臺灣博碩士論文加值系統

本文估計公司融資買下 (LBOs) 股東的獲利(損失)狀況，由於公司可以利用盈餘管理來影響市價，本文因而以公平價值評估此議題。發現管理買下 (MBOs) 公司負面扭曲盈餘程度要比機構買下 (IBOs) 公司顯著，這個動作可以讓牽涉交易的管理者受益；不過，負面盈餘管理會造成嚴重的價值低估，而且 MBOs 的溢酬(Premium)比 IBOs 低，而兩者的組合即為目標公司股東因融資買下的獲利 (或損失)；整體而言， IBO 買下溢酬大於價值低估的程度，但 MBO 公司溢酬小於價值低估，隱含 MBO 管理者徵收了股東利益。

This study estimates the degree of shareholder wealth gains/losses prior to firms' leveraged buyouts (LBOs). Since the company can use earnings management to influence the market price, this study evaluates this issue at fair value. The results show that both institutional buyout (IBO) and management buyout (MBO) firms understate their earnings, the latter being more severe than the former. This situation leads MBO firms to be undervalued more seriously than IBO firms, but the former provide lower premiums than the latter. Putting them together, IBO and MBO shareholders gain and lose, respectively. These results reveal that the management of MBO firms expropriates shareholder wealth by deflating earnings to pay low transaction values relative to fair values.

摘要 i
Abstract ii
目錄 iii
圖目錄 iv
表目錄 v
第壹章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 1
第三節 研究架構 2
第貳章 文獻回顧 3
第一節 盈餘管理動機 3
第二節 異常價值 3
第三節 買下溢酬 4
第四節 股東損益 4
第參章 研究方法 5
第一節 基本假說 5
第二節 變數定義及衡量方式 6
第三節 實證模型 8
第四節 資料來源及篩選方式 9
第肆章 實證結果 11
第一節 盈餘管理 11
第二節 異常價值 11
第三節 買下溢酬 13
第四節 股東損益 14
第伍章 結論與建議 16
第一節 結論 16
第二節 建議與限制 16
參考文獻 17

Axelson, Ulf, Tim Jenkinson, Per Stromberg and Michael S. Weisbach, 2013, Borrow cheap, buy high? The determinants of leverage and pricing in buyouts, Journal of Finance 44, 2223-2267.
Demiroglu, Cem and Christopher M. James, 2010, The role of private equity group reputation in LBO financing, Journal of Financial Economics 96, 306-330.
Engel, Ellen, Rachel M. Hayes and Xue Wang, 2007, The Sarbanes–Oxley Act and firms’ going-private decisions, Journal of Accounting and Economics 44, 116-145.
Fama, Eugene F. and Kenneth R. French, 1997, Industry costs of equity, Journal of Financial Economics 43, 153-193.
Fischer, Paul E. and Henock Louis, 2008, Financial reporting and conflicting managerial incentives: The case of management buyouts, Management Science 54, 1700-1714.
Guo, Shouron, Edith Hotchkiss and Weihong Song, 2011, Do buyouts (still) create value?, Journal of Finance 66, 479-517.
Halpern, Paul, Robert Kieschnick and Wendy Rotenberg, 1999, On the heterogeneity of leveraged going private transactions, Review of Financial Studies 12, 281-309.
Ivashina, Victoria and Anna Kovner, 2011, The private equity advantage: Leveraged buyout firms and relationship banking, Review of Financial Studies 24, 2462-2498.
Jensen, C. Michael, 1986, Agency costs of free cash flow, corporate finance, and takeovers, American Economic Review 76, 323-329.
Kaplan, Steven N., 1989, Management buyouts: Evidence on taxes as a source of value, Journal of Finance 44, 611-632.
Kieschnick, Jr. Robert L., 1998, Free cash flow and stockholder gains in going private transactions revisited, Journal of Business Finance and Accounting 25, 187-202.
Knauer, Alexander, Alexander Lahmann, Magnus Pflücke and Bernhard Schwetzler, 2014, How much do private equity funds benefit from debt-related tax shields?, Journal of Applied Corporate Finance 26, 85-93.
Kothari, S.P., Andrew J. Leone and Charles E. Wasley, 2005, Performance matched discretionary accrual measures, Journal of Accounting and Economics 39, 163-197.
Lehn, Kenneth and Annette Poulsen, 1989, Free cash flow and stockholder gains in going private transactions, Journal of Finance 44, 771-787.
Louis, Henock, 2004. Earnings management and the market performance of acquiring firms, Journal of Financial Economics 74, 121-148.
Mao, Yaping and Luc Renneboog, 2015, Do managers manipulate earnings prior to management buyouts?, Journal of Corporate Finance 35, 43-61.
Opler, Tim and Sheridan Titman, 1993, The determinants of leveraged buyout activity: Free cash flow vs. financial distress costs, Journal of Finance 48, 1985-1999.
Perry, Susan E. and Thomas H. Williams, 1994, Earnings management preceding management buyout offers, Journal of Accounting and Economics 18, 157-179.
Renneboog, Luc, Tomas Simons and Mike Wright, 2007, Why do public firms go private in the UK? The impact of private equity investors, incentive realignment and undervaluation, Journal of Corporate Finance 13, 591-628.
Rhodes-Kropf, Matthew, David T. Robinson and S. Viswanathan, 2005, Valuation waves and merger activity: The empirical evidence, Journal of Financial Economics 77, 561-603.
Servaes, Henri, 1994, Do takeover overinvest?, Review of Financial Studies 7, 253-278.
Teoh, Siew Hong and T. J. Wong, 2002, Why new issues and high-accrual firms underperform: The role of analysts' credulity, Review of Financial Studies 15, 869-900.
Weir. Charlie, David Laing and Mike Wright, 2005, Undervaluation, private information, agency costs and the decision to go private, Applied Financial Economics 15, 947-961.
Wu, Y. Woody, 1997, Management buyouts and earnings management, Journal of Accounting, Auditing & Finance 12, 373-389.
Yu, Fang, 2008, Analyst coverage and earnings management, Journal of Financial Economics 88, 245-271.