政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/130926
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  全文筆數/總筆數 : 113656/144643 (79%)
造訪人次 : 51745122      線上人數 : 598
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜尋範圍 查詢小技巧：
  • 您可在西文檢索詞彙前後加上"雙引號"，以獲取較精準的檢索結果
  • 若欲以作者姓名搜尋，建議至進階搜尋限定作者欄位，可獲得較完整資料
    •  進階搜尋
    政大機構典藏 > 商學院 > 會計學系 > 學位論文 >  Item 140.119/130926


    請使用永久網址來引用或連結此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/130926


    題名: Collar條款與併購後長期績效之關聯性
    Collar Agreements and Post-Merger Performance
    作者: 陳品逢
    Chen, Pin-Feng
    貢獻者: 陳宇紳
    陳品逢
    Chen, Pin-Feng
    關鍵詞: Collar條款
    併購效益
    支付方式
    企業併購
    Collar agreement
    post-merger performance
    method of payment
    mergers and acquisitions
    日期: 2020
    上傳時間: 2020-08-03 17:26:51 (UTC+8)
    摘要: 當收購者選擇以股票為支付方式進行併購時，為避免股價波動過大影響被收購者被併購之意願，可能納入Collar條款降低股價波動對被收購者所獲對價之影響，以促成併購交易。過去僅少數文獻討論納入Collar條款與併購宣告日短期異常報酬之關聯性，且未有文獻探討該條款對併購後長期績效之影響。本研究以1992-2015年之美國併購案進行分析，探討企業併購時納入Collar條款與併購後長期績效之關聯性，實證結果顯示相對於無納入Collar條款之併購案，納入Collar條款之併購案之併購後長期績效較佳，證實Collar條款能兼顧不同支付方式的優點，可供未來併購實務做為參考。
    Collar agreements are merger bids using stock as a method of payment that specify a range within which the bidder’s stock price can fluctuate. Using collar agreements, the bidder undertakes the risk of fluctuations in its stock price in order to facilitate mergers and acquisitions transactions. Using a sample of U.S. merger deals between 1992 and 2015, this paper examines the relations between collar agreements and long-run post-merger performance. Evidence shows that merger bids with the inclusion of collar agreements, compared with those with payment methods without collar agreements, are associated with higher return on assets in the post-merger periods. The findings suggest that collar agreements can mitigate detriment generated by using cash or stocks as a method of payment.
    參考文獻: Alexandridis, G., Mavrovitis, C. F., & Travlos, N. G. (2012). How have M&As changed? Evidence from the sixth merger wave. The European Journal of Finance, 18(8), 663-688. doi:10.1080/1351847x.2011.628401
    Amihud, Y., Lev, B., & Travlos, N. G. (1990). Corporate control and the choice of investment financing: The case of corporate acquisitions. The Journal of Finance, 45(2), 603-616.
    Asquith, P., Bruner, R. F., & Mullins Jr, D. W. (1983). The gains to bidding firms from merger. Journal of Financial Economics, 11(1-4), 121-139.
    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.
    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.
    Brown, D. T., & Ryngaert, M. D. (1991). The mode of acquisition in takeovers: Taxes and asymmetric information. The Journal of Finance, 46(2), 653-669.
    Chen, X., Harford, J., & Li, K. (2007). Monitoring: Which institutions matter? Journal of Financial Economics, 86(2), 279-305. doi:10.1016/j.jfineco.2006.09.005
    Davis, J. L., Fama, E. F., & French, K. R. (2000). Characteristics, covariances, and average returns: 1929 to 1997. The Journal of Finance, 55(1), 389-406.
    Devos, E., Kadapakkam, P.-R., & Krishnamurthy, S. (2009). How Do Mergers Create Value? A Comparison of Taxes, Market Power, and Efficiency Improvements as Explanations for Synergies. Review of Financial Studies, 22(3), 1179-1211. doi:10.1093/rfs/hhn019
    Fama, E. F., & French, K. R. (1992). The cross‐section of expected stock returns. The Journal of Finance, 47(2), 427-465.
    Fama, E. F., & French, K. R. (2000). Forecasting profitability and earnings. The Journal of Business, 73(2), 161-175.
    Fee, C. E., & Thomas, S. (2004). Sources of gains in horizontal mergers: evidence from customer, supplier, and rival firms. Journal of Financial Economics, 74(3), 423-460. doi:10.1016/j.jfineco.2003.10.002
    Fuller, K., Netter, J., & Stegemoller, M. (2002). What do returns to acquiring firms tell us? Evidence from firms that make many acquisitions. The Journal of Finance, 57(4), 1763-1793.
    Fuller, K. P. (2003). Why some firms use collar offers in mergers. Financial Review, 38(1), 127-150.
    Hansen, R. G. (1987). A theory for the choice of exchange medium in mergers and acquisitions. Journal of Business, 75-95.
