臺灣博碩士論文加值系統

大小規模，的金融併購案例在美國各地出現，併購是可以視為公司成長最快速的方法，可以從被併公司中獲得營運綜效、財務綜效和市場綜效；但併購卻也可能是管理當局操作為使自己利益極大而做出違背股東的行為。隨著科技的進步，經濟型態的改變，越來越多的公司進行跨國併購，跨國併購比國內併購更能帶來分散風險及累積財富的效果，相對的卻也伴隨著併購障礙及風險。本研究主要探討美國金融公司分別在宣告國內及跨國併購銀行，何著宣告效果較佳。
本研究以美國金融公司為研究對象，選取1993年至2005年間有進行銀行併購的事件為研究樣本。首先檢測在併購過程中，併購之宣告產生的異常報酬；其次探討跨國與國內併購何者宣告效果較佳。
實證結果如下：
一、 金融公司併購是否產生異常報酬率
事件日當日未產生顯著的平均異常報酬率，但進行事件期累積平均異常報酬率之檢定，除跨國併購之累積平均異常報酬率之檢定不具顯著水準，全體樣本與國內併購樣本都具有顯著的負向異常報酬。
二、 跨國併購之宣告效果是否高於國內併購之宣告效果
在迴歸模型中，跨國併購之虛擬變數結果呈現顯著正向水準，顯示跨國併購宣告所產生之負向異常報酬小於國內併購宣告，與原先預期方向相符。公司在進行跨國併購時，投資者的反應比國內併購好。

Large or small scale financial merger and acquisition， M&A cases appear across American. M&A can be regard as the fastest method for growth of a company who can obtains operating synergy、financial synergy and marketing synergy from the merged company. But M&A may be also the authority`s behavior to go against stockholder for maximizing his own profits. With the improvement of technology ,the change of economy condition , more and more companies have carried on cross-border acquisitions. Cross-border acquisitions can bring risk-diversification and accumulate wealth effect better than domestic acquisitions , but relatively also accompany the barrier and the risk. This research mainly discusses which effect of announcement is better ,when the US financial institutions separately announce domestic and cross-border acquisitions.
　 This research takes US financial institutions as the research object, and selectes the event,Ｍ&A from 1993 to 2005 , to be the sample. First, examine abnormal return which the announcement produces in the process of M&A；next discuss which effect of announcement domestic and cross-border acquisitions is better.
　　
Real diagnosis result as follows:

1.Whether the M&A of financial company produces the abnormal return.
　　The M&A doesn`t have significant abnormal return on event day. However ,during event days the examination of accumulative abnormal return is that all sample and domestic acquisitions sample have significant negative abnormal return ,besides the examination of cross-border acquisitions is not at significant level.

２.Whether the effect of announcement cross-border acquisitions is better than 　　　domestic acquisitions.
　　In regression, the dummy variable result of cross-border acquisitions presents significant positive level. It reveals the negative abnormal return of announcement cross-border acquisitions is smaller than domestic acquisitions and correspondent with the originally anticipated direction. When the company carries on cross-border acquisitions, investor's reaction is better than domestic acquisitions.

第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 4
第三節 研究架構 4
第二章 文獻探討 6
第一節 併購意義與理論 6
第二節 跨國併購理論 8
第三章 研究設計 17
第一節 研究假說 17
第二節 研究方法及變數 19
第三節 樣本及資料 29
第四章 實證結果分析 30
第一節 假說一驗證結果分析 30
第二節 假說二驗證結果分析 38
第五章 結論與限制 44
第一節 研究結論 44
第二節 研究限制 45
參考文獻 46

中文文獻：
1. 吳芳銘（民95），購併成長－面對中國高度成長的策略，台北，時英出版社。
2. 沈中華、李建然（民89），事件研究法─財務與會計實證研究必備，台北：華泰文化事業公司。
3. 沈中華（民91），「金控公司的銀行與獨立銀行CAMEL比較:1997－1998」，台灣金融財務季刊第三輯第二期，第65-97頁
4. 林任達（民91），台灣高科技及非高科技企業跨國購併宣告對股票報酬及財務績效影響之研究，中原大學企業管理學系碩士論文。
5. 林玫君（民93），台灣企業跨國與國內併購行為財富效果之比較分析，彰化師範大學會計學系企業高階管理所碩士論文。
6. 林嬋娟、吳安妮（民81），「臺灣企業併購綜效及績效之實證研究」，會計評論第26期，第1-23頁。
7. 袁顥庭（民91），亞洲銀行業跨國併購之研究，政治大學企業管理研究所碩士論文。
8. 彭一正（民80），臺灣企業進行國際併購對股東財富影響之實證研究，輔仁大學管理學研究所碩士論文。
9. 葉秋美（民82），臺灣企業購併宣告對股東財富之影響，政治大學國際貿易研究所碩士論文。
10. 虞國勇（民93），企業購併宣告對股價影響之研究-以台灣上市櫃金融業為例，長庚大學企業管理研究所碩士論文。
11.蕭惠元（民85），購併活動對股價行為與會計資訊之影響-以台灣上市公司為例，東吳大學會計研究所碩士論文。
11.薛明玲（民89），企業併購完全實務手冊，台北：會計研究月刊社。

