跳到主要內容

臺灣博碩士論文加值系統

(18.97.9.175) 您好!臺灣時間:2024/12/10 16:29
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:徐百加
研究生(外文):Bai-Jia Hsu
論文名稱:股價錯估是否影響購併動機?
論文名稱(外文):Does Stock Misvaluation Drive the Motivation for Takeovers?
指導教授:陳聖賢陳聖賢引用關係
指導教授(外文):Sheng-Syan Chen
學位類別:碩士
校院名稱:國立臺灣大學
系所名稱:財務金融學研究所
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:44
中文關鍵詞:公司價值錯估理論併購動機綜效假說代理假說傲慢假說
外文關鍵詞:misvaluationmerger motivationsynergyagencyhubris
相關次數:
  • 被引用被引用:1
  • 點閱點閱:355
  • 評分評分:
  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:1
此篇論文探討在公司價值錯估理論下,使用併購提議前的評價來判斷公司的併購動機。過去文獻認為併購動機主要分為綜效假說、代理假說和傲慢假說。我們以目標公司報酬和總報酬的相關性,以及目標公司報酬和主併公司報酬的相關性來區分此三種假說。本論文發現主併公司的股票評價與付款方式和併購動機有關:股價被高估的公司會傾向使用換股作為付款方式並且其併購動機支持代理假說,因此本論文提供股票錯估理論的證據。
This paper uses pre-offer market valuations to evaluate motivation for takeovers under misvaluation theory. According to previous literature, the motives for merger and acquisition consist of synergy, agency, and hubris. We distinguish three hypotheses by looking at the correlation between target and both acquirer wealth gains and total wealth gains. We found bidder valuations are related to means of payment and the motivation of merger, overvalued (higher P/B) bidders incline to merge by stock and have agency problem, provides evidence for the misvaluation hypothesis.
I. Introduction 1
II. Literature Review and Hypothesis 3
III. Data and Methodology 11
IV. Univariate Test 18
V. Multivariate Test 26
VI. Conclusion 30
References 40
Andrade, Gregor, Mark L. Mitchell, and Erik Stafford, 2001, New evidence and perspectives on mergers, Journal of Economic Perspectives 15, 103–120.
Ang, J. S. and Y. Cheng (2006), Direct Evidence on the Market-driven Acquisition Theory, Journal of Financial Research, Vol. 29, pp. 199–216.
Baker, Malcolm P., Jeremy C. Stein, and Jeffrey Wurgler, 2003, When does the market matter? Stock prices and the investment of equity-dependent firms, Quarterly Journal of Economics 118, 969–1005.
Baker, Malcolm P., and Jeffrey Wurgler, 2002, Market timing and capital structure, Journal of Finance 57, 1–32.
Berkovitch, E. and M. P. Narayanan (1994), ‘Motives for Takeovers: An Empirical Investigation’, Journal of Financial and Quantitative Analysis, Vol. 28, pp. 347–62.
Bhagat, Sanjai, Ming Dong, David Hirshleifer, and Robert Noah, 2005, Do tender offers create value? New methods and evidence, Journal of Financial Economics 76, 3–60.
Bishop, S., P. Dodd and R. R. Officer (1987), Australian Takeovers: The Evidence, 1972–1985 (The Centre for Independent Studies).
Bouwman, Christa, Kathleen Fuller, and Amrita Nain, 2004, The performance of stock-price driven acquisitions, Working paper, University of Michigan Business School.
Brainard, William C., and James Tobin, 1968, Pitfalls in financial model building, American Economic Review: Papers and Proceedings 58, 99–122.
Bradley, M., A. Desai and E. H. Kim (1988), ‘Synergistic Gains from Corporate Acquisitions and Their Division Between the Stockholders of Target and Acquiring Firms’, Journal of Financial Economics, Vol. 21 pp. 3–40.
Brown, David T., and Michael D. Ryngaert, 1991, The mode of acquisition in takeovers: Taxes and asymmetric information, Journal of Finance 46, 653–669.
Chan,Wesley S., 2003, Stock price reaction to news and no-news: Drift and reversal after headlines, Journal of Financial Economics 70, 223–260.
Chemmanur, Thomas, and Imants Paeglis, 2003, The choice of the medium of exchange in acquisitions: A direct test of the double-sided asymmetric information hypothesis, Unpublished manuscript, Boston College.
Cohen, Randolph B., Christopher K. Polk, and Tuomo Vuolteenaho, 2003, The price is (almost) right, Harvard Business School Working Paper Series, No. 03-107.
