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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/110795


    Title: 公司理財兩篇論文: (1)產業競爭,併購,及主併方報酬 (2)借殼上市之動機及長期績效:以台灣為例
    Two essays related to corporate finance: (1)Product market competition, mergers and acquisitions, and acquirer returns (2)Motivations and long-term performance of reverse mergers: evidence from Taiwan
    Authors: 劉晉吉
    Liu, Chin Chi
    Contributors: 周行一
    Chow, Edward H.
    劉晉吉
    Liu, Chin Chi
    Keywords: 產業競爭
    併購
    借殼上市
    Product market competition
    Mergers and acquisitions
    Reverse mergers
    Date: 2017
    Issue Date: 2017-07-11 11:28:32 (UTC+8)
    Abstract: First Essay:
    Using a sample of 15,835 completed M&A transactions in U.S. from 1985 to 2015, we document three main empirical results. First, consistent with the notion that the disciplinary effect of competition on corporate management, acquiring firms in competitive industries experience significantly positive announcement returns, while the abnormal returns of acquiring firms in non-competitive industries are insignificant. Second, market competition is correlated to the shareholder value in different types of M&A transaction. Horizontal and vertical integrations have positive announcement returns, while conglomerate integrations have negative announcement returns, irrespective of the condition of market competition. Third, the return of small acquiring firms is higher than the return of large acquiring firms, and this size effect is more profound in non-competitive industries.

    Second Essay:
    This paper examines the long-term performance of the reverse merger (RM) transactions in Taiwan stock market. Shell companies tend to conduct private placements to raise equity capital in the year following RM transactions. Based on the intended use of capital, issuers of private placements are classified into three categories: investment, recapitalization, and general corporate purposes. We find that shell companies in the investment category experience better long-term performance in the subsequent three years, which is consistent with the view that RM firms with strategic plans to increase in investments in capital expenditures are signaling profitable investment opportunity. However, shell companies in the recapitalization or general corporate purposes categories experience no or poor subsequent underperformance, suggesting that RM deals in these two categories are speculative in nature and short-sightedness that destroy the long-term shareholder wealth.
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    Second Essay:
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    Description: 博士
    國立政治大學
    財務管理研究所
    101357503
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G1013575031
    Data Type: thesis
    Appears in Collections:[Department of Finance] Theses

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