臺灣博碩士論文加值系統

本研究探討併購潮中領先者和追隨者的風險移轉行為是否有所不同，以及其影響因素。實證發現領先者在避險活動上相較於追隨者有較高的風險移轉行為，並且投資活動中的資本支出活動也獲得輕微的支持，雖然企業併購是一種有極高風險的擴張策略，但領先者相較於追隨者在併購活動上並未展現顯著較高的風險移轉行為。最後，實證發現除了公司特徵之外，公司的議價能力與市場佔有率是決定公司併購活動中會擔任領先者或落後者的關鍵因素，顯示所在產業的競爭力是影響企業在併購潮中的進入時點的關鍵因素。本研究是第一篇探討併購潮中領先者與落後者的風險移轉行為策略及背後動機的關係，並且首次將避險與併購文獻間搭起一座橋梁。

Our study aims to examine the differences of the risk-shifting behavior in hedging and investment strategies between leaders and followers in merger waves. The results show the leaders in a merger wave have higher incentive to risk-shifting risk in both hedging strategies and investment strategies. Although it is generally known that M&A (Merger and Acquisition) activity is a risky strategy of expansion. However, the leaders in a merge wave do not tend to take higher risk than followers in the merge type and payment methods. Finally, this study shows that bargaining power and market share are the key drivers to be earlier into a merge wave. This study is the first to discuss the risk-shifting strategies and motivation of leaders and followers in merge waves and the first to bridge the literature between risk management and M&A.

目次
致謝 I
摘要 Ⅱ
目次 Ⅳ
圖目次 Ⅶ
表目次 Ⅷ
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 2
第二章 文獻回顧與研究假說 3
第一節 文獻回顧 3
2.1.1. 併購潮特性 3
2.1.2. 領先者優勢與存續 4
2.1.3. 領先者劣勢 5
2.1.4. 風險移轉 6
第二節 假說建立 6
第三章 資料和研究方法 9
第一節 資料篩選與併購潮的定義 9
第二節 實證方法 14
3.2.1. 避險策略 14
3.2.2. 投資策略 15
3.2.2.1. 資本支出決策 15
3.2.2.2. 併購型態探討 17
3.2.3. 領先者與追隨者的決定因素 19
3.2.3.1市場力量 19
3.2.3.2. 經理人過度自信 20
第四章 實證結果 22
第一節 基本統計分析 22
第二節 單變量分析 26
第三節 多變量迴歸分析結果 28
4.3.1. 領先者與追隨者在避險決策之風險移轉分析 28
4.3.2. 領先者與追隨者在投資決策之風險移轉分析 33
4.3.2.1. 資本支出決策分析 33
4.3.2.2. 併購類型與支付方式分析 34
4.3.3. 領先者與追隨者決定因素分析 37
4.3.3.1. 市場能力探討 37
4.3.3.2. CEO過度自信探討 40
第五章 結論 42
參考文獻 43

 
圖目次
圖一、研究動機示意圖 1
圖二、樣本併購案數年分布圖 3

 
表目次
Table 1 Sample Filtering Criteria and Process 10
Table 2 Sample Distribution 12
Table 3 Summary Statistics 23
Table 4 Correlation Matrix 25
Table 5 Difference Tests between Leaders and Followers 27
Table 6 Risk-sifting Behavior Analyses in Hedging Activities 29
Table 7 Robustness Checks for Risk-shifting Behavior Analyses in Hedging Activities 31
Table 8 Risk-shifting Behavior Analyses in Investment Activities 33
Table 9 Risk-shifting Behavior Analyses in Merge & Acquisition Activities 35
Table 10 Market Power Explanation for the Timing of Firm Action within the Wave 38
Table 11 Overconfident CEO Explanation for the Timing of Firm Action within the Wave 41

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