English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 113822/144841 (79%)
Visitors : 51777412      Online Users : 500
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
    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/124698
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/124698


    Title: 併購後負債調整與長期股價表現
    Leverage Adjustment after M&A and Long-Term Stock Performance
    Authors: 許育哲
    Hsu, Yu-Che
    Contributors: 陳聖賢
    許育哲
    Hsu, Yu-Che
    Keywords: 負債調整
    併購
    長期股價表現
    Leverage adjustments
    M&A
    Long-term stock performance
    Date: 2019
    Issue Date: 2019-08-07 16:04:40 (UTC+8)
    Abstract: 本篇論文主要欲探討的是企業在併購後調整負債比率與否,對於企業長期股價是否有影響。我們觀察到主併公司在併購完成當年的負債比率有顯著上升的現象,另外也發現到部分公司會在負債比率上升後朝向目標資本結構調整,而部分公司則會維持上升後的負債水準。結果顯示朝向目標資本結構調整的公司在併購後長期股價的表現大多較維持上升後負債水準的公司來的更好,除了在併購後第三年才朝目標資本結構進行調整的公司。
    This study investigates whether leverage adjustment after mergers and acquisitions (M&A) activities would influence long-term stock performance. We find that acquirers significantly increase their leverage ratio in the acquisition year. Evidence shows that some firms adjust toward their target capital structure after M&A activities while some firms maintain their increased leverage ratios. Most results display that positive leverage adjustment rate lead to higher cumulative abnormal return (CAR) in the long run except 3 post-merger years.
    Reference: Auerbach, A. J., & Reishus, D. (1988). The effects of taxation on the merger decision. In Corporate takeovers: Causes and consequences (pp. 157-190): University of Chicago Press.
    Baker, M., & Wurgler, J. (2002). Market timing and capital structure. The Journal of Finance, 57(1), 1-32.
    Barber, B. M., & Lyon, J. D. (1997). Detecting long-run abnormal stock returns: The empirical power and specification of test statistics. Journal of Financial Economics, 43(3), 341-372.
    Chang, X., & Dasgupta, S. (2009). Target behavior and financing: how conclusive is the evidence? The Journal of Finance, 64(4), 1767-1796.
    Chowdhry, B., & Nanda, V. (1993). The strategic role of debt in takeover contests. The Journal of Finance, 48(2), 731-745.
    DeAngelo, H., & Masulis, R. W. (1980). Optimal capital structure under corporate and personal taxation. Journal of Financial Economics, 8(1), 3-29.
    Fama, E. F. (1998). Market efficiency, long-term returns, and behavioral finance. Journal of Financial Economics, 49(3), 283-306.
    Fama, E. F., & French, K. R. (2002). Testing trade-off and pecking order predictions about dividends and debt. The Review of Financial Studies, 15(1), 1-33.
    Fischer, E. O., Heinkel, R., & Zechner, J. (1989). Dynamic capital structure choice: Theory and tests. The Journal of Finance, 44(1), 19-40.
    Flannery, M. J., & Rangan, K. P. (2006). Partial adjustment toward target capital structures. Journal of Financial Economics, 79(3), 469-506.
    Ghosh, A., & Jain, P. C. (2000). Financial leverage changes associated with corporate mergers. Journal of Corporate Finance, 6(4), 377-402.
    Goldstein, R., Ju, N., & Leland, H. (2001). An EBIT‐based model of dynamic capital structure. The Journal of Business, 74(4), 483-512.
    Graham, J. R. (1996). Proxies for the corporate marginal tax rate. Journal of Financial Economics, 42(2), 187-221.
    Harford, J., Klasa, S., & Walcott, N. (2009). Do firms have leverage targets? Evidence from acquisitions. Journal of Financial Economics, 93(1), 1-14.
    Hart, O., & Moore, J. (1994). Debt and seniority: An analysis of the role of hard claims in constraining management. Retrieved from
    Hovakimian, A., & Li, G. (2011). In search of conclusive evidence: How to test for adjustment to target capital structure. Journal of Corporate Finance, 17(1), 33-44.
    Jenson, M. C., & Meckling, W. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.
    Kayhan, A., & Titman, S. (2007). Firms’ histories and their capital structures. Journal of Financial Economics, 83(1), 1-32.
    Khoo, J., Durand, R. B., & Rath, S. (2017). Leverage adjustment after mergers and acquisitions. Accounting & Finance, 57, 185-210.
    Kim, E. H., & McConnell, J. J. (1977). Corporate mergers and the co‐insurance of corporate debt. The Journal of Finance, 32(2), 349-365.
    Klasa, S., & Stegemoller, M. (2007). Takeover activity as a response to time‐varying changes in investment opportunity sets: Evidence from takeover sequences. Financial Management, 36(2), 1-25.
    Koh, S., Durand, R. B., & Watson, I. (2011). Seize the moment: Opportunism in Australian capital markets. Pacific-Basin Finance Journal, 19(4), 374-389.
    Lemmon, M. L., Roberts, M. R., & Zender, J. F. (2008). Back to the beginning: persistence and the cross‐section of corporate capital structure. The Journal of Finance, 63(4), 1575-1608.
    Mitchell, M. L., & Stafford, E. (1997). Managerial decisions and long-term stock price performance (No. 453). Center for Research in Security Prices, Graduate School of Business, University of Chicago.
    Modigliani, F., & Miller, M. H. (1963). Corporate income taxes and the cost of capital: a correction. The American Economic Review, 53(3), 433-443.
    Myers, S. C. (1977). Determinants of corporate borrowing. Journal of Financial Economics, 5(2), 147-175.
    Rajan, R. G., & Zingales, L. (1995). What do we know about capital structure? Some evidence from international data. The Journal of Finance, 50(5), 1421-1460.
    Ross, S. A. (1977). The determination of financial structure: the incentive-signalling approach. The Bell Journal of Economics, 23-40.
    Shastri, K. (1990). The differential effects of mergers on corporate security values. Research in Finance, 8, 179-201.
    Strebulaev, I. A. (2007). Do tests of capital structure theory mean what they say? The Journal of Finance, 62(4), 1747-1787.
    Stulz, R. (1990). Managerial discretion and optimal financing policies. Journal of Financial Economics, 26(1), 3-27.
    Taggart Jr, R. A. (1977). A model of corporate financing decisions. The Journal of Finance, 32(5), 1467-1484.
    Titman, S., & Wessels, R. (1988). The determinants of capital structure choice. The Journal of Finance, 43(1), 1-19.
    Description: 碩士
    國立政治大學
    財務管理學系
    106357024
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0106357024
    Data Type: thesis
    DOI: 10.6814/NCCU201900157
    Appears in Collections:[財務管理學系] 學位論文

    Files in This Item:

    File SizeFormat
    702401.pdf1588KbAdobe PDF21View/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