(54.236.58.220) 您好!臺灣時間:2021/02/27 18:38
字體大小: 字級放大   字級縮小   預設字形  
回查詢結果

詳目顯示:::

我願授權國圖
: 
twitterline
研究生:陳俞汝
研究生(外文):CHEN, YU-JU
論文名稱:併購支付方式、盈餘管理與短期市場報酬-以台灣併購交易為實證
論文名稱(外文):Payment Method, Earnings Management and Short-term Market Returns: Evidence on Taiwan M&A Deals
指導教授:顏子瑜顏子瑜引用關係
指導教授(外文):Yen Tze-Yu
口試委員:余曉靜周淑卿
口試委員(外文):Yu JeanChou Shuching
口試日期:2020-07-03
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:2020
畢業學年度:108
語文別:中文
論文頁數:49
中文關鍵詞:併購活動應計項目盈餘管理支付方式
外文關鍵詞:Mergers and AcquisitionsAccrual-Based Earnings ManagementPayment Method
相關次數:
  • 被引用被引用:0
  • 點閱點閱:46
  • 評分評分:系統版面圖檔系統版面圖檔系統版面圖檔系統版面圖檔系統版面圖檔
  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:0
從 2002 年台灣加入世界貿易組織(WTO)後,許多企業會採取併購的方式來鞏固市場地位和競爭力,並為股東和投資人創造財富,因此本論文以 2009 年至2019 年共 784 筆台灣上市櫃公司的併購案為研究樣本,探討併購支付方式、盈餘管理和短期市場報酬間的相互影響,衡量方式以可裁決性應計數衡量盈餘管理程度,再以市場模型衡量短期累積異常報酬。 實證結果可以發現:1)可裁決性應計數的實證結果並不顯著,表示在併購前一季,主併公司並不會因為要進行併購而採行盈餘管理模式提高股價;2)衡量公司併購的支付方式與併購前盈餘管理行為的關連,發現當使用股權支付時,主併公司為了能夠提高股價降低併購成本時,會越傾向採取積極向上的盈餘管理;3)而在測試併購的支付方式與短期累積異常報酬的關聯後,發現主併公司選擇股權支付,並不會影響到短期累積異常報酬;4)最後是本論文主要想探討的議題,併購前盈餘管理和支付方式的交乘項與短期累積異常報酬的關聯,發現在越高盈餘管理下,當公司採純股權支付,會影響到投資人在短期內產生不好的反映。
The active mergers and acquisitions (M&A) activities in Taiwan become popular after attending WTO because M&A will bring a lot of wealth to shareholders. This thesis explores the relationship between payment method, earnings management, and short-term market returns by using 784 M&A deals in Taiwan during the year of 2009 to 2019. We use discretionary accruals (DA) to measure earnings management and use a market model to measure cumulated abnormal return (CAR). The results confirm that 1) DA is insignificant which means acquiring firms will not do earnings management to increase the stock price before the announcement of transaction;2) we measure the relationship between payment method and earnings management, then we find that when acquirers decide to do equity acquisition, they will choose to do upward accrual-based earnings management to increase the stock price and lower the acquisition cost;3) after testing the relationship between payment method and CAR, we find that when acquirers choose to do equity acquisition, CAR won’t be affected;4) the main issue we want to discuss is that the interaction of DA and payment method how to affect CAR, we find that based on more upward earnings management, when acquirers decide to do equity acquisition, CAR will become worse.


第一章 緒論 1
1.1 研究動機 1
1.2 研究目的 3
第二章 文獻探討 4
2.1 併購綜效來源 4
2.2 主併公司短期併購宣告效果實證研究 5
2.3 併購績效的影響因素 7
2.4 併購支付方式相關理論 12
2.5 盈餘管理相關文獻 15
2.6 支付方式與盈餘管理的交叉作用對併購績效的影響 17
第三章 研究設計與研究方法 19
3.1 樣本選擇 19
3.2 被解釋變數 19
3.3 解釋變數 23
3.4 實證模型 25
第四章 實證結果與分析 30
4.1 樣本年份及產業分類 30
4.2 CAR/DA單一樣本檢定 31
4.3 解釋變數之敘述統計與單變量分析 32
4.4 各變數間的相關性分析 34
4.5 多元迴歸分析 37
第五章 結論與建議 40
5.1 結論 40
5.2 研究限制與建議 41
參考文獻 42


