跳到主要內容

臺灣博碩士論文加值系統

(44.220.247.152) 您好!臺灣時間:2024/09/15 07:27
字體大小: 字級放大   字級縮小   預設字形  
回查詢結果 :::

詳目顯示

: 
twitterline
研究生:林存政
論文名稱:臺灣公司併購交易媒介之選擇
論文名稱(外文):The Method of Payment in Taiwanese Mergers and Acquisitions
指導教授:張國平張國平引用關係
學位類別:碩士
校院名稱:國立清華大學
系所名稱:經濟學系
學門:社會及行為科學學門
學類:經濟學類
論文種類:學術論文
論文出版年:2006
畢業學年度:94
語文別:中文
論文頁數:65
中文關鍵詞:併購交易媒介併購合併交易媒介融資工具併購效果
相關次數:
  • 被引用被引用:5
  • 點閱點閱:447
  • 評分評分:
  • 下載下載:136
  • 收藏至我的研究室書目清單書目收藏:3
公司為了提升自己的市場競爭力,R&D、資本支出、員工教育訓練等,都是常用的方法,但發揮成效的等待時間過長,且效果難以掌握,因此難以形成誘因使公司投入。而透過直接併購,將能快速取得新市場和新能力,使公司能做上下游整合擴大經營規模,或是做水平整合多角化經營,進一步成長及獲利。

由國外的研究多半顯示,合併之後併購公司不管是績效還是股價表現都不若以往。許多學者透過研究併購公司在併購前的財務狀況,希冀找尋一些蛛絲馬跡以解釋這異常報酬的現象。不過,他們常忽略了併購案本身的交易媒介,即已透露出合併案成敗的訊息。根據研究顯示,使用現金比例高的合併案,其合併後的股價表現,往往比股票比例高的合併案要好,但觀察臺灣近年來的合併案,大多數都是以股票為主,難道經理人不怕市場的悲觀看法嗎?本文彙整過去有關併購中介的文獻,主要整理出九個可能影響支付工具的假說:投資機會假說、風險分攤假說、控制權威脅假說、可支配現金假說、外部監理假說、併購模式假說、景氣循環假說、租稅影響假說、融資管道假說,以適當的代理變數進行迴歸分析,希望能找到理由,以說明這種現象產生的原因。

由實證的結果我們可以發現,過去幾年換股之所以風行的主要原因,在於除了家族或轉投資公司外,台灣公司整體而言,以併購的風險和其舉債能力為選擇併購中介的主要因素,在舉債能力允許下,再考慮經營權的威脅。因此除非併購公司的手頭十分寬裕,或目標公司相對規模很小,否則併購中介的選擇,以股票為優先。這或許也就是選擇現金做為支付工具的併購案,合併後的績效表現會優於選擇股票的原因。
目錄