國外文獻：
1. Asquith, P., R. Bruner and D. Mullins (1983), “The gains to bidding firms from merger.” Journal of Financial Economics , 11, pp.121-40
2. Aintablian, S. (2000), Market reaction to corporate loan announcements and mergers of financial institutions The Canadian evidence, Unpublished Dissertation, Business York University .
3. Arjen, H. L. S. (2006), ”National Cultural Distance and Initial Foreign Acquisition Performance: The Moderating Effect of Integration.“ Journal of World Business, 41, pp.161–170
4. Bradford, W. D. (1978),“The Performance of Mergers and Savings and Loan Associations.“Journal of Business, 51, pp.115-126.
5. Caves, R.E. (1982), Multinational Enterprise and Economic Analysis, Unpublished Dissertation, University of Cambridge.
6. Conn, R. L. and F. Connell (1990), “International Mergers: Returns to U.S. and British Firms. ” Journal of Business Finance & Accounting, Winter, pp.75-98.
7. Cornett, M. M. and H. Tehranian (1992),”Changes in Corporate Performance Associated with Bank Acquisitions.“ Journal of Finance Economics, 31, pp.211-234.
8. Campa, J. M. and I. Hernando(2006), ”M&As Performance in the European Financial Industry.” Journal of Banking & Finance,30, pp.3367-3392.
9. Doukas, J. and N. G. Travlos (1988), ”The Effect of Corporate Multinationalism on Shareholders Wealth : Evidence from International Acquisition. “Journal of Finance, 43, pp.1161-1175 .
10. Fama, E. F., L. Fisher, M. Jensen and R. Roll (1969), ”The Adjustment of Stock Price to new Information. ”International Economic Review, 10, pp.1-21.
11. Gray, M. and P. Gray(1981), “The Multinational Mank: A Financial MNC?” Journal of Banking and Finance, 5,pp.33-63.
12. Kitching, J. (1967), “Why Do Mergers Miscarry?” Harvard Business Review, November/December, pp.84-101.
13. Kogut, B. (1983), The Multinational Corporation in the 1980s, Cambridge: The MIT Press.
14. Kiymaz, H. (2004), “Cross-Border Acquisitions of US Financial Institutions: Impact of Macroeconomic Factors.” Journal of Banking & Finance,28 ,pp.1413-1439.
15. Lilienthal, D. E. (1953), Big Business, N.Y.: Harper & Brothers.
16. Leibenstein H. (1966), ”Allocative Efficiency U.S. X-efficiency.” American Economic Review, 56, pp.392-415.
17. Lowinski, F., D. Schiereck and T. W. Thomas (2004), ”The Effect of Cross-Border Acquisitions on Shareholder Wealth - Evidence from Switzerland.” Quantitative Finance and Accounting, 22 ,pp.315-330.
18. Jensen, M. C. (1976), “Agency Costs of Free Cash Flow, Corporate Finance and Takeover.” American Economic Review, May, pp.349-365.
19. Maharaj, A. (2001), Banks Merges and Acquisitions in the United States 1990-1997: An Analysis of Shareholders Value Creation and Premium Paid to Integrate with Mega banks, Unpublished Dissertation, Walden University.
20. Penrose, E. T. (1959), The Theory of the Growth of the Firm, Wiley： New York.
21. Porter, M. (1987), ”From Competitive Advantage of the Corporate Strategy.“Harvard Business Review, May-Jun, pp.43-59.
22. Roll, R. (1986), ”The Hubris Hypothesis of Corporate Takeovers.” The Journal of Business, 59, pp.197-217.
23. Seth, A., K. P. Song, and R. R. Pettit (2002), ”Value Creation in Acquisitions: A Reexamination of Performance Issues.“ Strategic Management Journal, 23, pp.921-940.
24. Smith, D. L. (1971), ”The Performance of merging Banks.“ Journal of Business, 44, pp.184-92.
25. Silhan, P. and H. Thomas (1986), “Using Simulated Mergers to Evaluate Corporate Diversification Strategies.” Strategic Management Journal, 11, pp.99-115.
26. Waheed, A. and I. Mathur (1995),”Wealth Effects of Foreign Expansion by U.S. Banks.“ Journal of Banking and Finance, 19, pp.823-842.
27. Weston, J. F., K. S. Chung and S. E. Hoag (1996), Mergers, Restructuring, and Corporate Control, New York: Prentice Hall Companies, Inc.