跳到主要內容

臺灣博碩士論文加值系統

(35.173.42.124) 您好!臺灣時間:2021/07/26 13:26
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:毛子睿
研究生(外文):Tzu-Jui Mao
論文名稱:影響公司是否參與購併的因素:以不動產投資信託為例
論文名稱(外文):What Drives a Firm to Become an Acquirer? Evidence from REITs
指導教授:沈仰斌沈仰斌引用關係
指導教授(外文):Yang-Pin Shen
學位類別:碩士
校院名稱:元智大學
系所名稱:財務金融學系
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:2009
畢業學年度:97
語文別:英文
論文頁數:49
中文關鍵詞:購併不動產投資信託Probit 模型
外文關鍵詞:Merger and AcquisitionREITsProbit model
相關次數:
  • 被引用被引用:0
  • 點閱點閱:120
  • 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:0
本篇研究的目的是在於研究「究竟是什麼樣的因素導致公司想要去採行購併這樣的計畫」。本篇研究與過去的文獻不同之處主要可以歸納成為以下兩點。第一、本研究主要的研究對象是不動產投資信託公司(Real Estate Investment Trusts) 。第二、本篇使用Probit的模型來研究公司參與購併的動機。
本篇文章的結論主要可以分為兩個部分。第一個部分是關於公司宣告購併計劃的時,市場的反應。實證結果顯示,當公司宣告其將與另一公開上市且為不同集團的公司合併時,會有負的超額報酬;而當公司宣告其將與另一未上市且為不同集團的公司合併的時候,會有正的超額報酬。
第二個部分是關於主併公司購併的動機。實證結果顯示:在Probit模型中,公司大小以及獲利能力與成為主併公司的機率有正向的關係,表示越大的公司、獲利能力越好的公司,越有可能成為一個購併者;另外,公司槓桿的程度、未來成長的機會、公司的透明度、以及公司現金流量的多寡都與成為購併者的機率有負向的關係,也就是說,槓桿程度越低、未來成長的機會越低、透明度越低的公司、公司現金流量越少,則越有可能成為購併者。最後,總結以上的實證結果,在不動產投資信託的購併行為中,我們並沒有發現任何支持代理問題的實證結果,因為不動產投資信託的法規已經限制了經理人所可能產生的代理問題。
The purpose of this research is trying to uncover the motivation behind these mergers. In this research, we focus only on REIT companies and we use probit model to find out the motives for the acquirers. In the first part of this research, we study the announcement returns for acquirers around merger and acquisitions. We discovered that when announcing a merger with a public target that belongs to another conglomerate, acquirers have significant negative announcement returns, but acquirers have positive returns when merging with another private target belongs to another conglomerate. In the second part, we apply the probit analysis to find out what drives a firm to acquire others. Results indicate that the probability of being acquirers are positively related to firm size and profitability, and negatively related to firms’ growth opportunity, leverage, transparency, and cash flow. Moreover, since we cannot support any motives directly related to agency problems, we believe that the rule for REITs really mitigate the agency problems.
I. INTRODUCTION - 1 -
II. LITERATURE REVIEW - 5 -
II.1 CARS AROUND REITS MERGER ANNOUNCEMENT - 5 -
II.2 THEORIES EXPLAINING THE ABNORMAL RETURNS - 6 -
III. DATA - 8 -
III.1 DATA FOR CARS - 9 -
III.2.1 DATA FOR PROBIT MODEL - 10 -
III.2.2 SUMMARY STATISTICS - 10 -
IV. VARIABLE AND HYPOTHESES - 12 -
IV.1 SIZE - 12 -
IV.2 GROWTH - 13 -
IV.3 LEVERAGE - 15 -
IV.4 PROFITABILITY - 17 -
IV.5 TRANSPARENCY - 17 -
IV.6 CASH FLOW - 18 -
V. METHODOLOGY - 19 -
V.1 MEASUREMENT OF ABNORMAL RETURNS - 19 -
V.2 EX-ANTE ANALYSIS - 21 -
VI. EMPIRICAL RESULTS - 22 -
VI.1.1 ABNORMAL RETURNS FOR ACQUIRERS - 22 -
VI.1.1 ALL-ACQUIRER PORTFOLIO - 23 -
VI.1.2 PUBLIC-TO-PUBLIC PORTFOLIO - 24 -
VI.1.3 PUBLIC-TO-PRIVATE PORTFOLIO - 25 -
VI.1.4 ROBUSTNESS CHECK - 26 -
VI.2.1 RESULTS FOR EX-ANTE PROBIT MODELS - 28 -
VI.2.2 ROBUSTNESS CHECK - 30 -
VII. CONCLUSION - 31 -
Reference
Allen, Paul R. and C. F. Sirmans., 1987, “An Analysis of Gains to Acquiring Firm’s Shareholders: The Special Case of REITs” Journal of Financial Economics 1, 18: 175-184
Ang, James S. and Yung Ling Lo, 2007, “The Market-Timing Ability of Low Transparency Firms in the Acquisition Market”, working paper