Cosh, A., P. M. Guest and A. Hughes (2006), ‘Board Share-Ownership and Takeover Performance’, Journal of Business Finance & Accounting , Vol. 33 pp. 459–510.
Daniel, Kent D., David Hirshleifer, and Avanidhar Subrahmanyam, 1998, Investor psychology and security market under- and over-reactions, Journal of Finance 53, 1839–1886.
Daniel, Kent D., David Hirshleifer, and Avanidhar Subrahmanyam, 2001, Overconfidence, arbitrage, and equilibrium asset pricing, Journal of Finance 56, 921–965.
Daniel, Kent D., David Hirshleifer, and Siew Hong Teoh, 2002, Investor psychology I n capital markets: Evidence and policy implications, Journal of Monetary Economics 49, 139–209.
Daniel, Kent D., and Sheridan Titman, 2003, Market reactions to tangible and intangible information, Working paper, Kellogg School.
D’Mello, Ranjan, and Pervin K. Shroff, 2000, Equity undervaluation and decisions related to repurchase tender offers: An empirical investigation, Journal of Finance 55, 2399–2424.
Dodd, P. and R. Ruback (1977), Tender Offers and Stockholders Returns: An Empirical Analysis, Journal of Financial Economics, Vol. 5, pp. 351–74.
Dong, M., D. Hirshleifer, S. Richardson and S. H. Teoh (2006), Does Investor Misvaluation Drive the Takeover Market? The Journal of Finance, Vol. 61, pp. 725–62.
Fama, Eugene F., 1998, Market efficiency, long-term returns and behavioral finance, Journal of Financial Economics 49, 283–306.
Fishman, M. (1989), ‘Preemptive Bidding and the Role of the Medium of Exchange in Acquisitions’, Journal of Finance, Vol. 44, pp. 41–58.
Frankel, Richard, and Charles Lee, 1998, Accounting valuation, market expectation, and the bookto- market effect, Journal of Accounting and Economics 25, 283–321.
Franks, J. and R. Harris (1989), ‘Shareholder Wealth Effects of Corporate Takeovers: The UK Experience 1955–1985’, Journal of Financial Economics, Vol. 23, pp. 225–49.
Franks, Julian, Robert Harris, and Sheridan Titman, 1991, The postmerger share-price performance of acquiring firms, Journal of Financial Economics 29, 81–96.
Fuller, Kathleen, Jeffry Netter, and Mike Stegemoller, 2002, What do returns to acquiring firms tell us? Evidence from firms that make many acquisitions, Journal of Finance 57, 1763–1793.
Goergen, M. and L. Renneboog (2004), ‘Shareholder Wealth Effects of European Domestic and Cross-Border Takeover Bids’, European Financial Management, Vol. 10, pp. 9–45.
Gort, Michael, 1969, An economic disturbance theory of mergers, The Quarterly Journal of Economics 83, 624–642.
Gregory, A. (2005), ‘The Long Run Abnormal Performance of UK Acquirers and the Free Cash Flow Hypothesis’, Journal of Business Finance & Accounting , Vol. 32, pp. 777–814.
Griffin, John M., and Michael L. Lemmon, 2002, Book-to-market equity, distress risk, and stock returns, Journal of Finance 57, 2317–2336.
Henry, D. (2005), ‘Directors’ Recommendations in Takeovers: An Agency and Governance Analysis’, Journal of Business Finance & Accounting , Vol. 32, pp. 129–59.
Hirshleifer, David, 2001, Investor psychology and asset pricing, Journal of Finance 64, 1533–1597.
Holmstrom, Bengt R., and Steven N. Kaplan, 2001, Corporate governance and merger activity in the U.S.: Making sense of the 1980s and 1990s, MIT Dept. of Economics Working Paper No. 01-11.
Jensen, Michael C., 1986, Agency costs of free cash flow, corporate finance, and takeovers, American Economic Review 76, 323–329.
Jovanovic, Boyan, and Peter L. Rousseau, 2002, The Q-theory of mergers, American Economic Review 92, 198–204.
Jung, Kooyul, Yong-Cheol Kim, and Ren´e Stulz, 1996, Timing, investment opportunities, managerial discretion, and the security issue decision, Journal of Financial Economics 42, 159–185.
