臺灣博碩士論文加值系統

本研究探討經理人薪酬誘因與併購距離之關係，以及併購後，這兩項變數對主併公司長期績效的影響。實證結果發現，經理人在有較多的薪酬誘因時，為了增加持有的股票與選擇權價值，選擇忽略遠距離併購所造成的風險性，仍然偏好併購距離較遠的目標公司。但同樣在風險考量下，近距離併購的長期績效表現則比遠距離併購好，此研究結果顯示雖然在高薪酬誘因的情況下，經理人偏好併購遠距離的公司，但就績效表現來說，其實在高薪酬誘因下，去併購距離近的公司，對經理人持有的股權和公司表現而言，反而較有利益。

This study examines the connection of managers' compensation incentives, M&A distance and long-term performance after M&A. The empirical results show that managers prefer to merge the long-distance target, in order to increase the value of holding stocks and options, and ignore the risk caused by long-distance acquisitions. Therefore, we also found the long-term performance of short-distance M&A is better than long-distance M&A. In conclusion, managers with high incentives prefer to merge long-distance target, but in fact the performance of high-incentive and short-distance M&A is much better for managers and firms.

第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 2
第三節 研究架構 2
第二章 文獻回顧與假說 3
第一節 薪酬誘因的市場績效 3
第二節 地理位置與距離對併購之影響 3
第三節 併購後之長期績效 4
第四節 研究假說 4
第三章 資料及研究方法 5
第一節 樣本來源及選取 5
第二節 變數定義 6
第三節 實證模型 9
第四章 實證結果 12
第一節 樣本敘述統計分析 12
第二節 差異性檢定 13
第三節 長期績效表現 13
第四節 Fama-French四因子模型 14
第五節 迴歸分析 14
第五章 結論與建議 16
第一節 結論 16
第二節 研究限制與建議 16
參考文獻 17
附錄一 選擇權薪酬誘因之計算方法 (Core and Guay, 1999) 29

中文文獻
楊東曉和蘇秋竹，2012，經理人股權相關薪酬對違約風險的影響，會計評論，第54 期，2012 年1 月，第 77－115 頁。

英文文獻
Christa H. S. Bouwman, Kathleen Fuller and Amrita S. Nain, 2009, Market Valuation and Acquisition Quality: Empirical Evidence, Review of Financial Studies, Vol. 22, No. 2, 2009
John Core and Wayne Guay, 1999, The use of equity grants to manage optimal equity incentive levels, Journal of Accounting and Economics 28 (1999) 151-184
Christopher J. Malloy, 2005, The Geography of Equity Analysis, Volume 60, Issue 2, April 2005, Pages 719–755
Davor Filipovic ́, 2012, Impact of Company’s Size on Takeover Success, Economic Research - Ekonomska istraživanja, Vol. 25 (2012) No. 2 (435-444)
Eugene F. Fama and Kenneth R. French, 1992, The Cross-Section of Expected Stock Returns, The Journal of Finance, Volume 47, Issue 2, 427-465
Gayle L. DeLong, 2001, Focusing versus diversifying bank mergers: analysis of market reaction and long-term performance, Journal of Financial Economics, 2001, vol. 59, issue 2, pages 221-252
Robert A. Haugen and Lemma W. Senbet, 1981, Resolving the Agency Problems of External Capital through Options, The Journal of Finance, Volume 36, Issue 3, June 1981, Pages 629–647
Radu Ciobanu, 2016, Does the geographic location influence takeovers, Economic Research-Ekonomska Istraživanja, VOL. 29, NO. 1, 782–798
Roberto Ragozzino and Jeffrey J. Reuer, Geographic Distance and M&A Markets: IPOS as Information Diffusion Mechanisms, 2006, ACAD MANAGE PROC, August 1, 2006 2006:1 F1-F6
Jie Cai and Anand M. Vijh, 2007, Incentive Effects of Stock and Option Holdings of Target and Acquirer CEOs, The Journal of Finance, Volume 62, Issue 4, August 2007, Pages 1891–1933
Jens Kengelbach, Bernhard Schwetzler and Marco O. Sperling, 2010, How does geographical and legal proximity affect the performance of M&A transactions, Journal of General Management, Vol. 35 No. 3 Spring 2010
John D. Knopf, Jouahn Nam and John H. Thornton Jr., 2002, The Volatility and Price Sensitivities of Managerial Stock Option Portfolios and Corporate Hedging, The Journal of Finance, Volume 57, Issue 2, April 2002, Pages 801–813
Kevin Murphy, 1999, Executive compensation, Handbook of Labor Economics, 1999, vol. 3, Part B, pp 2485-2563
Michael C. Jensen and William H. Meckling, 1976, Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure, Journal of Financial Economics, October, 1976, V. 3, No. 4, pp. 305-360
Moctar and Xiaofang, 2014, The Impact of Mergers and Acquisition on the financial performance of West African Banks: A case study of some selected commercial banks, International Journal of Education and Research, Vol. 2 No. 1 January 2014
Selcuk and Yilmaz, 2011, The Impact of Mergers and Acquisitions on Acquirer Performance: Evidence from Turkey, Business and Economics Journal, Volume 2011: BEJ-22
Tim Loughran, 2008, The Impact of Firm Location on Equity Issuance, Financial Management, Volume 37, Issue 1, Spring 2008, Pages 1–21
Vahap B. Uysal, Simi Kedia and Venkatesh Panchapagesan, Geography and acquirer returns, 2008, Journal of Financial Intermediation, Volume 17, Issue 2, April 2008, Pages 256–275
Yakov Amihud and Baruch Lev, 1981, Risk Reduction as a Managerial Motive for Conglomerate Mergers, Bell Journal of Economics, 1981, vol. 12, issue 2, 605-617
Ye Cai, Xuan Tian and Han Xia, 2016, Location, Proximity, and M&A Transactions, Journal of Economics & Management Strategy, Vol. 25, Issue 3, pp. 688-719, 2016