臺灣博碩士論文加值系統

過去文獻中，關於主併公司在購併目標公司之前是否為了降低成本而進行盈
餘管理的議題，已被廣泛的探討。多數的文獻較偏重公司購併行為的個體分析，
較少利用總體環境來探討購併行為。關於總體環境與購併的研究，過去學者因為
利用不同計量方法與不同的總體環境變數來衡量總體環境對購併行為的影響，所
以並未歸納出一套完整的方法與理論。多數的文獻只探討盈餘管理與購併的關
係，亦或是總體環境對購併的影響，若是把市場狀態與盈餘管理皆納入考量，是
否會有不同的結果。
本研究探討美國1979年至2009年期間以換股與現金型態之購併公司作為樣
本。發現主併公司在宣告購併前，公司會進行盈餘管理，來達成公司股價上漲或
降低購併成本的目的；另外在景氣提升時，普遍公司股價連帶會提高，故本篇納
入總體環境變數，發現以換股方式之購併，在景氣提升時，盈餘管理程度高於悲
觀週期的盈餘管理。最後探討購併後公司的短期與長期績效，發現以換股購併不
論在悲觀或是樂觀週期，主併公司偏向有負向異常報酬。

The purpose of this study examines that the acquiring firms manage earnings or not
before merger announcement in the U.S., and whether the earnings management before
merger announcement affect the stock of long-term performance of post-merger.
Furthermore, this paper links between earnings management and market conditions in
the mergers.
The data is using successful of stock and cash bidders in the U.S during 1979-2009.
The empirical result suggesting that the acquiring firms discretionary current accruals
are significantly positive prior to merger announcement. The study also suggests that
number of merger is increased in the bull market. Also find that earnings management is
aggressive prior to stock swap announcement in the bull market. Finally, the stock swap
of abnormal returns of long-term is negative in the bull and the bear market.

中文摘要 ⅰ
英文摘要 ⅱ
誌謝 ⅲ
目錄 ⅳ
表、圖目錄 ⅴ
第一章 緒論 1
第一節 研究動機 1
第二節 研究目的 3
第三節 研究架構與流程 4
第二章 文獻回顧 6
第一節 購併之相關文獻 6
第二節 盈餘管理之相關文獻 11
第三節 市場狀態之相關文獻 19
第四節 購併後績效之相關文獻 23
第三章 研究設計與方法 25
第一節 假說建立 25
第二節 變數定義與衡量 28
第三節 選取樣本 30
第四章 實證結果與分析 31
第一節 敘述統計 31
第二節 宣告購併前之盈餘管理分析 40
第三節 市場狀態與主倂公司之盈餘管理程度之分析 42
第四節 購併後長期績效之分析 46
第五章 結論與建議 62
第一節 結論 62
第二節 研究限制 64
參考文獻 65

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參考文獻
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66
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67
Maureen F. McNichols (2000), Research Design Issues in Earnings Management
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際大學財務金融所之畢業論文。
69
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之研究，國立中正大學財務金融研究所碩士論文。
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