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研究生:李興晟
研究生(外文):Hsing-Cheng Li
論文名稱:公司治理特性對公司併購績效之影響
論文名稱(外文):Corporate Governance and the Performances of M&A Companies
指導教授:余曉靜
指導教授(外文):YU, XIAO-JING
口試委員:林文昌溫秀英
口試委員(外文):LIN, WEN-CHANGWEN, SHIOW-YING
口試日期:2017-06-15
學位類別:碩士
校院名稱:國立中正大學
系所名稱:財務金融系研究所
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:2017
畢業學年度:105
語文別:中文
論文頁數:39
中文關鍵詞:併購績效股權結構累積異常報酬
外文關鍵詞:Merger PerformanceOwnership StructureCumulated Abnormal Return
相關次數:
  • 被引用被引用:2
  • 點閱點閱:146
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  • 下載下載:0
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本研究以2000年至2013年的台灣上市上櫃公司為研究對象,篩選後樣本數共計主併公司152家。使用事件研究法和差異性檢定探討累積平均異常報酬(CAR)和財務績效於併購宣告前後是否出現顯著變化,實證結果顯示併購宣告短期內能帶來正的累積異常報酬,但長期無法使併購後異常股票報酬和營運績效增加或改善。此外,以複迴歸分析探討公司治理特性與併購後股票異常報酬和經營績效間的關係,發現本國政府持股、機構法人持股、自由現金流量比對於公司併購後報酬及經營績效有正向影響,而獨立董事與經營績效為負向關係,董事會規模與董監事持股質押比之影響則不顯著。
By using event study and t test, this study examines whether there is significant changes in cumulated abnormal return (CAR) and operational performance when announcing merger and acquisitions. Sample includes 152 companies listed on Taiwan Stock Exchange or over-the-counter market during 2000 to 2013. We found that acquiring firms have short-term positive CAR during event period, however, there is no long-temr improvement in abnormal return and operational performance following the announcement of merger and acquisitions. Moreover, we use multiple regression to analyze the relationship between corporate characteristics and stock abnormal return and operational performance. Empirical results show that the higher govenmental shareholding, institutional shareholding and free cash flow ratio, the better abnormal return and opertaional performance. But higher Independent directors work the opposite way. In addition, board size and the pledge of board members’ holdings have insignificant influence on abrnormal return and opertaional performance.
第一章 緒論…………………………………………………1
第一節 研究背景……………………………………………1
第二節 研究動機與目的……………………………………3
第三節 研究架構……………………………………………4
第二章 文獻探討與回顧……………………………………5
第一節 併購對公司價值與經營績效之影響………………5
第二節 公司治理對公司價值與經營績效之影響…………6
第三章 研究設計……………………………………………10
第一節 資料來源與樣本選取………………………………10
第二節 研究假說……………………………………………11
第三節 變數選擇與定義……………………………………12
第四節 研究方法……………………………………………14
第四章 實證結果與分析……………………………………21
第一節 敘述性統計與相關係數分析……………………21
第二節 併購之短期績效分析……………………………24
第三節 併購之長期績效分析……………………………25
第四節 迴歸分析之實證結果……………………………28
第五章 結論…………………………………………………34
參考文獻……………………………………………………36

一、中文文獻
王育慧,2007,機構投資人促進公司治理法制之研究,財產法暨經濟法,11,69-103。
吳文德、陳振遠,2007,公司治理與代理問題對企業併購績效影響之研究-以台灣上市公司為例,澳門科技大學學報,1,71-93。
李馨蘋、莊宗憲,2007,公司治理機制與公司績效之實證研究,東吳經濟商學學報,57,1-27。
林江亮、鄭菽萱,2006,政府持股與公司價值之關聯性研究,當代會計,7(2),237-260。
林宛瑩、許崇源,2008,台灣集團企業之控股型態及公司治理衡量指標之研究與建議,交大管理學報,1,269-312。
林鳳麗、廖育旻,2010,台灣上市公司自由現金流量與營收成長是否影響公司績效? 縱橫門檻迴歸模型之運用,會計與公司治理期刊,7(1),1-30。
高蘭芬、邱正仁,2002,董監事股權質押對會計盈餘與股票報酬相關性之影響,臺大管理論叢,13(1),127-162。
許溪南、王耀斌、洪銓,2011,臺灣股票市場成分波動性之分解、趨勢與影響因素,中華管理評論國際學報,14(2),1-27。
陳美華、洪世炳,2005,公司治理、股權結構與公司績效關係之實證研究,企業管理學報,65,129-153。
楊馥如、王偉權、林惠雪、蔡珮蓉,2013,購併公司的財富效果與公司治理特性,永續發展與管理策略,5(1),59-84。
廖秀梅、李建然、吳祥華,2006,董事會結構特性與公司績效關係之研究-兼論台灣家族企業因素的影響,東吳經濟商學學報,54,117-160。
二、英文文獻
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Sinha, N., Kaushik, K. P., and Chaudhary, T., (2010), ‘Measuring post merger and acquisition performance: An investigation of select financial sector organizations in India’, International Journal of Economics and Finance, 2(4), 190-200.
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