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研究生:李珊羽
論文名稱:經理人薪酬設計與併購後績效之分析
論文名稱(外文):Compensation design and post-merger performance
指導教授:吳菊華吳菊華引用關係沈仰斌沈仰斌引用關係
指導教授(外文):Wu, Chu-HuaShen, Yang-Pin
口試委員:盧秋玲詹佳縈
口試委員(外文):Lu, Chiu-lingChan, Chia-Ying
口試日期:2020-07-01
學位類別:碩士
校院名稱:元智大學
系所名稱:財務金融暨會計碩士班(財務金融學程)
學門:商業及管理學門
學類:一般商業學類
論文種類:學術論文
論文出版年:2020
畢業學年度:108
語文別:英文
論文頁數:25
中文關鍵詞:併購薪酬設計
外文關鍵詞:M&A
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本文主要探討長期激勵對管理者薪酬對併購決策的影響。先前的許多研究表明,併購確實會在短期內為目標公司創造價值,但併購公司的回報卻很差,並且併購公司CEO薪酬已大大增加。 Ramaswamy和Wagelein(2013)表明,CEO的長期激勵薪酬與併購的後續績效呈正相關。因此,我們嘗試使用長期激勵薪酬來考察收購方的長期或短期績效的表現。研究結果表明,薪酬激勵期的長短將成為合併後績效的主要驅動力。薪酬激勵旨在從長遠來看向高管人員支付更多報酬,因此併購後的長期績效會更好,併購後的短期業績與激勵計劃無關,這與我們所設之假設:長期薪酬是會對CEO的併購決策造成影響是一致的。本文的貢獻為:使用薪酬期間來做為衡量公司長期激勵的變數以判斷併購後績效,並從績效看出CEO薪酬長短將與其所作之併購決策有相關性。關鍵字: 併購、薪酬設計
This thesis mainly explores the impact of long-term incentives on managerial compensation on M & A decisions. Many previous researches show that mergers and acquisitions will indeed create value for target firm in the short term, but the returns of the acquiring firms are very poor, and the top executive compensation of the CEO of the acquiring firms have increased significantly, resulting in short-termism M & A issues. Ramaswamy and Wagelein (2013) show that the long-term incentive compensation of CEO is positively related to the subsequent performance of M & A. Thus, we try to use long term incentive compensation to examine the effect on acquirers’ long term or short term post acquisition performance. The research results show that the length of the compensation incentive period will be the main driving force for post-merger performance. Compensation incentive aims to pay executives more compensation in the long run, so the long-term performance after M&A will be better. And the short-term performance after the M&A doesn't have related with the incentive plan, which is consistent with our conclusion. Our contribution is: This article uses incentive duration as a variable to measure the company's long-term incentives to determines post-merger performance. And from the performance, it can be seen that the length of CEO compensation is related to the M&A decision made.Key words: M&A, Compensation Structure
Table of Content
Title Page i
Letter of approval……………………………………………………………………...ii
Abstract in Chinese iii
Abstract in English iv
Acknowledgements........................................................................................................v
Table of Content............................................................................................................vi
List of Table.................................................................................................................vii
Chapter 1: Introduction 1
Chapter 2: Literature Review and Hypothesis Development 4
Chapter 3: Data and Methodology 7
3.1: Data 7
3.2: Methodology........................................................................................................7
3.3: Model: 8
3.4: Variable definition ...9
Chapter 4: Empirical results 11
4.1: Descriptive statistics 11
4.2: Correlation on coefficient: 13
4.3: Regression analysis 15
Chapter 5:Conclusion 22
Chapter 6: Reference 23

List of Table

Table 1 Descriptive statistics 12
Table 2 Correlation matrix 14
Table 3 OLS regression result using BHR3 as the dependent variable 18
Table 4 OLS regression result using ROA3 as the dependent variable 19
Table 5 OLS regression result using BHR1 as the dependent variable 20
Table 6 OLS regression result using ROA1 as the dependent variable 21

Chapter 6: Reference
Bebchuk, Lucian, Alma Cohen, and Allen Ferrell. "What matters in corporate governance?" The Review of Financial Studies 22 (2009): 783-827.

Chen, Xia, Jarrad Hartford, and Kai Li. "Monitoring: Which institutions matter." Journal of Financial Economics 86 (2007): 279-305.

Datta, Sudip, Mai Iskandar-Datta, and Kartik Raman." Executive compensation and corporate acquisition decisions". Journal of Finance 56 (2001): 2299-2336.

Fich, Eliezer M., Jie Cai, and Anh L. Tran. "Stock option grants to target CEOs during private merger negotiations." Journal of Financial Economics 101 (2011): 413-430.

Grinstein, Yaniv, and Paul Hribar. "CEO compensation and incentives: Evidence form M&A bonuses." Journal of Financial Economics 73 (2004): 119-143.

Gopalan, R., T. Milbourn, F., Song, and A. Thakor. "Duration of executive compensation." Journal of Finance 69 (2014): 2777-2817.

Giliberto, S.M. and Varaiya, N.P. " The Winner's Curse and Bidder Competition in Acquisitions: Evidence from Failed Bank Auctions." The Journal of Finance, 44 (1989): 59-75.

Huang, Qianqian, Feng Jiang, Erik Lie, and Ke Yang. "The role of investment bander directors in M&A." Journal of Financial Economics 112 (2014): 269-286.

Harford, Jarrad, and Kai Li. "Decoupling CEO wealth and firm performance: The case of acquiring CEOs." The Journal of Finance 62 (2007): 917-949.

KACPERCZYK, M., SIALM, C. and ZHENG, L. "On the Industry Concentration of Actively Managed Equity Mutual Funds." The Journal of Finance, 60 (2005): 1983-2011.

Lewellen, Wilbur, Claudio Loderer, and Ahron Rosenfeld. "Merger decisions and executive stock ownership in acquiring firms". Journal of Accounting and Economics 7 (1985): 209-231.

Loughran, Tim, and Anand M. Vijh. "Do long-term shareholders benefit from corporate acquisitions?" Journal of Finance 52 (1997): 1765-1790.

Malmendier, Ulrike, and Geoffrey Tate. "Who makes acquisitions? CEO overconfidence and the market’s reaction." Journal of Financial Economics 89 (2008): 20-43.

Muhammad Aamir Ali, Usama Kalim, Hasnain Raza, Hafiz Amir Ali, Mohsin Rehman, Muhammad Ismat Ullah. "The Relationship Between ROA, ROE, ROCE and EPS Ratios with Break-up Values of Shares of Karachi-Pakistan Fuel and Energy Listed Companies. " Finance and Accounting. Vol. 5, No. 3 (2017): 115-122.

Raghavendra Rau and Theo Vermaelen. " Glamour, Value and The Post-Acquisition Performance of Acquiring Firms." Journal of Financial Economics 49 (1998) :223 – 253.

Ramaswamy, K. P., and James F. Waegelein. "Firm financial performance following mergers." Review of Quantitative Finance and Accounting 20 (2003):115-126.

Schmidt, Dennis R., and Karen L. Fowler. "Post-acquisition financial performance and executive compensation." Strategic Management Journal 11 (1990): 559-569.

Sudarsanam, S. and Mahate, A.A. "Glamour Acquirers, Method of Payment and Post Acquisition Performance: The UK Evidence." Journal of Business Finance & Accounting, 30 (2003): 299-342.

Tehranian, Hassan, Nickolaos G. Travlos, and James F. Waegelein. "Management Compensation Contracts and Merger-Induced Abnormal Returns." Journal of Accounting Research 25 (1987): 51-76.

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