請用此 Handle URI 來引用此文件:
http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/20120
標題: | 公司被槓桿收購後再重新上市之機率 The probability of a subsequent IPO after taken private through LBO |
作者: | Hsing-Yu Lee 李星諭 |
指導教授: | 邱顯比(Shean-Bii Chiu) |
關鍵字: | 槓桿收購,併購,公開上市, LBO,M&A,IPO, |
出版年 : | 2018 |
學位: | 碩士 |
摘要: | 過去曾有論文探討槓桿收購(LBO)是否會創造價值,Guo, Hotchkiss and Song (2011)在文中指出,在不同的槓桿收購出場方式中,透過公開上市(IPO)的報酬率是最高的。並再探討價值創造的原因,發現以會計指標衡量的營運表現成長是報酬率很重要的一個來源。本文蒐集了從1990年1月到2014年6月間被槓桿收購並下市的公司資料,並提出了用機率模型來預測公司被槓桿收購下市後,未來再重新上市的機率,實證結果顯示,此模型所預測的機率,平均而言比用樣本資料簡單的相對次數估計機率來的高出許多。顯示出本文中所選擇的模型變數整體上是具有解釋力以及可靠性。 Several papers study on the topic of whether Leveraged Buyouts (LBOs) would create value. Guo, Hotchkiss and Song (2011) shows that within all possible outcomes of an LBO, a subsequent IPO seems to have the highest returns. They further investigate the relative importance of the three potential contributors of returns. Their study indicates that improvements in operating performance measured by accounting items play an important role in generating returns. In this paper, I collect data for companies announced to go private through LBO between January 1990 and June 2014. Logit regression is applied for modeling the probability, the results suggest that the estimated probability of a subsequent IPO, on average, is much higher than the simple estimator, calculated as dividing number of companies with a subsequent IPO in the sample by sample size. Overall, I believe the results indicate that the model specification in this paper is reliable. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/20120 |
DOI: | 10.6342/NTU201800687 |
全文授權: | 未授權 |
顯示於系所單位: | 財務金融學系 |
文件中的檔案:
檔案 | 大小 | 格式 | |
---|---|---|---|
ntu-107-1.pdf 目前未授權公開取用 | 548.37 kB | Adobe PDF |
系統中的文件,除了特別指名其著作權條款之外,均受到著作權保護,並且保留所有的權利。