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政大機構典藏 > 商學院 > 管理碩士學程/商管專業學院碩士學位學程 AMBA > 學位論文 > Item 140.119/30837

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Title:	併購宣告及支付工具對主併公司股東財富之影響 The Market Reactions on the Merger and Acquisition Announcement and Means of Payment
Authors:	陳聖謙 Chen, Sheng Chien
Contributors:	吳啟銘 Wu, Chi Ming 陳聖謙 Chen, Sheng Chien
Keywords:	併購宣告併購支付工具併購支付方式併購購併購併宣告購併支付工具購併支付方式 Merger and Acquisition Announcement Merger and Acquisition Payment Method Merger and Acquisition
Date:	2008
Issue Date:	2009-09-14
Abstract:	隨著全球化的趨勢，企業經營所面對的不僅是國內同業的競爭，更面臨國外同業的競爭。企業透過組織調整，在資金、人才以及經濟規模的議題，企業併購已成為近年來台灣之趨勢及風潮。企業進行併購活動熱絡時，對於企業之組織調整、轉型具有正面效益，可促使規模經濟，降低成本，發揮經營效率，提升國際競爭力。本研究主要探討併購宣告、支付工具的選擇以及跨國因素之不同，對主併公司股東財富的影響。以民國89年1月1日至民國96年12月31日間，主併公司為台灣地區之上市櫃公司、標的公司為全球任一國家註冊之公司的所有併購事件，計有527個觀察值。採用事件研究法(event study)進行實證研究結果如下：一、對主併公司股東而言，併購宣告效果本研究以事件研究法進行實證分析，發現併購宣告日前後期間，對於主併公司股東財富有顯著正向異常報酬。但若拉長事件觀察期間，則變得不顯著。也就是主併公司的併購活動無法獲得營運綜效。二、併購支付工具對主併公司股東財富之影響本研究實證結果發現企業併購採用現金支付及混合支付，31天的事件期間對主併公司股東而言，皆呈現不顯著之正向平均累積異常報酬。採取換股支付則有不顯著之負向平均累積異常報酬。以混合式支付，於事件期間有正向不顯著平均累積異常報酬；於宣告日前後期間則有正向顯著平均累積異常報酬。三、宣告國內併購及國際併購對主併公司股東財富之影響本研究實證結果為國內併購中主併公司在31天的觀察期間，對於主併公司股東而言，僅於宣告日前後期間會有正向平均累積異常報酬，但是拉若拉長觀察期間，其結果並不顯著。國際併購則有不顯著之負向平均累積異常報酬。 The issues on capital funding, people asset and business scoping are becoming more significant topics with the increasing activities in corporate merger and acquisition (M&A). It has been said that the corporate reorganization through M&A has positive effect within the business because of larger business scope and more efficient in cost management. The corporation will be able to compete better in the international market. This study will focus on the market reactions on the merger and acquisition announcement, the method of payment choice and domestic or international M&A. The observation study cover 527 M&A cases from year 2000 to 2007. The study result based on event study research method are as followed: 1. The M&A announcement result to acquiring company shareholders: The study shows significant remuneration to acquiring company shareholders’ wealth before and after the M&A announcement. Less significant once we observe the case at longer time period. The result shows that the acquiring company can not achieve synergy effect. 2. The wealth effect to shareholders with different means of payment: The study shows that the combination of cash payout and exchange of stocks and cash payment method shows insignificant positive accumulative abnormal return to shareholders within 31 days before and after the M&A. Settlement with only exchange of stocks shows insignificant negative cumulative abnormal return to shareholders. 3. The effect to shareholder’s wealth from announcing domestic M&A or international M&A: The study shows that in the case of announcing domestic M&A, the acquiring shareholders has positive cumulative abnormal return within the 31 days before and after the announcement. Once we observe longer period, the result is less significant. International M&A shows negative insignificant cumulative abnormal return. 第一章緒論.............................................1 第一節研究動機.........................................1 第二節研究目的.........................................2 第三節研究架構.........................................3 第二章文獻探討.........................................4 第一節全球併購市場概況..................................4 第二節國內外企業併購發展沿革.............................7 第三節企業併購的意義...................................12 第四節併購支付工具.....................................13 第五節影響併購支付方式選擇因素...........................18 第六節併購宣告、支付方式及標的所在區域對股價行為之影響......23 第三章研究設計.........................................27 第一節研究假說.........................................27 第二節資料來源及樣本選取方式.............................29 第三節研究方法.........................................32 第四章實證結果及分析....................................37 第一節全體樣本結果分析..................................37 第二節分群樣本分析......................................40 第五章結論與建議.......................................59 第一節研究結論.........................................59 第二節研究限制與建議....................................62 第六章參考文獻.........................................63 一、中文部份.............................................63 二、英文部份.............................................63 三、網站部份.............................................65
