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研究生:林芸霈
論文名稱:併購對企業價值於危機時期之影響
論文名稱(外文):The wealth effect of merger activity in crisis periods
指導教授:李志宏李志宏引用關係
學位類別:碩士
校院名稱:國立政治大學
系所名稱:財務管理研究所
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
畢業學年度:99
語文別:中文
論文頁數:43
中文關鍵詞:危機時期併購溢酬宣告效果併購後績效現金持有
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本文之研究目的旨在探究危機事件發生時,主併公司是否能夠藉由併購獲得撿便宜的機會,並且在過程中是否因為撿便宜而破壞公司價值,或是企業撿便宜的同時亦會兼顧長期發展利益;以及是否屬於持有現金較多的主併公司能夠在危機時期進行價值創造之併購活動。本文利用2000年到2010年美國三大證券交易所公開上市公司之主併公司及被併公司資料進行分析,研究結果顯示危機時期的併購溢酬並無顯著低於非危機時期的併購溢酬,主併公司在危機時期之併購沒有撿便宜之現象。而危機時期的主併公司宣告期間報酬較差,但股票長期超額報酬卻優於非危機時期進行併購的主併公司,顯示雖然市場對於危機時期宣告併購消息給予更負面的評價,但長期股東卻享有較高且正的超額報酬;最後,實證結果指出危機時期現金持有比率高的公司付出的併購溢酬較少、宣告效果較差,但長期股票超額報酬優於現金比例低的公司。
摘要 I
目次 II
表目錄 III
圖目錄 IV
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 3
第三節 研究架構 4
第二章 文獻回顧 5
第一節 併購動機之文獻 5
第二節 金融危機、景氣衰退與併購之文獻 7
第三節 影響併購後股東財富之文獻 9
第三章 資料與研究方法 11
第一節 研究假說 11
第二節 資料處理及樣本 14
第三節 研究方法 16
第四章 實證結果分析 20
第一節 併購溢酬 20
第二節 宣告期間超額報酬及買進持有超額報酬 23
第三節 公司特徵與併購溢酬、長短期績效分析 30
第五章 結論與建議 35
參考文獻 38
附錄一 42
中文文獻
王思婷,2007,外資入股東亞地區商業銀行之動機與定價因素探討,臺灣大學財務金融學研究所碩士論文
李建然、陳信吉、梁宏康,2007,「金融公司購併溢價與被併公司高階管理團隊特質之關聯性」,人力資源管理學報,7(4):25-44
吳茵,2009,溢價與支付方式對併購後績效之影響,臺灣大學會計學研究所碩士論文
廖俊杰、陳家妤, 2009, 「買貴了還是買對了? 主併者併購溢價與長短期股票報酬的非線性關係」,中華管理評論國際學報,12(2)

英文文獻
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