第一章 緒論

第一節� 研究動機………………………………………………1

第二節 本文貢獻………………………………………………3

第三節� 研究架構………………………………………………5

第二章 文獻回顧

第一節� 償付方式的簡介………………………………………7

第二節� 影響償付方法選擇的相關假說………………………9

第三節� 過去實證結果之探討…………………………………17
� �
第三章 研究方法

第一節� 資料來源………………………………………………20

第二節� 模型設立………………………………………………22

第四章 實證結果

第一節� 所有樣本………………………………………………31

第二節� 電子產業………………………………………………36

第三節� 傳統產業………………………………………………39

第四節� 金融證券業……………………………………………41

第五節� 總結……………………………………………………45

第五章 結論與建議

第一節� 結論……………………………………………………47

第二節� 建議……………………………………………………49

附錄 - 併購與目標公司及現金與股票分配比例………………50

參考文獻…………………………………………………………59
參考文獻

英文部分

Ang, James S., and Yingmei Cheng, 2003, “Direct Evidence on The Market-Driven Acquisitions Theory,” Working paper, Florida State University.
Auerbach, Alan J., and David Reishus, 1988a, “Taxes and The Merger Decision,” Chapter 19 in J. C. Coffee Jr., L. Lowenstein, and S. Ross-Ackerman, eds, Kights, Raiders and Targets. New York: Oxford University Press.
Auerbach, Alan J., and David Reishus, 1988b, “The Effect of Taxation on The Merger Decision,” Chapter 6 in A. J. Auerbach, ed., Corporate Takeovers: Causes and Consequense. Chicago: University of Chicago Press.
Auerbach, Alan J., and David Reishus, 1988c,“The Impact of Taxation on The Merger Decision,” Chapter 4 in A. J. Auerbach, ed., Mergers & Acquisitions, Chicago: University of Chicago Press.
Amihud, Yakov, Baruch Lev, and Nickolaos G. Travlos, 1990, “Corporate Control and The Choice of Investment Financing: The Case of Corporate Acquisitions,” Journal of Finance 45, 603–616.
Asquith, Paul, Rober F. Bruner, and David W. Mullins, Jr., 1983, “The Gains to Bidding Mergers,” Journal of Financial Economics 11, 121–140.
Blackburn, Virginia L., Frederick H. Dark and Robert C. Hansen, 1997, “Mergers, Method of Payment and Returns to Manager- and- Owner- Controlled Firms,” Financial Review 32, 569–589.
Bharadwaj, Anu, Anil Shivdasani, 2003, “Valuation Effects of Bank Financing in Acquisitions,” Journal of Financial Economics 67, 113–148.
Brown, David T., and Michael D. Ryngaert, 1991, “The Mode of Acquisition in Takeovers: Taxes and Asymmetric Information,” Journal of Finance 46, 653–669.
Black, Bernard, 1992, “Agent Watching Agents: The Promise of institional Investor Voice,” UCLA Law Review 39, 811–893.
Bruner, Robert F., 2004, “Applied Mergers & Acquisitions,”New Jersey: John Wiley & Sons, Inc., Hoboken.
Carleton, W., D. Guilkey, R. Harris, and J. Stewart, 1983, ”An Emperical Analysis of The Role of The Medium of Exchange in Mergers,” Journal of Finance 38, 813– 826
Choe, Hyuk, Ronald W. Masulis, and Vikram Nanda, 1993, ”Common Stock Offerings Across The Business Cycle,” Journal of Emperical Finance 1, 3–31.
Chang, S., 1998, ”Takeovers of Privately Held Targets, Methods of Payment, and Bidder Returns,” Journal of Finance 53, 773–784.
Chang, S., and E. Mais, 2000, “Managerial Motives and Merger Financing,” Financial Review 35, 139–152.
Coff, Russell W., 1999, “The Emergent Knowledge-Based Theory of Competitive Advantage: An Evolutionary Approach to Integrating Economics and Management,” Managerial and Decision Economics 24, 245–251.
Heron, R., and E. Lie, 2002, “Operating Performance and The Method of Payment in Takeovers,” Journal of Financial and Quantitative Analysis 33(4), 137–155.
Eckbo, B. Espen, Ronald M. Giammarino, and Robert L. Heinkel, 1990, “Asymmetric Information and The Medium of Exchange in Takeover: Theory and Tests,” Review of Financial Studies 3, 651–675.
Eccles, Robert G., Kersten L. Lanes and Thomas C. Wilson, 2002 “Are You Paying Too Much for That Acquisition?” Harvard Business Review on Mergers and Acquisitions, 45–71, Harvard Business School Press.
Faccio, Mara and W. Masulis, 2005, “The Choice of Payment Method in European Mergers and Acquisitions,” Journal of Finance 60, 1345–1387.
Fishman, Michael J., 1989, “Preemptive Bidding and The Role of The Medium of Exchnage in Acquisitions, Journal of Finance 44, 41–57.
Frank, Julian R., Robert S. Harris, and Colin Mayer, 1988, “Means of Payment in Takeovers: Results for The United Kingdom and The United States,”in Alan J. Auerbach, ed.: Coperate Takeovers: Causes and Consequences, Chicago: University of Chicago Press.
French, Kenneth, and James Poterba, 1991, “Investor Diversification and Internation Equity Markets, American Economic Review 81, 222–226.
Fuller, Kathleen, Jeffry M. Netter, and Mike Stegemoller, 2002, “What Do Returns to Acquiring Firms Tell Us? Evidence from Firms That Make Many Acquisistions,”Journal of Finance 57, 1763–1794.
Grinblatt, Matti, and Matti Keloharju, 2001, “How Distance, Language and Culture Influence Stockholdings and Trades,” Journal of Finance 56, 1053–1073.
Ghosh, Aloke and William Ruland, 1998, “Managerial Ownership, the Method of Payment for Acquisitions, and Executive Job Retention,” Journal of Finance 53, 785–798.
Hansen, Robert G., 1987, ”A Theory for The Choice of Exchange Medium in Mergers and Acquisitions,” Journal of Business 60, 75–95.
