政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/99544

政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/99544

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政大典藏 > College of Commerce > Department of Finance > Theses > Item 140.119/99544

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/99544

Title:	併購動能對企業併購績效之影響:以美國市場為例 Merger Momentum and Performance of Acquirer: The US Evidence
Authors:	馮奕儒 Feng, Yi Ju
Contributors:	吳啟銘馮奕儒 Feng, Yi Ju
Keywords:	併購動能併購績效現金交易成長股併購經驗 Merger Momentum Merger Performance Cash Payment Glamour Experience
Date:	2016
Abstract:	在全球併購浪潮興起之時,併購活動可能受市場競爭的影響,促使強強合併,但也可能發生不理性的追隨行為。本文係研究在併購動能中宣告併購,對主併公司的短期與長期併購績效之影響,並且進一步討論在併購案採現金交易、主併公司為成長型公司、主併公司過去有成功併購經驗三個條件之下,對主併公司於併購動能下宣告併購的短期與長期併購績效是否有顯著影響。本研究之貢獻為,採過去併購績效是否顯著作為併購動能之衡量,而非單純採用市場上所累積的併購績效之規模。另外,除了探討每個變數與併購績效之直接關係外,亦特別著重於該變數與主併公司在併購動能中宣告併購之交乘作用,剖析對主併公司短期及長期併購績效的影響。而本研究發現,在併購動能當中,若主併公司為成長型公司,能夠顯著提升其宣告併購之短期與長期績效。因此,對於併購動能下指併公司的績效表現而言,該公司特性為關鍵因素,特別是對長期的併購績效來說。 When merger waves occur, the M&A activities may be affected by competitive market. This may cause the win-win cooperation, but also may result in blind following. The primary purpose of this paper is to test the correlation of mergers in momentum and the short-term and long-term merger performance. Furthermore, this paper is also focus on three conditions which may influence the above-mentioned correlation, including cash payment, glamour bidders and bidders’ past successful experience of M&A. The major contribution of this paper is using the significance of past merger performance to measure the merger momentum, instead of simply using accumulated performance. Second, in addition to the direct relation between variables and merger performance, this paper also aims to emphasize the interaction of those variables, analyzing its influence to short-term and long-term performance. It is reported in this paper that, in the merger waves, glamour bidders significantly perofrm better in both short-term and long-term period. Thus, “Glamour” is a key characteristic for the bidders, which would lead to better performance in merger wave, especially long-term one.
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Description:	碩士國立政治大學財務管理研究所 103357029
Source URI:	http://thesis.lib.nccu.edu.tw/record/#G0103357029
Data Type:	thesis
Appears in Collections:	[Department of Finance] Theses

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