臺灣博碩士論文加值系統

本篇論文主要是在探討財務限制是否會對併購時所使用的支付工具，以及主併公司的股價表現造成影響，而實證結果發現，財務限制公司相較於非財務限制公司更可能使用股票做為併購的支付工具，以及會有較差的長期股價表現，而我們也為財務限制公司為何進行併購，即使這些併購並不會增加股東財富，提供了一個解釋，就是經理人的過度自信。

This study investigates whether financial constraints have influence on method of payments and stock performance. We find that financially constrained firms are more likely to use stock as consideration and exhibit poorer stock performance following mergers and acquisitions (M&A) than financially unconstrained firms. A possible explanation constrained firms conduct mergers and acquisitions, even if the trade does not improve the acquirers’ return, is managerial hubris.

Content
1. Introduction 1
2. Literature review and hypothesis 4
2.1 Financial constraints 4
2.2 Method of payment 5
2.3 Managerial overconfidence 7
2.4 Stock performance 8
3. Data and Methodology 10
3.1 Sample construction 10
3.2 Methodology 11
3.3 Regression model design 13
4. Empirical Results 17
4.1 Summary statistics 17
4.2 Financial constraints and method of payment 18
4.3 Financial constraints and announcement stock reaction 18
4.4 Financial constraints and long-term stock performance 19
4.5 Financial constraints and managerial overconfidence 20
5. Conclusion 22
Reference 23

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