Hartford, Jarrad, 1999, “Corporate Cash Reserves and Acquisitions,” Journal of Finance 54, 1969–1997.
Hitt, Michael A., Jeffery S. Harrison and R. Duane Ireland, 2001, “Mergers & Acquisitions: A Guide to Creating Value for Stakeholders,” Oxford University Press
Hovakimian, Armen, Tim Opler, and Sheridan Titman, 2001,”The Debt-Equity Choice,” Journal of Financial and Quantitative Analysis 36, 1–25.
Hung, Yen-Sheng, and Ralph A. Walkling, 1987, “Target Abnormal Returns Associated With Acquisition Announcements: Payment, Acquisition Form, and Managerial Resistance,” Journal of Financial Economics 19, 329–371.
Jensen, Michel C., 1988,“Takeovers: Their Causes and Consequences,” Journal of Economic Perspectives 1, 21– 48.
Jensen, Michel C., 1986a, “Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers,” American Economic Review 76, 323–329.
Jensen, Michel C., 1986b, “The Takeover Controversy: Analysis and Evidence,” Midland Corporate Journal 4, 323–329.
Jensen, Michael C., 1991, “Corporate Control and The Police of Finance,” Journal of Applied Corporate Finance 4, 13–33.
Jung, Kooyul, Yong-Cheol Kim, and Ren`e M. Stulz, 1996, “Timing, Investment Opportunities, Managerial Discretion, and The Security Issue Decision,”Journal of Financial Economics 42, 159–185.
Lang, Larry H.P., Ren`e M. Stulz, and Ralph A. Walkling, 1989, “Managerial Performance, Tobin’s q, and The Gains from Successful Tender Offers,”Journal of Financial Economics 24, 137–154.
Lewellen, Wilbur, Claudio Loderer, and Ahron Rosenfeld, 1985, “Manager Decisions and Executive Stock Ownership in Acquiring Firms, Journal of Accounting and Economics 7, 209–231.
Levy, H., 1983, “Economic Evaluation of Voting Power of Common Stock, Journal of Finance 38, 79–93.
Linn, Scott C., and Jeannette A. Switzer, 1994, ”The Relation Between The Method-of-Payment Used in Acquisitions and Subsequent Performance,” Working paper, The Ohio State University, Columbus, Ohio.
Korajczyk, Robert A., Deborah Lucas, and Robert MacDonald, 1991,”The Effect of Information Releases on The Pricing and Timing of Equity Issues,” Review of Financial Studies 4, 695–708.
Malmendier, Ulrike, and Geoffrey A Tate, 2003, ”Who Makes Acquisitions? CEO Overconfidence and The Market Reaction,” Working paper, Harvard Business School.
Maloney, Michael T., Robert E., McCormick, and Mark L. Mitchell, 1993, “Managerial Decision Making and Capital Structure,”Journal of Business 66, 189–217.
Marsh, Paul, 1982, ”The Choice between Equity and Debt: An Empirical Study,” Journal of Finance 37, 121–144.
Martin, Kenneth J., 1996, “The Method of Payment in Corporate Acquisitions, Investment Opportunities, and management Ownership,” Journal of Finance 51, 1227–1246.
Moeller, Sara B., Frederik P. Schlingemann and Rene M. Stulz, 2004,“ Firm Size and The Gains from Acquisitions,” Journal of Financial Economics 73, 201–228.
Moeller, Sara B., Frederik P. Schlingemann and Rene M. Stulz, 2005,“Wealth Destruction on a Massive Scale? A Study if Acquiring-Firm Returns in the Recent Merger Wave,” Journal of Finance 60, 757–782.
Morck, R., A. Shleifer, and R.W. Vishny, 1988, “Management Ownership and Market Valuation: An empirical Analysis,” Journal of Financial Economics 20, 293–315
Morck, R., A. Shleifer, and R.W. Vishny, 1990, “Do Managerial Objectives Drive Bad Acquisitions?” Journal of Finance 45, 31–48.
Myers, Sterwart C., 1997, “Determinants of Corporate Borrowing,” Journal of Financial Economics 5, 147–175.
Myers, Sterwart C., and Nicolas S. Majluf, 1984, “Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have,” Journal of Financial Economics 13, 187–221.
Rappaport, Alfred and Mark L. Sirower, 2002 “Stock or Cash? The Trade-Offs for Buyers and Sellers in Mergers and Acquisitions.” Harvard Business Review on Mergers and Acquisitions, 73–101, Harvard Business School Press.
Schwert, G. William, 2000, “Hostility in Takeovers: In The Eyes of The Beholder? ”Journal of Finance 55, 2599–2640.
Servaes, Henri, 1991,”Tobin`s Q and The Gains from Takeovers,” Journal of Finance 46, 409–419.
Stulz, Rene M., 1988, “Managerial Control of Voting Rights,” Journal of Financial Economics 20, 25–54.
Taggart, Robert, 1977, “A Model of Financing Decisions,” Journal of Finance 32, 1467–1484.
Travlos, Nickolaos G., 1987, “Corporate Takeover Bids, Method of Payment, and Bidder Firms’ Stock Returns,” Journal of Finance 42, 943–963.
Yook, Ken C., Partha Gangopadhyay and George M. McCabe, 1999,”Information Asymmetry, Management Control, And Method of Payment in Acquisitions,” Journal of Financial Research 22, 413 – 427.
Wansley, James W., William R. Lane, and Ho C. Yang, 1987, “Gains to Bidder Firms in Cash and Securities Transactions,” Fianacial Review 22, 403–414.
Zhang, Pinghshun, 2001, “What Really Determines The Payment Methods in M&A Deals,” Working paper, Manchester School of Management.






