臺灣博碩士論文加值系統

本篇論文主要探討公司支付於跨國併購的併購溢酬，與其宣告日前後股價的表現之關係。我們的樣本包含37個中國廠商進行之大型跨國併購，經過統計分析後，我們發現支付併購溢酬的大小顯著與併購方的宣告日短期股價呈現正相關。這個結果明顯與宣稱併購溢酬將帶來負面股價反應的大多現有文獻相違背。然而，藉由行為財務學的理論，我們試圖說明此現象為中國投資人普遍對於跨國併購成效之過度信心所造成。
然而，我們也發現當併購方直接向目標公司提出要約收購，或稱「買斷合併」時，上述所談到的併購溢價對於股價的正向影響將會被大幅削弱。綜合兩個假設的結論，在產業前景將屆好轉的時間點上，併購溢價會促使投資人對於併購方產生正向積極的想法，併購方可以預期此舉將帶來短期股價走升。惟若以買斷購併的方式進行，股價的反應相對不顯著。

This study examines the relationship between premiums paid and acquirers’ stock market returns to the announcement of a cross-border acquisition. Drawing on a sample of 37 large Chinese acquirers, we found that the amount of premium is positively associated with the acquirers’ stock immediate returns. This result deviates from the findings of prior studies which predict negative stock returns to the premiums announcement. Building on behavioral finance theory, we argue that Chinese investors tend to be overly-confident in the performance of cross-border acquisitions and they view the premium paid as a positive sign to the prospect of the acquisition.
Moreover, we also found that the relationship between the premium paid and the stock returns is weakened when the deal is a tender offer or a full ownership acquisition. In sum, we suggest that premiums paid will benefit the acquiring firm’s immediate stock returns when investors perceived that the acquiring firm is able, and about to take a chance on an industrial turning point. Despite that a tender offer will significantly weaken the positive effect of premiums paid.

Abstract I
摘要 II
誌謝 III
Content IV
Content of Table VI
Content of Figure VI
Chapter 1 Introduction 1
Chapter 2 Literature Review 5
2.1 Acquisition Strategies 6
2.2 Decision Makers 10
2.3 Acquisition Circumstances 12
Chapter 3 Hypothesis Development 16
3.1 Acquisition Premium 17
3.2 Tender Offer 20
3.3 Length between Effective Date and Announcement Date 21
Chapter 4 Research Design 23
4.1 Sample and Data Sources 23
4.1.1 Sample Characteristics 24
4.2 Variable and Measures 27
4.2.1 Dependent Variable 27
4.2.2 Independent Variables 28
4.2.3 Control Variables 29
4.3 Analytical Techniques 32
Chapter 5 Results 33
Chapter 6 Discussion and Conclusion 37
6.1 Literary Implications 38
6.2 Managerial Implications 39
6.3 Limitations and Future Research 40
Reference 41

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