(18.232.55.103) 您好!臺灣時間:2021/04/23 01:49
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:::

我願授權國圖
: 
twitterline
研究生:馬翠芬
研究生(外文):Tsui-Fen Ma
論文名稱:英國主併公司規模與併購利益關係之探討
論文名稱(外文):Firm Size and the Gains of Acquirers in the UK
指導教授:何耕宇何耕宇引用關係
指導教授(外文):Keng-yu Ho
學位類別:碩士
校院名稱:國立中央大學
系所名稱:財務金融研究所
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2008
畢業學年度:96
語文別:英文
論文頁數:39
中文關鍵詞:英國支付方式目標公司上市狀態規模效果併購
外文關鍵詞:methods of paymentorganizational formsize effectmergers and acquisitions
相關次數:
  • 被引用被引用:0
  • 點閱點閱:189
  • 評分評分:系統版面圖檔系統版面圖檔系統版面圖檔系統版面圖檔系統版面圖檔
  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:1
本論文研究英國市場中主併公司併購的異常報酬是否會受公司規模大小影響。我們分析從1996年到2005年總計共1,085件併購事件, 發現當主併者為大公司時, 其異常報酬較小公司來的顯著, 由此結果可知在英國併購市場中並沒有存在顯著的規模效果。由過去文獻中亦發現主併公司的異常報酬會受目標公司上市狀態及併購時的支付方式影響, 因此我們進一步將樣本依照目標公司上市狀態及支付方式分組, 由實證結果發現當併購目標為非上市公司以及利用混和支付方式時, 其異常報酬較其餘分類方式高, 這與管理激勵假說及流動性假說一致。在長期下, 股票表現出現反轉現象。不論公司上市狀態及支付方式為何,小公司的長期事後異常報酬較大公司來的顯著,同時附屬公司的異常報酬也較上市公司及非上市公司來的高。
This study examines the relationship between firm size and the abnormal returns of mergers and acquisitions in the UK. We analyze a sample of 1,085 M&As over the period 1996
to 2005. Large acquirers earn significant positive returns during the period surrounding the bid announcement. There is no obvious size effect for M&As in the UK. The gains are
also dependent on the organizational form of acquired assets and methods of payment. As a result, we sort our sample by different organizational form of acquired assets and different methods of payment. The result shows that M&As of private target and payment with mixed method gain significantly and it is consistent with the managerial motive hypothesis and liquidity hypothesis. In the long run, there is evidence that the stock performance of acquiring firms is reversed over time. The post-event long-term result for small acquirers is better than large acquirers irrespective of the organizational form of acquired assets and methods of payment. Further, the abnormal return of subsidiary target is higher than private and public target.
Contents
1 Introduction 1
2 Data 4
3 Methodology 5
3.1 Cumulative Abnormal Return (CAR) . . . . . . . . . . . . . . . . . . . . . 5
3.2 Buy and Hold Abnormal Return (BHAR) . . . . . . . . . . . . . . . . . . 6
3.3 Calendar−Time Abnormal Return (CTAR) . . . . . . . . . . . . . . . . . 8
4 Empirical Results 9
4.1 Summary Statistics on Mergers and Acquisitions Characteristics . . . . . . 9
4.2 Cumulative Abnormal Return (CAR) . . . . . . . . . . . . . . . . . . . . . 11
4.3 Cross-Sectional Regression Analysis . . . . . . . . . . . . . . . . . . . . . . 12
4.4 Buy and Hold Abnormal Return (BHAR) . . . . . . . . . . . . . . . . . . 14
4.5 Calendar−Time Abnormal Return (CTAR) . . . . . . . . . . . . . . . . . 16
5 Conclusion 17
Reference 20
Aggarwal, R. K. and Samwick, A. A. (2003), “Why do managers diversify their firms? agency reconsidered”, Journal of Finance, 58, 71–118.
Ang, J. S., Cole, R. A., and Lin, J. W. (2000), “Agency costs and ownership structure”, Journal of Finance, 55, 81–106.
Asquith, P., Bruner, R., and Mullins, D. (1983), “The gains to bidding firms from merger”, Journal of Financial Economics, 11, 121–139.
Brown, S. J. and Warner, J. B. (1985), “Event studies with daily returns”, Journal of Financial Economics, 14, 3–31.
Chang, S. (1998), “Takeovers of privately held targets, method of payment, and bidder returns”, Journal of Finance, 53, 773–784.
Demsetz, H. and Lehn, K. (1985), “The structure of corporate ownership: causes and consequences”, Journal of Political Economy, 1155–1177.
Dong, M., Hirshleifer, D., Richardson, S., and Teoh, S. H. (2000), “Does investor misevaluation drive the takeover market? unpublished working paper”, Ph.D. thesis, The
Ohio State University.
Doukas, J. and Travlos, N. G. (1988), “The effect of corporate multinationalism on shareholderswealth: evidence from international acquisitions”, Journal of Finance, 43, 521–558.
Draper, P. and Paudyal, K. (1999), “Corporate takeovers: mode of payment, returns and trading activity”, Journal of Business Finance and Accounting, 26, 521–558.
(2006), “Acquisitions: private versus public”, European Financial Management, 12(1), 57–80.
Fama, E. F. and French, K. (1993), “Common risk-factors in the returns on stocks and bonds”, Journal of Financial Economics, 33, 3–56.
Fuller, K., Netter, J., and Stegemoller, M. (2002), “What do returns to acquiring firms tell us? evidence from firms that make many acquisitions”, Journal of Finance, 57,
1763–1794.
Hertzel, M. G. and Smith, R. L. (1993), “Market discounts and shareholder gains for placing equity privately”, Journal of Finance, 48, 459–485.
Jaffe, J. F. (1974), “Special information and insider trading”, Journal of Business, 47, 410–428.
Jensen, M. C. and Ruback, R. (1983), “The market for corporate control: the scientific evidence”, Journal of Financial Economics, 11, 5–50.
Loughran, T. and Ritter, J. (1998), “Uniformly least powerful tests of market efficiency”, Journal of Financial Economics, forthcoming.
Maloney, M. T., McCormick, R. E., and Mitchell, M. L. (1993), “Managerial decision making and capital structure”, Journal of Business, 66, 189–217.
Mandelker, G. (1974), “Risk and return: The case of merging firms”, Journal of Financial Economics, 1, 303–335.
Mitchell, M., Pulvino, T., and Stafford, E. (2004), “Price pressure around mergers”, Journal of Financie, 59, 31–63.
Moller, S. B., Schlingemann, F. P., and Stulz, R. M. (2004), “Firm size and the gains from acquisitions”, Journal of Financial Economics, 73, 201–228.
Morck, R., Shleifer, A., and Vishny, R. W. (1990), “Do managerial objectives drive bad acquisitions?”, Journal of Finance, 45, 31–48.
Myers, S. C. and Majluf, N. S. (1984), “Corporate financing and investment decisions when firms have information that investors do not have”, Journal of Financial Economics , 13, 187–221.
Roll, R. (1986), “The hubris hypothesis of corporate takeovers”, Journal of Business, 59, 197–216.
Sudarsanam, S. (2003), Creating Value from Mergers and Acquisitions: The Challenges, FT Prentice Hall.
Travlos, N. G. (1987), “Corporate takeover bids, method of payment, and bidding firms stock returns”, Journal of Finance, 52, 943–963.
QRCODE
 
 
 
 
 
                                                                                                                                                                                                                                                                                                                                                                                                               
第一頁 上一頁 下一頁 最後一頁 top
系統版面圖檔 系統版面圖檔