中文文獻
1. 葉秋美(1992)。臺灣企業購併宣告對股東財富之影響,國際政治大學碩士論
文。
2. 葉銀華、李存修、柯承恩(2002)。公司治理與評等系統。商智文化出版。
3. 楊朝旭、吳幸蓁(2003)。總經理薪酬績效敏感性,績效門檻與盈餘管理關聯性之研究。會計評論,(36),55-87。
4. 林有志、林郁慧(2004)。分析師對應計項目持續性認知之研究。會計與公司治理,1(1),25-45。
5. 林有志(2004)。分析師對應計項目持續性認知之研究,會計與公司治理 1,25。
6. 施宗憲(2007)。併購支付方式之決定因素及其對公司股價之影響。政治大學會計研究所學位論文,(2007年),1-71。
7. 蔡佳玲(2014)。臺灣高科技業購併綜效之實證研究:以購併類型,區域,支付方式觀點探討。未出版碩士論文,朝陽科技大學財務金融研究所,台中市。
8. 薛敏正、林嬋娟(2003)。自由現金流量與盈餘管理關聯性之研究. 台灣管理學刊,3(1),151-167。
9. 賴怡君(2009)。企業併購之宣告效果、盈餘管理及併購後績效之研究,國立高雄第一科技大學碩士論文。

西文文獻
1. Agrawal, A., Jaffe, J. F., & Mandelker, G. N. (1992). The post‐merger performance of acquiring firms: a re‐examination of an anomaly. The Journal of Finance, 47(4), 1605-1621.

2. Amihud, Y., Lev, B., & Travlos, N. G. (1990). Corporate control and the choice of investment financing: The case of corporate acquisitions. The Journal of Finance, 45(2), 603-616.

3. Amihud, Y., & Lev, B. (1981). Risk reduction as a managerial motive for conglomerate mergers. The Bell Journal of Economics, 605-617.

4. Andrade, G., Mitchell, M., & Stafford, E. (2001). New evidence and perspectives on mergers. Journal of Economic Perspectives, 15(2), 103-120.

5. Andre, P., Kooli, M., & L'her, J. F. (2004). The long-run performance of mergers and acquisitions: Evidence from the Canadian stock market. Financial Management, 27-43.

6. Alexandridis, G., Petmezas, D., & Travlos, N. G. (2010). Gains from mergers and acquisitions around the world: New evidence. Financial Management, 39(4), 1671-1695.

7. Beattie, D. L. (1980). Conglomerate diversification and performance: A survey and time series analysis. Applied Economics, 12(3), 251-273.

8. Brown, S. J., & Warner, J. B. (1980). Measuring security price performance. Journal of Financial Economics, 8(3), 205-258.

9. Byrd, J. W., & Hickman, K. A. (1992). Do outside directors monitor managers?: Evidence from tender offer bids. Journal of Financial Economics, 32(2), 195-221.

10. Botsari, A., & Meeks, G. (2008). Do acquirers manage earnings prior to a share for share bid?. Journal of Business Finance & Accounting, 35(5‐6), 633-670.

11. Bradley, M., Desai, A., & Kim, E. H. (1988). Synergistic gains from corporate acquisitions and their division between the stockholders of target and acquiring firms. Journal of Financial Economics, 21(1), 3-40.

12. Brown, D. T., & Ryngaert, M. D. (1991). The mode of acquisition in takeovers: Taxes and asymmetric information. The Journal of Finance, 46(2), 653-669.

13. Chang, S., & Mais, E. (2000). Managerial motives and merger financing. Financial Review, 35(4), 139-152.

14. Cheng, C. A., Collins, D., & Huang, H. H. (2006). Shareholder rights, financial disclosure and the cost of equity capital. Review of Quantitative Finance & Accounting, 27(2), 175-204.

15. Choe, H., Masulis, R. W., & Nanda, V. K. (1993). Common stock offerings across the business cycle: Theory and evidence. Journal of Empirical Finance, 1(1), 3-31. .

16. Cohen, D. A., Dey, A., & Lys, T. Z. (2008). Real and accrual-based earnings management in the pre-and post-Sarbanes-Oxley periods. The Accounting Review, 83(3), 757-787.