中文部分

羅素良(民80),「購併支付方式之理論探討與實證研究」,國立成功大學企業管理系碩士班論文。

葉秋美(民80),「台灣企業購併宣告對股東財富之影響」,國立政治大學國際貿易系碩士班論文。

楊維君(民82),「臺灣企業併購支付方式與財務特質關係之實證研究」,國立中央大學企業管理學系碩士班論文。

黃蘭霙(民83),「管理決策與資本結構關係之研究 負債監督理論應用於臺灣地區上市公司合併之實證分析」,東吳大學會計學系碩士班論文。

潘隆政(民86),「企業併購支付方式影響因素之研究-臺灣上市主併公司之研究」,淡江大學國際貿易學系碩士論文。

朱建彥(民89),「企業併購最適支付方式契約設計」,國立政治大學國際貿易系碩士班論文。

邱旭晟(民90),「產業結構,企業併購與公司價值之研究-以臺灣上市公司國內併購為例」,輔仁大學管理系碩士班論文。

黃錫圖(民91),「併購、策略合作與定價策略之研究-以臺灣預拌混凝土產業為例」,國立成功大學高階管理碩士在職專班(EMBA)論文。

張國平(民93),「高級財務管理」,西安交通大學出版社。
QRCODE
 
 
 
 
 
                                                                                                                                                                                                                                                                                                                                                                                                               
第一頁 上一頁 下一頁 最後一頁 top
無相關期刊