    Hayn, C. (1989). Tax attributes as determinants of shareholder gains in corporate acquisitions. Journal of Financial Economics, 23(1), 121-153.
    Healy, P. M., Palepu, K. G., & Ruback, R. S. (1992). Does corporate performance improve after mergers? Journal of Financial Economics, 31(2), 135-175.
    Heron, R., & Lie, E. (2002). Operating performance and the method of payment in takeovers. Journal of Financial and Quantitative Analysis, 37(1), 137-155.
    Houston, J. F., James, C. M., & Ryngaert, M. D. (2001). Where do merger gains come from? Bank mergers from the perspective of insiders and outsiders. Journal of Financial Economics, 60(2-3), 285-331.
    Houston, J. F., & Ryngaert, M. D. (1997). Equity issuance and adverse selection: A direct test using conditional stock offers. The Journal of Finance, 52(1), 197-219.
    Jung, K., Kim, Y.-C., & Stulz, R. (1996). Timing, investment opportunities, managerial discretion, and the security issue decision. Journal of Financial Economics, 42(2), 159-185. doi:10.1016/0304-405x(96)00881-1
    Kim, E. H., & Singal, V. (1993). Mergers and market power: Evidence from the airline industry. The American Economic Review, 549-569.
    Kohers, N., & Kohers, T. (2019). The Value Creation Potential of High-Tech Mergers. Financial Analysts Journal, 56(3), 40-51. doi:10.2469/faj.v56.n3.2359
    Li, K., Qiu, B., & Shen, R. (2018). Organization Capital and Mergers and Acquisitions. Journal of Financial and Quantitative Analysis, 53(4), 1871-1909. doi:10.1017/s0022109018000145
    Loughran, T., & Vijh, A. M. (1997). Do long‐term shareholders benefit from corporate acquisitions? The Journal of Finance, 52(5), 1765-1790.
    Maloney, M. T., McCormick, R. E., & Mitchell, M. L. (1993). Managerial decision making and capital structure. Journal of Business, 189-217.
    Martin, K. J. (1996). The method of payment in corporate acquisitions, investment opportunities, and management ownership. The Journal of Finance, 51(4), 1227-1246.
    Moeller, S. B., Schlingemann, F. P., & Stulz, R. M. (2004). Firm size and the gains from acquisitions. Journal of Financial Economics, 73(2), 201-228. doi:10.1016/j.jfineco.2003.07.002
    Morck, R., Shleifer, A., & Vishny, R. W. (1990). Do managerial objectives drive bad acquisitions? The Journal of Finance, 45(1), 31-48.
    Myers, S. C. (1984). The capital structure puzzle. The Journal of Finance, 39(3), 574-592.
    Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have informationthat investors do not have (0898-2937). Retrieved from
    Officer, M. S. (2004). Collars and renegotiation in mergers and acquisitions. The Journal of Finance, 59(6), 2719-2743.
    Rau, P. R., & Vermaelen, T. (1998). Glamour, value and the post-acquisition performance of acquiring firms. Journal of Financial Economics, 49(2), 223-253.
    Ruback, R. S., & Jensen, M. C. (1983). The market for corporate control: The scientific evidence. Journal of Financial Economics, 11, 5-50.
    Sapienza, P. (2002). The effects of banking mergers on loan contracts. The Journal of Finance, 57(1), 329-367.
    Schwert, G. W. (2000). Hostility in takeovers: in the eyes of the beholder? The Journal of Finance, 55(6), 2599-2640.
    Shahrur, H. (2005). Industry structure and horizontal takeovers: Analysis of wealth effects on rivals, suppliers, and corporate customers. Journal of Financial Economics, 76(1), 61-98. doi:10.1016/j.jfineco.2004.01.001
    Travlos, N. G. (1987). Corporate takeover bids, methods of payment, and bidding firms` stock returns. The Journal of Finance, 42(4), 943-963.
    Wansley, J. W., Lane, W. R., & Yang, H. C. (1983). Abnormal returns to acquired firms by type of acquisition and method of payment. Financial management, 16-22.
    描述: 碩士
    國立政治大學
    會計學系
    107353009
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0107353009
    資料類型: thesis
    DOI: 10.6814/NCCU202001008
    顯示於類別:[會計學系] 學位論文

    文件中的檔案:

    檔案 描述 大小格式瀏覽次數
    300901.pdf3223KbAdobe PDF2147檢視/開啟


    在政大典藏中所有的資料項目都受到原著作權保護.


    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 ©   - 回饋