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研究生:王筱雅
研究生(外文):Shiau-Ya Wang
論文名稱:經理人過度自信與企業國際併購績效關聯性之探討
論文名稱(外文):The effect of CEO’s overconfidence on the performance of international merger and acquisition
指導教授:賴蓉禾賴蓉禾引用關係
指導教授(外文):Jung-Ho Lai
學位類別:碩士
校院名稱:國立臺北商業大學
系所名稱:財務金融研究所
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:2015
畢業學年度:103
語文別:中文
論文頁數:39
中文關鍵詞:國際併購過度自信經理人
外文關鍵詞:international acquisitions and mergersoverconfidenceCEO
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本研究主要目的在探討經理人具有過度自信的人格特質,對於主併公司國際併購績效的影響,透過四種不同的情境來分析過度自信的經理人將如何影響主併公司的國際併購績效。以2004年至2013年間美國上市公司所進行的國際併購案為研究樣本,透過多元迴歸計量方法進行實證研究。實證結果發現:當主被併公司間的文化差異較大時,過度自信的經理人將負向影響國際併購績效;若過度自信的經理人進行非相關產業的國際併購將會對其績效產生負向的影響;當主併公司未來具有較高的成長機會時,過度自信的經理人會正向影響其國際併購之績效;若主併公司的研發產業密集度較高,過度自信的經理人在國際併購的績效上將會有正向的影響。
The purpose of this study is through the four different scenarios to investigate the impact of chief executive officer’s overconfidence on the announcement effect of acquirer’s international mergers and acquisitions (IMA). Our study employs the sample of international acquisitions and mergers which has been done by public listed company in America during 2004-2013. Besides, We use cultural distance, business relatedness, Tobin’s Q and R&D intensity as interference terms to exploring how this affects the relations between CEO’s overconfidence and the performance of international acquisitions and mergers. We tested the assumption by a multiple linear regression model. The results show negative moderating effect of cultural distance and business relatedness on the relationship between CEO’s overconfidence and the performance of international acquisitions and mergers. Furthermore, we found positive moderating effect of Tobin’s Q and R&D intensity on the relationship between CEO’s overconfidence and the performance of international acquisitions and mergers.
誌謝 Ⅰ
中文摘要 Ⅱ
英文摘要 Ⅲ
目錄 Ⅳ
表目錄 Ⅴ
圖目錄 Ⅴ
第一章 前言 1
第一節 緒論 1
第二章 文獻探討 5
第一節 過度自信的缺點與國際併購 6
第二節 過度自信的優點與國際併購 10
第三章 研究設計 14
第一節 資料來源及樣本篩選標準 14
第二節 研究方法 16
第三節 研究變數之定義與衡量 18
第四節 迴歸分析 22
第四章 實證結果與分析 23
第一節 樣本資料敘述說明 23
第二節 迴歸分析 25
第五章 結論與建議 31
第一節 研究結果與實務意 31
第二節 研究限制與未來方向建 32
參考文獻 33
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