17. Conn, R. L., & Connell, F. (1990). International mergers: returns to US and British firms. Journal of Business Finance & Accounting, 17(5), 689-711.

18. DeAngelo, L. E., 1986, Accounting numbers as market valuation substitutes: A study of management buyouts of public stockholders, Accounting Review 400.

19. DeFond, M. L., & Jiambalvo, J. (1994). Debt covenant violation and manipulation of accruals. Journal of Accounting & Economics, 17(1-2), 145-176.

20. Delaney, F. T., & Wamuziri, S. C. (2004). The impact of mergers and acquisitions on shareholder wealth in the UK construction industry. Engineering, Construction & Architectural Management.

21. Demsetz, H. (1973). Industry structure, market rivalry, and public policy. The Journal of Law & Economics, 16(1), 1-9.

22. Demsetz, H., & Lehn, K. (1985). The structure of corporate ownership: Causes and consequences. Journal of Political Economy, 93(6), 1155-1177.

23. Devos, E., Kadapakkam, P. R., & Krishnamurthy, S. (2009). How do mergers create value? A comparison of taxes, market power, and efficiency improvements as explanations for synergies. The Review of Financial Studies, 22(3), 1179-1211.

24. Dutta, S., & Kumar, V. (2009). Mergers and acquisitions (M&As) by R&D intensive firms. Journal of Risk & Financial Management, 2(1), 1-37.

25. Dechow, P. M., Sloan, R. G., & Sweeney, A. P. (1995). Detecting earnings management. Accounting review, 193-225.

26. Eckbo, B. E., Giammarino, R. M., & Heinkel, R. L. (1990). Asymmetric information and the medium of exchange in takeovers: Theory and tests. The Review of Financial Studies, 3(4), 651-675.

27. Emery, G. W., & Switzer, J. A. (1999). Expected market reaction and the choice of method of payment for acquistions. Financial Management, 73-86.

28. Erickson, M., & Wang, S. W. (1999). Earnings management by acquiring firms in stock for stock mergers. Journal of Accounting & Economics, 27(2), 149-176.

29. Elad, F., & Bongbee, N. (2016). Event study on the reaction of stock returns to acquisition news. Available at SSRN 2863243.

30. Fama, E. F. (1991). Efficient market hypothesis. The Journal of Finance, 46, 383-417.

31. Fung, S., Jo, H., & Tsai, S. C. (2009). Agency problems in stock market-driven acquisitions. Review of Accounting & Finance, 8(4), 388-430.

32. Ghosh, A., & Ruland, W. (1998). Managerial ownership, the method of payment for acquisitions, and executive job retention. The Journal of Finance, 53(2), 785-798.

33. Gregory, A. (1997). An examination of the long run performance of UK acquiring firms. Journal of Business Finance & Accounting, 24(7‐8), 971-1002.

34. Grinstein, Y., & Hribar, P. (2004). CEO compensation and incentives: Evidence from M&A bonuses. Journal of Financial Economics, 73(1), 119-143.

35. Gupta, A., & Misra, L. (2007). Deal size, bid premium, and gains in bank mergers: The impact of managerial motivations. Financial Review, 42(3), 373-400.

36. Guay, W. R., Kothari, S. P., & Watts, R. L. (1996). A market-based evaluation of discretionary accrual models. Journal of Accounting Research, 34, 83-105.

37. Hansen, R. G. (1987). A theory for the choice of exchange medium in mergers and acquisitions. Journal of Business, 75-95.

38. Harford, J. (1999). Corporate cash reserves and acquisitions. The Journal of Finance, 54(6), 1969-1997.

39. Harford, J., & Li, K. (2007). Decoupling CEO wealth and firm performance: The case of acquiring CEOs. The Journal of Finance, 62(2), 917-949.

40. Healy, P. M., (1985). The impact of bonus schemes on the selection of accounting principles. Journal of Accounting & Economics, 7(1-3), 85-107.

41. Healy, P. M., Palepu, K. G., & Ruback, R. S. (1992). Does corporate performance improve after mergers?. Journal of Financial Economics, 31(2), 135-175.

42. Healy, P. M., Palepu, K. G., & Ruback, R. S. (1997). Which takeovers are profitable? Strategic or financial. MIT Sloan Management Review, 38(4), 45.

