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| Title: | 主併公司因購買力提升對併購績效之影響
The impact of acquiror’s purchasing power on M&A performance |
| Authors: | 黃筱芳
Huang, Siao-Fang |
| Contributors: | 徐政義
Shiu, Cheng-Yi
黃筱芳
Huang, Siao-Fang |
| Keywords: | 超額報酬
併購溢價
購買力
股票支付
Abnormal returns
M&A premium
Purchasing power
Stock payment |
| Date: | 2024 |
| Issue Date: | 2024-07-01 12:43:34 (UTC+8) |
| Abstract: | 本論文旨在探討主併方經理人是否會因為購買力提升，而損害公司併購宣告後的短期超額報酬(市場反應)、長期超額報酬，另外，本論文亦進一步探討在股票支付下，主併方經理人是否會因為股票購買力提升，而損害公司併購宣告後的短期超額報酬(市場反應)、長期超額報酬。本論文分析2009/1/1~2022/12/31 G7(美國、加拿大、法國、義大利、德國、英國、日本)+2(台灣、中國)地區的併購案，並透過多元迴歸模型進行檢定。
本論文對併購短期超額報酬(市場反應)實證結果，發現公司股價所致的購買力上升，不利短期超額報酬(市場反應)表現，而市場指數所致的購買力上升、匯率指數所致的購買力上升，與短期超額報酬(市場反應)無統計顯著性，另外，在股票支付的情況下，公司股價所致的購買力上升，與併購短期超額報酬(市場反應)表現雖無統計顯著性，但不利於併購短期超額報酬(市場反應)表現。上述發現的可能原因，為市場對併購宣告的反應，主要仍以特定公司基本面為主要考量。
本論文對併購長期超額報酬實證結果，發現公司股價所致的購買力上升、市場指數所致的購買力上升，皆不利於併購長期超額報酬表現，而匯率指數所致的購買力上升，與併購長期超額報酬表現無統計顯著性，另外，在股票支付的情況下，公司股價所致的購買力上升，與併購長期超額報酬表現無統計顯著性，但不利於併購長期超額報酬表現。上述發現的可能原因如下，首先為主併方經理人過度自滿，使其決策不佳，第二為經濟過熱，反而提高併購案的風險，第三為產業競爭度高以至於支付過高的併購溢價。
The paper is aimed to discussing the impact of acquiror’s purchasing power on
M&A performance, including short-term abnormal returns and long-term abnormal returns. Besides, the paper also discusses the impact of acquiror’s purchasing power on
M&A performance when acquiror’s use stock as a payment method, including short-term abnormal returns and long-term abnormal returns. The M&A sample in this paper analyzed G7(United States, Canada, France, Italy, Germany, United Kingdom, Japan)+2 (Taiwan, China) countries from 2009/1/1~2022/12/31, and tested the impact by multiple regression.
The result of regression shows that in short-term, purchasing power raised by acquirors’ stock is negative to M&A performance, while purchasing power raised by market index and exchange rate are not statistically significant to M&A performance. Besides, under stock payment, purchasing power raised by acquirors’ stock is not statistically significant, but negative to M&A performance. The possible explanation is market reaction after M&A announcement, should mainly depend on acquirors’ fundamental analysis, instead of other factors.
The result of regression shows that in short-term, purchasing power raised by acquirors’ stock and market index are negative to M&A performance, while purchasing power raised by exchange rate is not statistically significant to M&A performance. Besides, under stock payment, purchasing power raised by acquirors’ stock is not statistically significant, but negative to M&A performance. The possible explanation is due to manager’s overconfidence, overheated economy, and high competition in industries. |
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| Description: | 碩士
國立政治大學
國際經營與貿易學系
111351032 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0111351032 |
| Data Type: | thesis |
| Appears in Collections: | [國際經營與貿易學系 ] 學位論文
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