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Title:	資訊不對稱下，國家風險與產業環境對子公司併購下市之市場反應影響 If factors related to country risk and industrial characteristics would have impact on the announcement effect of going private under information asymmetry: from the point of signaling theory.
Authors:	馮書儀 Fong, Shu-Yi
Contributors:	吳啟銘 Wu, Chi-Ming 馮書儀 Fong, Shu-Yi
Keywords:	併購併購下市國家風險產業環境訊號發射 merger and acquisition going private country risk industry signaling
Date:	2019
Issue Date:	2019-08-07 16:03:46 (UTC+8)
Abstract:	本研究以子公司併購下市為題，以過去併購下市理論為基礎，再加入訊號發射理論解釋子公司所處國家與產業環境，會如何影響併購下市的市場反應，並討論國家與產業因素將如何與過去併購下市理論中的價值低估因子及交易成本因子產生交互作用。結果顯示產業環境與國家風險個別的負面訊號效果並不明顯，推測可能是外部環境對市場反應的影響較為薄弱，然而與一般非併購下市案件相較之下，產業環境仍然具備較強負面訊號效果；然而對產業環境、國家風險與價值低估、交易成本因子檢驗交互作用，則能支持研究假說，即產業環境與國家風險因子的負面訊號效果，會加強公司價值低估因子的對市場反應的負面影響顯著性，而交易成本因子(即資訊不對稱程度)會加強國家風險的負面訊號效果，但對產業環境的負面訊號加強效果則不顯著。然本研究僅針對併購宣告的市場反應進行探討，並未再結合後續併購下市宣告的市場反應進行探討；且在各組樣本中，子公司所屬國家多為美國，因此可能是國家風險影響性不顯著之原因；此外，本研究對產業僅以科技業與非科技業進行劃分，或許即是導致交易成本因子，對產業環境的負面訊號加強效果不顯著之原因。未來若能加入後續併購下市宣告之市場反應進行研究、放寬對主併的國家篩選限制以取得更平均的子公司國家分布抑或是對產業進行更細緻的劃分的方式，都能對此議題進行更進一步的探討。除了對研究樣本的優化之外，亦可由子公司併購下市後的借款利率變化著手，驗證國家風險與產業環境對子公司的併購下市訊號影響，是否真的會在下市後產生實質的影響，或是驗證市場對訊號的解讀，是否真的能準確反映子公司併購下市的真實情況，未來若有志在此領域進行進一步的研究，此為另一可以努力的方向。 Based on the research discussing the motivation for company to go private, we tried to examine if factors related to country risk and industrial characteristics would have impact on the announcement effect of going private from the point of signaling theory. Furthermore, we also want to explore if the negative signal caused by companies in countries with low risk and high-tech environment would have joint effect with factors of undervaluation and transaction cost. We found the country risk and industrial characteristics would have insignificant impact on the announcement effect. However, comparing with the non-going private cases, the negative signal caused by companies in high-tech industries is still stronger in the group going private. The negative correlation between the factor of undervaluation and announcement effect would be strengthened if the subsidiaries (targets) are registered in the country with low risk and high-tech industry; the negative correlation between the factor of transaction cost and the announcement effect would be strengthened if the subsidiaries (targets) are in the country with low risk, because of the signal effect strengthened by the high level of information asymmetry, but the characteristic of companies in high-tech industry has the insignificant impact on the negative correlation between the factor of transaction cost and the announcement effect. In the future, categorizing industries into more types, widening the constraint of acquirers‟ countries on collecting the sample or doing a research form the view of the borrowing interest rate subsidiaries would have after going private to examine whether the signals could forecast the real situation well would be new ways to do in this field.
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Description:	碩士國立政治大學財務管理學系 106357005
Source URI:	http://thesis.lib.nccu.edu.tw/record/#G0106357005
Data Type:	thesis
DOI:	10.6814/NCCU201900406
Appears in Collections:	[財務管理學系] 學位論文

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