Reference:	一、中文部份 1.伍忠賢，民國89年3月，企業併購理論與實務，新陸書局。 2.吳啟銘，民國89年，企業評價─個案實證分析，智勝文化事業公司。 3.沈中華與李建然，民國89年，事件研究法財務與會計實證研究必備，華泰文化事業公司。 4.John Davies，民國92年，企業價值─股東財富的探求，三民書局。 5.沈建良，民國88年，「上市公司併購宣告對股價影響之研究─以電子業及食品業為例」，政治大學企業管理研究所碩士論文。 6.洪麗惠，民國84年，「併購宣告對股東財富的影響─Jensen閒餘現金流量與Tobin’s Q兩假說之驗證」，東吳管理科學研究所未出版碩士論文。 7.孫梅瑞，民國89年，「國內上市公司從事併購活動對經營績效影響之研究」，政治大學企業管理學系未出版博士論文。 8.連育德，民國90年，「併購支付方式對股價行為之影響」，中正大學企業管理研究所碩士論文。 9.陳匯中，民國84年，「併購宣告對股東財富的影響」，政治大學企業管理研究所碩士論文。 10.陳鴻林，民國90年，「相關及非相關產業併購之研究-動機、股東財富、支付方式」，政治大學財務管理學系碩士論文。 11.葉秋美，民國82年，「台灣企業併購宣告對股東財富之影響」，政治大學國際貿易研究所未出版碩士論文。 12.簡秀薇，民國86年，「股權結構與併購宣告對股價之影響」，淡江大學國貿學系碩士論文。 13.羅素良，民國80年，「併購支付方式之理論探討與實證研究」，成功大學企業管理研究所未出版碩士論文。 14.羅明敏，民國87年，「台灣企業海內外併購宣告對主併公司股東財富影響之實證研究」，朝陽大學財務金融研究所未出版碩士論文。 15.王祝三、周德瑋、陳弘榮，民國95年，「企業併購支付方式決定因素與股價反映之探討」，證券市場發展期刊，第3期，1-45頁。 16.潘玉葉、潘隆政，民國87年，「企業併購支付方式影響因素之研究」，淡江人文社會學刊，第2期，173-197頁。二、英文部份 1.Amihud, Y.,B.L. Lev and N. Travlos,1990,”Corporate Control and the Choice of Investment Financing: The Case of Corporate Acquisitions”,Journal of Finance,XLV(2), p.603-616. 2.Amihud, Y.,B. and Lev, B.,1981,”Risk Reduction as A Managerial Motive for Conglomerate Mergers”,Ball Journal of Ecnomics, Vol.12, p.605-617. 3.Andrade, G., M. Mitchell and E. Stafford (2001), “New Evidence and Perspectives on Mergers,” Journal of Ecnomic Perspectives, Vol. 15, 103-120. 4.Asquith, P., R.F. Bruner and D.W. Mullins, 1983, “The Gains to Bidding Firms from Merger”, Journal of Financial Ecnomics, 11, p.121-139. 5.Asquith, P., 1983, “Merger Bids, Uncertainty and Stockholdes Returns”, Journal of Financial Ecnomics, 11, p.51-83. 6.Bruch, P., 1986, “Stockholder Gains and Corporate Focus”, Journal of Business Strategics, Vol.12, p.38-61. 7.Chang, S., 1998, “Takeovers of Privately Held Target, Methods of Payment, and Bidder Returns”, Journal of Finance, Vol.53, p.773-783. 8.Comment, R. and Jarrel, G.A., 1995, “Corporate Focus and Stock Returns”, Journal of Financial Ecnomics, Vol.37, p.67-87. 9.Emercy, G.W. and Switzer, J.A., 1999, “Expected Market Reaction and the Choice of Method of payment for Acquisitions”, Financial management, Vol. 28, No. 4, p.73-86. 10.Harris, R. and D. Ravenscraft, 1991, “The Roles of Acquisitions in Foreign Direct Investment: Evidence from the U.S. Stock Market”, Journal of Finance, p.825-844. 11.Huang, Y.S. and Walking, R.A., 1987, “Target Abnormal Returns Associated with Acquisition Announcements: Payment, Acquisition Form, and managerial Resistence”, Journal of Finance, Vol.19, p.329-349. 12.Jensen, M. C. and R. S. Ruback (1983), “The Market for Corporate Control,” Journal of Financial Ecnomics, Vol. 11, 5-50. 13.Kohers, N. and T. Kohers, 2000 “The Value Creation Potential of High-Tech Mergers” ,Financial Analysts Journal, p.40-50. 14.Loughran, T. and Vijh, A.M., 1997, “Do Long-Term Shareholders Benefit from Corporate Acquisitions”, “Journal of Finane, Vol.52, p.1765-1790. 15.Myers, S. and N. Majluf, 1984 “Capital Financing and Investment Decisions When Firms Have Information That Investors Do Not have”, Journal of Financial Ecnomics, 13, p.187-221. 16.Raj, M. and Forsyth, M., 2002, “UK Horizental Takeovers and Bidder Gains”, Work paper. 17.Rolls, R., 1986, “The Hurbis Hypothesis of Corporate Takeovers”, Journal of Business, p.197-216. 18.Servaes, H., 1991, “Tobin’s Q and the Gains From Takeovers”, Journal of Finance, Vol.46, p.409-419. 19.Travlos, N.,1987 “Corporate Takeover Bids, Method of Payment, and Bidding Firm’s Stock Returns”, Journal of Finance, XLII(4), p.943-963. 20.Vasconcellos, G.M., 1998, “Cross-Border Mergers and Acquisition: The Under-Valuation Hypothesis”, Quarterly Review of Ecnomics and Finance, Vol.38, No.1. 21.Wansley, J.W., W. R.Lane and H. C. Yang, 1987”Gains to Bidder Firms in Cash and Securities Tranactions”, Financial Review, 22(4), 9.403-414. 三、網站部份 1.台灣經濟新報社資料庫(TEJ) 2.彭博資訊系統(Bloomburg) 3.newmops.tse.com.tw 4.www.google.com.tw 5.www.is-law.com 6.www.moea.com.tw 7.www.sfb.gov.tw 8.www.twse.com.tw
Description:	碩士國立政治大學管理碩士學程(AMBA) 94932323 97
Source URI:	http://thesis.lib.nccu.edu.tw/record/#G0094932323
Data Type:	thesis
Appears in Collections:	[管理碩士學程/商管專業學院碩士學位學程 AMBA] 學位論文

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