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研究生:紀彥丞
研究生(外文):CHI, YEN-CHENG
論文名稱:不同市場時期持有超額現金對主併公司購併 宣告報酬之影響 – 以美國購併樣本進行探討
論文名稱(外文):The Effect of Holding Excess Cash in Different Market Valuation on the Impact of Announcement Returns for Acquirer in M&A: The empirical evidence from the US market
指導教授:莊凱旭
指導教授(外文):CHUANG, KAI-SHI
口試委員:顏盟峯林豐智王凱立郭一棟
口試委員(外文):YEN, MENG-FENGLIN, FENG-JYHWANG, KAI-LIKUO, I-DOUN
口試日期:2020-07-30
學位類別:碩士
校院名稱:東海大學
系所名稱:財務金融學系
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:57
中文關鍵詞:購併市場價值超額現金事件研究法異常報酬
外文關鍵詞:Mergers and AcquisitionsMarket ValuationExcess cashEvent StudyAbnormal Returns
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本研究欲探討不同市場時期持有超額現金對企業宣告購併的績效。以2000年至2018年間美國上市櫃公司之宣告事件為樣本。採用去趨勢化的S&P 500 P/E ratio 區分樣本期間個月份的市場價值並以事件研究法進行實證分析,檢視在不同市場時期執行宣告購併,對企業宣告購併之異常報酬表現,再進一步利用橫斷面複迴歸分析,探討影響購併宣告報酬之因素。實證結果顯示在低價值市場時期執行購併宣告的主併公司在宣告購併之前後幾個交易日有顯著的正向累積異常報酬。進一步將樣本區分為持有超額現金與無超額現金的樣本之後,發現無論企業於宣告購併前一年度持有超額現金與否,在低價值市場時期執行購併宣告的主併公司仍有顯著的正向累積異常報酬。在橫斷面複迴歸分析中也證實,在低市場價值時期執行購併宣告可以對主併公司產生正向的累積異常報酬。最後,本研究說明了市場價值對於購併宣告報酬的重要性。
This study aims to explore the impact of holding excess cash in different market valuation on acquirers’ announcement returns in mergers and acquisitions in USA market. Adopting the detrended P/E ratio of S&P500 index to classify the market valuation with standard event study methodology, the empirical evidence shows that the acquirers who announced the mergers in the low-valuation market have significantly positive cumulative abnormal returns. Furthermore, whether the acquirers in last year have excess cash or not, the acquirers who announced the mergers in the low-valuation market still have significantly positive cumulative abnormal returns. The regression analysis also reveals that there is positive relationship between low-valuation market and acquirers’ announcement returns. Besides, the regression shows that no matter acquirers who held excess cash buying during the period of low-valuation or high-valuation, there is no relationship between excess cash and acquirers’ announcement returns. Overall, this study indicates the importance of market valuation and offers possible explanations for firms’ performance in M&As.
目錄
第壹章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 5
第三節 預期貢獻 6
第四節 研究架構 7
第貳章 文獻回顧 8
第一節 購併宣告報酬相關文獻 8
第二節 超額現金和代理問題相關文獻 14
第三節 文獻總結 18
第參章 研究方法 19
第一節 資料來源 19
第二節 樣本篩選標準 19
第三節 研究方法 20
第四節 研究變數定義衡量 26
第五節 區分高,中,低價值市場 28
第六節 超額現金持有之衡量方式 29
第肆章 實證結果與分析 31
第一節 樣本資料特性 31
第二節 敘述統計 36
第三節 市場價值與超額現金持有之累積異常報酬分析 40
第四節 橫斷面複迴歸分析 43
第五節 穩健性測試 46
第伍章 結論與建議 52
第一節 結論 52
第二節 後續研究建議 54
參考文獻 55

中文文獻
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2.徐靜如. (2003). 企業購併宣告對股東財富影響之研究. 中華技術學院學報, (27), 103-116.
3.廖俊杰, & 陳家妤. (2009). 外部治理機制是否足以抑制主併公司傲慢自大的價值破壞?. 輔仁管理評論, 16(3), 59-97.
4.蕭慧玲 & 石佳穎 (2011). 公司淨金融負債型態與現金持有價值之關聯性. 第三屆財經商管論文研討會 .

英文文獻
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