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Title:	政治連結與併購上市和未上市公司之績效影響－以中國上市為例 Political connection and Public&Private target companies: evidence from China listed companies
Authors:	何佳諭
Contributors:	吳啟銘何佳諭
Keywords:	政治連結上市和未上市併購績效
Date:	2012
Issue Date:	2013-07-11 16:47:37 (UTC+8)
Abstract:	過去有許多文獻探討開發中國家的政治連結因素對企業價值的影響，但並無特別著重併購事件的探討；隨著中國大陸經濟市場逐漸走向開放，讓中國大陸併購事件也隨著增加，也因中國政治經濟背景特殊，具有政治連結的企業併購決策常會受到政府的干預，因此本論文利用事件研究法對2000年到2012年中國上市進行國內併購的企業共2067家做實證分析與研究，藉由對累積異常報酬的統計檢定與迴歸分析的結果去觀察政治連結與併購未上市和上市公司對主併公司的併購績效影響，本研究的立論在於存在政治連結的企業進行併購會受到中國政府的介入影響，其目的是達到中國政府本身利益的考量而非股東的利益，而本論文主要結果分為三部分，第一、主併公司和雙方都有政治連結的宣告效果為不顯著，此外在無政治連結企業的宣告效果顯著的大於主併公司和任一方有政治連結企業的宣告效果，不管在併購上市或是未上市公司時的效果都為一樣，也就是併購事件對於有政治連結公司股價並不會產生顯著正向或是負向反應，但是市場投資人在無政治連結公司的併購案中，認為併購績效應優於有政治連結的公司。第二、有政治連結的企業在併購上市的宣告效果與有政治連結的企業併購未上市宣告效果差異不顯著，反映出在有政治連結的企業併購上市或未上市對主併公司的併購績效並無差異。第三、在迴歸模型方面，有政治連結的主併公司係數為顯著為負，且主併方有政治連結併購上市公司係數在部分的事件窗口都顯著為負，但是有政治連結的企業併購未上市和被併方有政治連結的係數上則無顯著，因此得知政治連結會對併購的宣告效果帶來負向影響，尤其在主併公司併購上市公司的情況下，不過在併購未上市公司時政治連結就無明顯的影響，因此最後實證結果也符合本論文提出有政治連結的企業進併購會產生代理人的問題，使得併購績效較差。
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Description:	碩士國立政治大學財務管理研究所 100357035 101
Source URI:	http://thesis.lib.nccu.edu.tw/record/#G1003570351
Data Type:	thesis
Appears in Collections:	[Department of Finance] Theses

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