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研究生:鍾婉屏
研究生(外文):Wan-Ping Chung
論文名稱:距離對併購績效之影響-以美國產險業為例
論文名稱(外文):Distance and M&A Performance in the U.S. Property$Liability Insurance Industry
指導教授:林姿婷林姿婷引用關係
口試委員:蔡英哲詹芳書
口試日期:2015-06-23
學位類別:碩士
校院名稱:國立臺灣大學
系所名稱:財務金融學研究所
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
論文出版年:2015
畢業學年度:103
語文別:中文
論文頁數:21
中文關鍵詞:併購距離鄰近產險業軟資訊資訊優勢
外文關鍵詞:Mergers and AcquisitionsDistanceProximityProperty-Liability InsuranceSoft InformationInformation Advantage
相關次數:
  • 被引用被引用:1
  • 點閱點閱:208
  • 評分評分:
  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:0
本研究以美國產險業為樣本,探討併購公司與其併購標的間距離對於併購績效之影響。研究結果發現併購公司與其併購標的間距離越近,併購後ROE變動表現較佳,隱含距離對於資訊優勢與綜效的發揮具有影響力。本研究亦發現自有資本佔總資產比率與併購績效呈正相關,而股票投資收益占股債投資收益比率及地理風險分散程度則與併購績效呈負相關。

This paper investigates the effect of distance between the acquirer or merger and its target on the performance of mergers and acquisitions in the U.S. property$liability insurance industry. This paper finds mergers and acquisitions that occur within shorter distances are more likely to perform better on ROE, implying the relevance of distance and information advantage and synergy. In addition, this paper finds a positive correlation between the ratio of equity capital to total asset and the performance of mergers and acquisitions, while the ratio of income from stock investment to income from both debt and stock investment and the degree of geographical diversification are negatively correlated with the performance of mergers and acquisitions

目錄
致謝 ii
中文摘要 iii
Abstract iv
第一章 緒論 1
第一節 研究動機 1
第二節 論文架構 1
第二章 文獻探討 2
第一節 併購動機與效益 2
第二節 距離與資訊優勢 3
第三節 文獻總結 5
第三章 研究方法 6
第一節 研究假說 6
第二節 研究模型與研究變數 6
第三節 資料來源 11
第四節 敘述統計 15
第四章 實證結果 16
第一節 回歸分析實證結果 16
第五章 結論 18
參考文獻 19


參考文獻
1.Altunbaş, Y. and Marqués, D., 2008. Mergers and acquisitions and bank performance in Europe: The role of strategic similarities. Journal of Economics and Business, 60 (3): 204–222.
2.Butler, A.W., 2008. Distance still matters: evidence from municipal bond underwriting. The Review of Financial Studies, 21(2): 763-784.
3.Cai, Y., Tian, C. and Xia, H., 2014. Locations, Proximity, and M&A Transactions. Working Paper.
4.Coval, J.D. and Moskowitz, T., 2001. The geography of investment: informed trading and asset prices. Journal of Political Economy, 109: 811-841.
5.Coval, J.D. and Moskowitz, T., 1999. Home bias at home: Local equity preference in domestic portfolios. Journal of Finance, 54: 2045-2073.
6.Cummins, J.D., Tennyson, S. and Weiss, M.A., 1999. Consolidation and Efficiency in the US Life Insurance Industry. Journal of Banking and Finance, 23: 325–357.
7.Cummins, J.D. and Xie, Xiaoying, 2008. Mergers and acquisitions in the US property-liability insurance industry: Productivity and efficiency effects. Journal of Banking and Finance, 32 (1): 30-55.
8.Elango, B., Ma, Y.L. and Pope, N., 2008. An Investigation into the Diversification-Performance Relationship in the U.S. Property-Liability Insurance Industry. Journal of Risk and Insurance, 75(3): 567–591.
9.Fiegenbaum, A., Thomas, H., 1990. Strategic groups and performance: The U.S. insurance industry, 1970–84. Strategy Management Journal, 11:197–215.

10.Gaspar, J.M. and Massa, M., 2007. Local Ownership as private information: Evidence on the monitoring-liquidity trade-off. Journal of Financial Economics, 83: 751-792.
11.Grace, M.F and. Timme, S.G., 1992. An examination of cost economies in the United States life insurance industry. Journal of Risk and Insurance, 59: 72–103.
12.Grote, M.H. and Umber, M.P., 2007. Proximity preference in M&A transactions. Working paper.
13.Hanweck, G.A. and Hogan, A.M.B., 1996. The Structure of the Property/Casualty Insurance Industry. Journal of Economies and Business, 48: 141-155.
14.Hau, H., 2001. Location matters: an examination of trading profits. Journal of Finance 56: 1959-1983.
15.Hoyt, R. E., and J. S. Trieschmann, 1991, Risk/Return Relationships for Life-Health, Property-Liability, and Diversified Insurers. Journal of Risk and Insurance, 58 (2): 322–330.
16.Ivkovich, Z. and Weisbenner, S., 2005. Local does as local is: information content of the geography of individual investors’ common stock information. Journal of Finance 60 (1): 267-306.
17.Joel, D. G. and Mariann, J., 1983. Plan for Economies of Scope. Harvard Business Review.
18.Kedia, S., Panchapagesan, V. and Uysal, V. B., 2008. Geography and Acquirer
Return. Journal of Financial Intermediation, 17(2):256-275.
19.Lienbenberg, A. P. and Sommer, D. W., 2008. Effects of Corporate Diversification: Evidence from the Property-Liability Industry. Journal of Risk and Finance, 75 (4):893-919.
20.Seth, A., 1990. Value Creation in acquisitions: A reexamination of performance issues. Strategic Management Journal, 11: 99-115.
21.Shim, Jeungbo, 2011. Mergers & Acquisitions, Diversification and Performance in the U.S. Property-Liability Insurance Industry. Journal of Financial Services Research, 39:119–144.


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