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研究生:鍾政哲
研究生(外文):Cheng-Jer Chung
論文名稱:軟預算問題是否會導致公司在進行購併時支付較高的溢酬?
論文名稱(外文):Do firms with soft budget constraint problem pay more in M&As? Evidence from Eastern Asia.
指導教授:吳菊華吳菊華引用關係
指導教授(外文):Chu-Hua Wu
學位類別:碩士
校院名稱:元智大學
系所名稱:財務金融學程
學門:商業及管理學門
學類:一般商業學類
論文種類:學術論文
論文出版年:2011
畢業學年度:99
語文別:英文
論文頁數:36
中文關鍵詞:購併軟預算限制併購溢酬
外文關鍵詞:M&Assoft budget constraintacquisition premium
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本文試圖探討軟預算限制問題對購併在東亞新興市場的影響。當經理知道股東會提供更多的資金(即軟預算限制)時,他可能會藉由擴大公司的經營範圍(即併購)來掩飾他經營不佳的行為。因此,為使併購成功,經理人將支付更高的價格去收購。本文中,我們先探討軟預算限制問題的成因,再建立一個以考慮軟預算限制問題為基礎的購併溢價模型。結果表明,具有軟預算限制問題的公司有較高的併購意向,並會支付較高的溢酬,特別是在法律對投資者保護較弱的國家。

This paper, tries to examine the effects of soft budget constraints problem on acquisition decisions in emerging markets in Eastern Asia from 2000 to 2009. If the manager knows the shareholders will provide more funds (i.e. soft budget constraint), he may expand firm’s business scope by M&As to lurk his bad performance. Thus the manager will pay higher price to compete with other acquirers to make M&As successful. This paper first identifies firms with soft budget constraint, then develops a simple model of acquisition premium that takes the soft budget constraint into account. The result shows that firms with the soft budget constraint problem have higher intention of M&As and will pay more especially in those countries with weak legal protection of investors.

Content

Chapter 1 Introduction …………………………………………………………… 1
Chapter 2 Literature review ……………………………………………………… 4
Soft-Budget-Constraint Problem and M&As …………………………………… 5
Acquisition Premium in M&As………………………………………………… 6
Chapter 3 Methodology …………………………………………………………… 7
Leverage ratio analysis………………………………………………………… 8
Analysis of acquisition probability ……………………………………………… 9
Analysis of acquisition price equations………………………………………… 12
Chapter 4 Data description …………………………………………… 15
Chapter 5 Empirical Analysis on the Acquisition probability and Price ………… 24
Chapter 6 Conclusion …………………………………………………………… 30
Reference ………………………………………………………………………… 31
Appendix ………………………………………………………………………… 36


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