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研究生:謝昌歷
論文名稱:政治連結對跨國併購的績效影響─以中國上市企業為例
論文名稱(外文):Political connection and cross-border M&;A: evidence from China listed companies
指導教授:吳啟銘吳啟銘引用關係
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:101
語文別:中文
論文頁數:56
中文關鍵詞:政治連結跨國併購事件研究法
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隨著近年來西方經濟不振且中國經濟的起飛,跨國併購活動的版圖正在重新洗牌,中國企業正如火如荼地進行跨國併購活動。本論文利用事件研究法對2000年到2011年中國上市且有進行跨國併購的企業共47家做分析,藉由迴歸分析的結果去觀察政治連結與國外投資人對於併購績效的影響。本研究的立論在於,存在政治連結的企業受到中國政府的指示進行跨國併購活動,目的是滿足中國政府的自身考量而非投資人的利益,也因為跨國併購行為是由政府所主導、推動的,因此政府所採取的政策與作為,很可能是這些政治連結企業跨國併購之成敗的最主要因素。
而本論文主要的結果分為兩部分。 a.主併公司的跨國併購宣告效果在所有本論文選用的事件窗口皆不顯著,也就是併購事件對於公司股價並不會產生顯著的影響。 b. 政治連結與國外投資人都會對併購績效帶來負面的影響,尤其是這兩個同時存在的時候併購的績效負面的效果最為強烈。此外,國外投資人對於併購即期效果就有負面的影響,也就是在事件窗口(-1,+1)就會馬上產生負向關係,然而,可能因為併購消息提前走漏或是市場還沒有反應,政治連結對跨國併購的即時宣告效果並未產生任何顯著的影響。一直到了事件窗口(-5,+5)時這兩個解釋變數會同時相當顯著的對於併購績效造成負面的影響,而這個效果會隨著時間而遞減,但持續到併購宣告之後15個交易日,最後在併購交易之後30個交易日,可能是受到市場上其他事件或是公司本身有其他重大事件的干擾,導致負向的影響效果不再顯著了。
第一章 緒論 1
1.1 研究背景及動機 1
1.2 研究問題 2
1.3 研究目的與貢獻 3
1.4 研究設計與方法 3
1.5 研究架構 3
第二章 文獻回顧 5
2.1 政治連結與企業價值的關係 5
2.2 政治連結對企業投資決策的影響 6
2.3 企業進行跨國併購的誘因與績效 7
2.4 影響跨國併購宣告效果的因素 9
第三章 研究設計 13
3.1 資料來源 13
3.2 樣本選取標準 13
3.3 事件研究法 17
3.4 變數定義 19
3.5 複迴歸分析 25
第四章 實證結果 27
4.1. 累積異常報酬率統計檢定 27
4.2. 複迴歸模型 28
第五章 結論與建議 41
5.1. 研究結論 41
5.2. 研究限制 42
5.3. 後續研究建議 42
參考文獻 43
附表 47

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