43. Healy, P. M., Hutton, A. P., & Palepu, K. G. (1999). Stock performance and intermediation changes surrounding sustained increases in disclosure. Contemporary Accounting Research, 16(3), 485-520.

44. Higgins, H. N. (2013). Do stock-for-stock merger acquirers manage earnings? Evidence from Japan. Journal of Accounting & Public Policy, 32(1), 44-70.

45. Hope, O. K. (2003). Disclosure practices, enforcement of accounting standards, and analysts' forecast accuracy: An international study. Journal of Accounting Research, 41(2), 235-272.

46. Hovakimian, A., & Hutton, I. (2010). Merger‐Motivated IPOs. Financial Management, 39(4), 1547-1573.

47. Israil, S., & Khan, N. (2017). The Impact of Merger and Acquisition on Karachi Stock Exchange–Testing Semi-Strong Efficient Market Hypothesis. Sarhad Journal of Management Sciences, 2(02), 139-156.

48. Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323-329.

49. Jones, J. J. (1991). Earnings management during import relief investigations. Journal of Accounting Research, 29(2), 193-228.

50. Kaplan, S. N., & Weisbach, M. S. (1992). The success of acquisitions: Evidence from divestitures. The Journal of Finance, 47(1), 107-138.

51. Kasznik, R. (1999). On the association between voluntary disclosure and earnings management. Journal of Accounting Research, 37(1), 57-81.

52. Kennedy, V. A., & Limmack, R. J. (1996). Takeover activity, CEO turnover, and the market for corporate control. Journal of Business Finance & Accounting, 23(2), 267-285.

53. Kiymaz, H., & Mukherjee, T. K. (2000). The impact of country diversification on wealth effects in cross‐border mergers. Financial Review, 35(2), 37-58.

54. Kohers, N., & Kohers, T. (2000). The value creation potential of high-tech mergers. Financial Analysts Journal, 56(3), 40-51.

55. La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. W. (2001). Law and finance. In Corporate governance (pp. 26-68). Springer, Berlin, Heidelberg.

56. Levy, H., & Sarnat, M. (1970). International diversification of investment portfolios. The American Economic Review, 60(4), 668-675.

57. Lewellen, W. G. (1971). A pure financial rationale for the conglomerate merger. The Journal of Finance, 26(2), 521-537.

58. Linn, S. C., & Switzer, J. A. (2001). Are cash acquisitions associated with better postcombination operating performance than stock acquisitions?. Journal of Banking & Finance, 25(6), 1113-1138.

59. Loughran, T., & Ritter, J. R. (1997). The operating performance of firms conducting seasoned equity offerings. The Journal of Finance, 52(5), 1823-1850.

60. Loughran, T., & Vijh, A. M. (1997). Do long‐term shareholders benefit from corporate acquisitions?. The Journal of Finance, 52(5), 1765-1790.

61. Louis, H. (2004). Earnings management and the market performance of acquiring firms. Journal of Financial Economics, 74(1), 121-148.

62. Lubatkin, M. (1983). Mergers and the Performance of the Acquiring Firm. Academy of Management Review, 8(2), 218-225.

63. Malmendier, U., & Tate, G. (2008). Who makes acquisitions? CEO overconfidence and the market's reaction. Journal of Financial Economics, 89(1), 20-43.

64. Maloney, M. T., McCormick, R. E., & Mitchell, M. L. (1993). Managerial decision making and capital structure. Journal of Business, 189-217.

65. Marsh, P. (1982). The choice between equity and debt: An empirical study. The Journal of Finance, 37(1), 121-144.

66. Martin, K. J. (1996). The method of payment in corporate acquisitions, investment opportunities, and management ownership. The Journal of Finance, 51(4), 1227-1246.

67. Mayer, W. J., & Walker, M. M. (1996). An empirical analysis of the choice of payment method in corporate acquisitions during 1980 to 1990. Quarterly Journal of Business & Economics, 48-65.

68. Meisel, S. I. (2007). Characteristics of acquired firms: the case of the banking industry. Journal of Financial Regulation & Compliance.

69. Miller, M. H. (1977). Debt and taxes. the Journal of Finance, 32(2), 261-275.

70. Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. The American Economic Review, 48(3), 261-297.