Campbell, Robert D., Chinmoy Ghosh, and C. F. Sirmans, 2001, “The Information Content of Method of Payment in Mergers: Evidence from Real Estate Investment Trusts (REITs)”, Journal of Real Estate Economics 29, 3: 361-87
Campbell, Robert D., Chinmoy Ghosh, Milena Petrova, and C. F. Sirmans, 2006, “Corporate Governance and Performance in the Market for Corporate Control: The Case of REITs”, working paper
Campbell, Robert D., Erasmo Giambona, and C.F. Sirmans, 2008, “The Post-Merger Underperformance Anomaly: Evidence from REITs”, working paper
Eichholtz, Piet M.A., and Nils Kok, 2008, “How Does Market for Corporate Control Function for Property Companies?” Journal of Real Estate Finance Economics 36, 2: 141-163
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, 4: 1763-1793
Ghosh, Chinmoy and C. F. Sirmans, 2003, “Board Independence, Ownership Structure and Performance: Evidence from Real Estate Investment Trusts”, Journal of Real Estate Finance and Economics 26, 2/3:287-318
Ghosh, Chinmoy, John Harding, Özcan Sezer, and C. F. Sirmans, 2006, “The Role of Executive Stock Options in REIT Repurchases”, working paper
Jensen, Michael C., 1986, “Agency Cost of Free Cash Flow, Corporate Finance, and Takeovers”, The Journal of American Review 76, 2:323-329
Jensen, Michael C., and William H. Meckling, 1976, “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure”, Journal of Financial Economics 3, 4:305-360
Lang, Mark H. and Russell J. Lundholm, 1996, “Corporate Disclosure Policy and Analyst Behavior”, The Accounting Review 71, 4:467-492
Moller, Sara B., Frederik P. Schlingemann, René M. Stulz, 2004, “Firm Size and The Gains from Acquisitions”, Journal of Financial Economics 73, 2: 201-228
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, 2: 187-221
Opler, Tim, and Sheridan Titman, 1993, “The Determinants of Leveraged Buyout Activity: Free Cash Flow vs. Financial Distress Costs”, Journal of Finance 48, 5:1985-1999
Petersen, Mitchell A., 2008, “Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches”, forthcoming, Review of Financial Studies
Shen, Yang-pin, Li-Ching Chiu and Chiuling Lu, 2008, “A Discrete Random Effect Logit Model of the Determinants of Asset-Backed Securitization”, Journal of Financial Studies 16, 2: 69-100
Sudarsanam, Sudi Peter Holl, and Ayo Salami, 1996, “Shareholder Wealth Gains in Mergers: Effect of Synergy and Ownership Structure”, Journal of Business Finance and Accounting 23, 5-6: 673-698
Travlos, Nickolaos G., 1987, “Corporate Takeover Bids, Methods of Payment, and Bidding Firms’ Stock Returns”, Journal of Finance 42, 4:943-963
Trautwein, Friedrich, 1990, “Merger Motives and Merger Prescriptions”, Strategic Management Journal 11,283-295
Vincent, Linda, 1999, “The Information Content of Funds From Operations (FFO) for Real Estate Investment Trusts (REITs)”, Journal of Accounting and Economics 26, 1-3: 69-104
QRCODE
 
 
 
 
 
                                                                                                                                                                                                                                                                                                                                                                                                               
第一頁 上一頁 下一頁 最後一頁 top