisitions, University of Chicago Press, Chicago, 69-86.
    Auerbach, J. Alanand David Reishus, 1988, The Effects of Taxation on the Merger Decision, University of Chicago Press, Chicago, 157-190.
    Bernile, Gennaro and Scott W. Bauguess, 2011, Do merger-related operating synergies exist? Working Paper. : University of Miami and Securities and Exchange Commission.
    Campbell, T. Colin, Michael Gallmeyer, Shane A .Johnson, Jessica Rutherford, and Brooke W. Stanley, 2011, CEO optimism and forced turnover, Journal of Financial Economics 101, 695–712.
    Christensen, M. Clayton, Richard Alton, Curtis Rising, and Andrew Waldeck, 2011, The New M&A Playbook, Harvard Business Review 89, 3.
    Chatterjee, Sayan, 1986, Types of Synergy and Economic Value: The Impact of Acquisitions on Merging and Rival Firms, Strategic Management Journal 7, 2.
    Chatterjee, Sayan, 1991, Gains in Vertical Acquisitions and Market Power: Theory and Evidence, The Academy of Management Journal 34, 436-448.
    Collis, J. David and Michael G. Rukstad, 2009, Can You Say What Your Strategy Is? Harvard Business Review 86, 4.
    Deng, Xin, Jun-koo Kang and Buen Sin Low, 2013, Corporate social responsibility and stakeholder value maximization: Evidence from mergers, Journal of Financial Economics 110, 1, 87-109.
    Dong, Ming, David Hirshleifer, Scott Richardson, and Siew Hong Teoh, 2006, Does investor misevaluation drive the takeover market? Journal of Finance 61, 725-762.
    Doukas, A. John and Dimitris Petmezas, 2007, Acquisitions, Overconfident Managers and Self-attribution Bias, European Financial Management 13, 531-577.
    Duchin, Ran and Breno Schmidt, 2013, Riding the merger wave: Uncertainty, reduced monitoring, and bad acquisitions, Journal of Financial Economics 107, 69-88.
    Dutordoir, Marie, Peter Roosenboomb and Manuel Vasconcelos, 2014, Synergy disclosures in mergers and acquisitions, International Review of Financial Analysis 31, 88-100.
    Dye, A. Ronald, 1986, Proprietary and nonproprietary disclosures. Journal of Business 59, 331-366.
    Eccles, G. Robert, Kersten L. Lanes, and Thomas C. Wilson, 1999, Are You Paying Too Much for That Acquisition? Harvard Business Review 77 , 136–146.
    Franks, R. Julian, Robert S. Harris, and Colin Mayer, 1988, Means of payment in takeovers: Results for the United Kingdom and the United States, in Alan J. Auerbach, ed.: Corporate Takeovers: Causes and Consequences (University of Chicago Press, Chicago, Ill.).
    Fu, Fangjian, Leming Lin and Micah S.Officer, 2013, Acquisitions driven by stock overvaluation: Are they good deals? Journal of Financial Economics 109, 24-39.
    Gaughan, A. Patrick, 2004, M&A Lesson: Beware of Empire Builders, Journal of Corporate Accounting & Finance 15, 21–23.
    Ghosh, Aloke and Prem C. Jain , 2000, Financial Leverage Changes Associated with Corporate Mergers, Journal of Corporate Finance 6, 377-402.
    Ghosh, A. and B. Das, 2003, Mergers and takeovers, The Management Accountant, 38, 543-545.
    Gupta, Pradeep Kumar, 2012, Mergers and Acquisition (M&A): The Strategic Concepts For The Nuptials of Corporate Sector, Innovative Journal of Business and Management 1, 60 – 68.
    Grossman, J. Sanford and Oliver D. Hart, 1982, Corporate Financial Structure and Managerial Incentives, The Economics of Information and Uncertainty, University of Chicago Press.
    Grossman J. Sanford and Oliver D.Hart, 1980, Disclosure laws and takeover bids, Journal of Finance 35, 323-334.
    Healy, M. Paul, Krishna G. Palepu and Richard C. Rubak, 1992, Does corporate performance improve after mergers? Journal of Financial Economics 31, 135-175.
    Healy, M. Paul and Krishna G. Palepu, 2001, Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature, Journal of Accounting and Economics 31, 405-440.
    Houston , F. Joel, Christopher M. James and Michael D. Ryngaert, 2001, Where do merger gains come from? Bank mergers from the perspective of insiders and outsiders, Journal of Financial Economics 60, 285-331.
    Jensen, C. Michael,1993, The modern industrial revolution, exit, and control systems, Journal of Finance 48, 831-880.
    Jensen, Michael C., 2004, Agency costs of overvalued equity and the Current State of Corporate Finance, European Financial Management 10, 549–565.
    Jovanovic, Boyan and Peter L. Rousseau, 2002. The q-theory of mergers. American Economic Review Papers and Proceedings 92, 198–204.