Lakonishok, Josef, Andrei Shleifer, and Robert W. Vishny, 1994, Contrarian investment, extrapolation and risk, Journal of Finance 49, 1541–1578.
Lang, Larry H. P., Ren´e 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.
Limmack, R. J. (1991), ‘Corporate Mergers and Shareholder Wealth Effects: 1977–1986’, Accounting and Business Research, Vol. 21, pp. 239–51.
Loughran, Tim, and A. M. Vijh (1997), ‘Do Long-term Shareholders Benefit from Corporate Acquisitions?’, Journal of Finance, Vol. 52, pp. 1765–90.
Loughran, Tim, and Jay Ritter, 2000, Uniformly least powerful tests of market efficiency, Journal of Financial Economics 55, 361–389.
Lynn Hodgkinson and Graham H. Partington, 2008, The Motivation for Takeovers in the UK, Journal of Business Finance & Accounting 35, 102–126.
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 Ren´eM. Stulz, 2004, Firm size and the gains from acquisitions, Journal of Financial Economics 73, 201–228.
Moeller, Sara B., Frederik P. Schlingemann, and Ren´e M. Stulz, 2005, Wealth destruction on a massive scale? A study of acquiring-firm returns in the recent merger wave, Journal of Finance 60, 757–782.
Morck, Randall, Andrei Shleifer, and Robert W. Vishny, 1990, Do managerial objectives drive bad acquisitions? Journal of Finance 45, 31–48.
Myers, Stewart C., and Nicholas S. Majluf, 1984, Corporate financing and investment decisions when firms have information that investors do not have, Journal of Financial Economics 13, 187–221.
Mitchell, M. and E. Stafford (2000), ‘Managerial Decisions and Long-Term Stock Price Performance’, Journal of Business, Vol. 73, pp. 287–329.
Ohlson, James A., 1995, Earnings, book values, and dividends in equity valuation, Contemporary Accounting Research 11, 661–687.
Polk, Christopher, and Paola Sapienza, 2004, The real effects of investor sentiment,Working paper, Northwestern University.
Rau, P. Raghavendra, and Theo Vermaelen, 1998, Glamour, value and the post-acquisition performance of acquiring firms, Journal of Financial Economics 49, 223–253.
Rhodes-Kropf, Matthew, David T. Robinson, and S. Viswanathan, 2004, Valuation waves and merger activity: The empirical evidence, Working paper, Columbia University and Duke University.
Roll, R. (1986), ‘The Hubris Hypothesis of Corporate Control’, Journal of Business, Vol. 59, pp. 197–216.
Schwert, G. W. (1996), ‘Markup Pricing in Mergers and Acquisitions’, Journal of Financial Economics, Vol. 41, pp.153–92.
Schwert, G. W. (1996), ‘Markup Pricing in Mergers and Acquisitions’, Journal of Financial Economics, Vol. 41, pp. 153–92.
Servaes, Henri, 1991, Tobin’s Q and the gains from takeovers, Journal of Finance 46, 409–419.
Shleifer, Andrei, and Robert W. Vishny, 2003, Stock market driven acquisitions, Journal of Financial Economics 70, 295–311.
Stein, Jeremy, 1996, Rational capital budgeting in an irrational world, Journal of Business 69, 429–455.
Travlos, Nickolaos G., 1987, Corporate takeover bids, methods of payment, and bidding firm’s stock returns, Journal of Finance 42, 943–963.
Verter, Geoffrey, 2003, Timing merger waves, Working paper, Harvard University.
Walkling, Ralph A., and Robert O. Edmister, 1985, Determinants of tender offer premiums, Financial Analysts Journal 41, 27–37.
Yook, K. (2003), ‘Larger Return to Cash Acquisitions: Signalling Effect or Leverage Effect?’ Journal of Business, Vol. 76, pp. 477–98.
QRCODE
 
 
 
 
 
                                                                                                                                                                                                                                                                                                                                                                                                               
第一頁 上一頁 下一頁 最後一頁 top