71. Moeller, S. B., Schlingemann, F. P., & Stulz, R. M. (2004). Firm size and the gains from acquisitions. Journal of Financial Economics, 73(2), 201-228.

72. Moeller, S. B., Schlingemann, F. P., & Stulz, R. M. (2005). Wealth destruction on a massive scale? A study of acquiring‐firm returns in the recent merger wave. The Journal of Finance, 60(2), 757-782.

73. Myers, S. C. (1984). The capital structure puzzle. The Journal of Finance, 39(3), 574-592.

74. Perry, S. E., & Williams, T. H. (1994). Earnings management preceding management buyout offers. Journal of Accounting & Economics, 18(2), 157-179.

75. Pound, J. (1988). Proxy contests and the efficiency of shareholder oversight. Journal of Financial Economics, 20, 237-265.

76. Pungaliya, R. S., & Vijh, A. M. (2009). Do acquiring firms manage earnings?. Available at SSRN 1273464.

77. Porter, M. E., & Advantage, C. (1985). Creating and sustaining superior performance. Competitive Advantage, 167, 167-206.

78. Rappaport, A., & Sirower, M. L. (1999). Stock or cash?. Harvard Business Review, 77(6), 147-147.

79. Rau, P. R., & Vermaelen, T. (1998). Glamour, value and the post-acquisition performance of acquiring firms. Journal of Financial Economics, 49(2), 223-253.

80. Rhodes‐Kropf, M., & Viswanathan, S. (2004). Market valuation and merger waves. The Journal of Finance, 59(6), 2685-2718.

81. Roll, R. (1986). The hubris hypothesis of corporate takeovers. Journal of Business, 197-216.

82. Salter, M. S., & Weinhold, W. A. (1978). Diversification via acquisition-creating value. Harvard Business Review, 56(4), 166-176.

83. Shleifer, A., & Vishny, R. W. (2003). Stock market driven acquisitions. Journal of Financial Economics, 70(3), 295-311.

84. Singh, H., & Montgomery, C. A. (1987). Corporate acquisition strategies and economic performance. Strategic Management Journal, 8(4), 377-386.

85. Smith, G. D., Arnold, D. R., & Bizzell, B. G. (1991). Business strategy & policy: Cases. Houghton Mifflin College Div.

86. Smith, R. L., & Kim, J. H. (1994). The combined effects of free cash flow and financial slack on bidder and target stock returns. Journal of Business, 281-310.

87. Sudarsanam, S., Holl, P., & Salami, A. (1996). Shareholder wealth gains in mergers: effect of synergy and ownership structure. Journal of Business Finance & Accounting, 23(5‐6), 673-698.

88. Switzer, J. A. (1996). Evidence on real gains in corporate acquisitions. Journal of Economics & Business, 48(5), 443-460.

89. Teoh, S. H., Welch, I., & Wong, T. J. (1998). Earnings management and the long‐run market performance of initial public offerings. The Journal of Finance, 53(6), 1935-1974.

90. Tichy, G. (2001). What do we know about success and failure of mergers?. Journal of Industry, Competition & Trade, 1(4), 347-394.

91. Travlos, N. G. (1987). Corporate takeover bids, methods of payment, and bidding firms' stock returns. The Journal of Finance, 42(4), 943-963.

92. Teti, E., Dell’Acqua, A., Etro, L., & Volpe, M. (2017). The impact of board independency, CEO duality and CEO fixed compensation on M&A performance. Corporate Governance: The International Journal of Business in Society.

93. Wansley, J. W., Lane, W. R., & Yang, H. C. (1987). Gains to bidder firms in cash and securities transactions. Financial Review, 22(4), 403-414。

94. Weisbach, M. S. (1988). Outside directors and CEO turnover. Journal of Financial Economics, 20, 431-460.

95. Warusawitharana, M., & Ray, S. (2007). An efficiency perspective on the gains from mergers and asset purchases (No. 2007-39). Board of Governors of the Federal Reserve System (US).

電子全文 電子全文(網際網路公開日期:20250704)
QRCODE
 
 
 
 
 
                                                                                                                                                                                                                                                                                                                                                                                                               
第一頁 上一頁 下一頁 最後一頁 top
系統版面圖檔 系統版面圖檔