    Laura, Miles, Adam Borchert and Alexandra Egan Ramanathan, 2014, Why some merging companies become synergy overachievers, Bain & Company Press.
    Lehn, Kenneth and Mengxin Zhao, 2006, CEO turnover after acquisitions: do bad bidders get fired? Journal of Finance 61, 1759-1811.
    Lewellen, G. Wilbur, 1971, A pure financial rationale for the conglomerate merger, Journal of Finance 26, 521-537.
    Lang, H. P. Larry, René Stulz, and Ralph A. Walkling, 1989, Managerial performance, Tobin`s q, and the gains from successful tender offers, Journal of Financial Economics 24, 137-154.
    Lubatkin, Michael and Ronald C. Rogers, 1989, Diversification, systematic risk and shareholder return: a capital market extension of Rumelt’s 1974 study, Academy of Management Journal 32, 454-465.
    Maksimovic, Vojislav, and Gordon Phillips, 2001, The market for corporate assets: Who engages in mergers and asset sales and are there efficiency gains? Journal of Finance 56, 2019-2065.
    Malmendier, Ulrike and Geoffrey Tate, 2008, Who makes acquisitions? CEO overconfidence and the market reaction, Journal of Financial Economics 89, 20-43.
    Martin, J. Kenneth, 1996, The method of payment in corporate acquisitions, investment opportunities, and management ownership, Journal of Finance 51, 1227–1246.
    Moeller, B. Sara, Frederik P. Schinglemann and René M. Stulz., 2004, Firm size and the gains from acquisitions, Journal of Financial Economics 73; 201-228.
    Morck, Randall, Andrei Shleifer and Robert W. Vishny, 1990, Do Managerial Objectives Drive Bad Acquisitions? Journal of Finance 45, 31-48.
    Milgrom, R. Paul, 1981, Good news and bad news: Representation theorems and applications, Bell Journal of Economics 12, 380-391.
    Mitchell, L. Mark and Harold J. Mulherin, 1996, The impact of industry shocks on takeover and restructuring activity, Journal of Financial Economics 41, 193-230.
    Porter, E. Michael and Mark R. Kramer,2006, Strategy and Society: The Link Between Competitive Advantage and Corporate Social Responsibility, Harvard Business Review 4.
    Rhodes-Kropf, Matthew and S. Viswanathan, 2004, Market valuation and merger waves, Journal of Finance 59, 2685-2718.
    Roll, Richard, 1986, The Hubris Hypothesis of Corporate Takeovers, Journal of Business 59, 197-216.
    Rumelt, P. Richard, 1974, Strategy, structure and economic performance. Cambridge, MA: Harvard University Press.
    Savor, G. Pavel and Qi Lu, 2009, Do stock mergers create value for acquirers? Journal of Finance 64, 1061-1097
    Servaes, Henri, 1991, Tobin`s q and the gains from takeovers, Journal of Finance 46, 409-419.
    Servaes, Henri and Marc Zenner, 1996, The role of investment banks in acquisitions, Review of Financial Studies 9, 787-815.
    Shleifer, Andrei, and Robert W. Vishny, 1989, Management Entrenchment: The Case of Manager-specific Investments, Journal of Financial Economics 25, 123-39.
    Shleifer, Andrei, and Robert W. Vishny, 2003, Stock market driven acquisitions, Journal of Financial Economics 70, 295-311.
    Singh, Harbir, and Cynthia A. Montgomery, 1987, corporate acquisition strategies and economic performance, Strategic Management Journal 8, 377–386.
    Strebulaev, A. Ilya and Baozhong Yang, 2013, The mystery of zero-leverage firms, Journal of Financial Economics 109, 1–23.
    Travlos, G. Nickolaos, 1987, Corporate takeover bids, methods of payment, and bidding firms` stock returns, Journal of Finance 42, 943-963.
    Verter, Geoffrey, 2002, Timing merger waves, Working paper, Harvard University Mimeo.
    Verrecchia, E. Robert, 1983, Discretionary disclosure, Journal of Accounting and Economics 5, 179-194.
    Verrecchia, E. Robert, 1990, Information quality and discretionary disclosure, Journal of Accounting and Economics 12, 365-380.
    Verrecchia, E. Robert, 2001, Essays on disclosure, Journal of Accounting and Economics 32, 97-180.
    Walter, A. Golden and Jay B. Barney, 1990, Management objectives in mergers and acquisitions, Strategic Management Journal 11, 79-86
    Wansley, W. James, William R. Lane, and Ho C. Yang, 1987, Gains to bidder firms in cash and securities transactions, The Financial Review 22, 403-414.
    描述: 博士
    國立政治大學
    財務管理研究所
    99357501
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0993575011
    数据类型: thesis
    显示于类别:[財務管理學系] 學位論文

    文件中的档案:

    档案 大小格式浏览次数
    501101.pdf1624KbAdobe PDF2682检视/开启


    在政大典藏中所有的数据项都受到原著作权保护.


    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 ©   - 回馈