請用此 Handle URI 來引用此文件:
http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/6047
完整後設資料紀錄
DC 欄位 | 值 | 語言 |
---|---|---|
dc.contributor.advisor | 邱顯比(Shean-Bii Chiu) | |
dc.contributor.author | Hui-Lan Yu | en |
dc.contributor.author | 游蕙蘭 | zh_TW |
dc.date.accessioned | 2021-05-16T16:20:01Z | - |
dc.date.available | 2014-08-20 | |
dc.date.available | 2021-05-16T16:20:01Z | - |
dc.date.copyright | 2013-08-20 | |
dc.date.issued | 2013 | |
dc.date.submitted | 2013-08-06 | |
dc.identifier.citation | 參考文獻
1. 邱顯比,企業合併與收購課程講義,台大管理學院,2012。 2. 廖俊杰、陳家妤,買貴了還是買對了? 主併者併購溢價與長短期股票報酬的非線性關係, 中華管理評論國際學報,2009。 3. 潘琰, 國有股權轉讓研究,北京,科學出版社,2007。 4. 姚海鑫、劉志杰,外資併購國有企業股權定價財務影響因素的實證分析,中國軟科學, 2009。 5. 姚海鑫、于健,外資併購國有股權溢價的影響因素分析,東北大學學報, 2010。 6. Amihud, Y. and Lev, B., Risk Reduction as a Managerial Motive for Conglomerate Mergers, The Bell Journal of Economics, Vol. 12, No. 2, Autumn, 1981, p 605-617. 7. Bradley, M., Desai, A. and Kim, E.H., The rationale behind interfirm tender offers - Information or synergy? , Journal of Financial Economics, 1983. 8. Bradley, M., Desai, A. and Kim, E.H., Synergistic gains from corporate acquisitions & their division between the shareholders of target & acquiring, Journal of Financial Economics, 1988. 9. Brown, R. and Sarma, N., CEO overconfidence, CEO dominance and corporate acquisitions, Journal of Economics and business, 2007. 10. Dash, A., Value creation through mergers: The myth & reality. The ICFAI Journal of Applied Finance 11. Erel, I., Liao, R.C. and Weisbach, M.S., Determinants of Cross-Border Mergers and Acquisitions, Fisher College of Business Working Paper Series, 2010. 12. Gondhalekar, V., Sant R.R. and Ferris S., The Price of Corporate Acquisition: Determinants of Takeover Premia, Applied Economics Letters, 2004. 13. Grossman, S.J. and Hart, O.D. Takeover Bids, the Free-Rider Problem and the Theory of the Corporation, The Bell Journal of Economics, Vol.11, No.1, 1980, p42-64. 14. Halpern, P., Corporate Acquisitions: A Theory of Special Cases? A Review of Event Studies Applied to Acquisitions, The Journal of Finance, 1983. 15. Haspeslagh, P.C. and Jemison, D.B., Managing Acquisition:Creating Value through Corporate Renewal, Free Press, 1991. 16. Jensen, M.C., Agency costs of free cash flows, corporate finance & takeovers. American Economic Review, Vol. 76, No. 2, May 1986, p323-329. 17. Lubatkin, M. and O’Neill, H., Merger Strategies, Economic Cycles, and Stockholder Value, Interfaces 18, 1988, p65-71. 18. Lubatkin, M., Mergers & performance of the acquiring firm. The Academy of Management Review, Vol. 8, No. 2, 1983, p218-225. 19. Mitchell, W., The dynamics of evolving markets:The effects of business sales and age dissolutions and divestitures, Administrative Science Quarterly 39, 1994. 20. Myers, S. C. and Majluf, N. S., Corporate financing and investment decisions when firms have information that investors do not have, Journal of Financial Economics, Vol. 13, Issue 2, pp. 187-221, 1984. 21. Nielsen J.F. and Melicher R.W., A Financial Analysis of Acquisitions and Merger Premium, The Journal of Financial and Quantitative Analysis, Vol. 8, No. 2, pp. 139-148, 1973. 22. Nielsen J.F. and Melicher, R.W., Financial Factors That Affect Acquisitions Prices, Review of Business and Economics Research, 1978. 23. Porter, M., From Competitive Advantage to Corporate Strategy, Harvard Business Review 65, 1987. 24. Raman K., Shivakumar L. and Tamayo A., Targets’ Earnings Quality and Bidders’ Takeover Decisions, London Business School, February 2012. 25. Ravenscraft, D.J. and Scherer, F.M., Mergers, Sell-offs, and Economics Efficiency, Washington D.C.:Brookings Institution, 1987. 26. Roll, R., The hubris hypothesis of corporate takeovers, Journal of Business, 1986. 27. Ruback, R., The effect of discretionary price control decisions on equity values, Journal of Financial Economics, 1982. 28. Salter, M.S. and Weinhold, W.A., Diversification through Acquisition:Strategies for Creating Economic Value, NY, The free Press, 1979. 29. Schlingemann, F. P., Stulz, R. M. and Walking, R.A., Divestitures and the Liquidity of the Market for Corporate Assets, Journal of Financial Economics 64, 2002. 30. Shelton, L. M., Strategic business fit & Corporate acquisitions, Strategic Management Journal, 1988. 31. Singh, H. and Montgomery, C. A., Corporate acquisition strategies & economic performance. Strategic Management Journal, Vol.8, Jul-Aug., 1987, p 377-386. 32. Shleifer, A. and Vishny, R.W., Management entrenchment:The case of manager-specific investments, Journal of Financial Economics, 1989. 33. Shleifer, A. and Vishny, R.W., A survey of corporate governance. The Journal of Finance, 1997. 34. Shleifer, A. and Vishny, R.W., Stock market driven acquisitions, Journal of Financial Economics, 2003. 35. Slusky, A. and Caves, R., Synergy, agency, and the determinants of premia paid in mergers, Journal of Industrial Economics, vol.39, issue3, 1991. 36. Varaiya, N.P. and Ferris, K.R., Overpaying in corporate takeovers - The winner's curse, Financial Analysts Journal, 1987. 37. Williamson, O.E., Markets and Hierarchies, Free Press, New York, 1975; 38. Williamson, O.E., Markets and Hierarchies: Analysis and Antitrust Implications, Journal of Law & Economics, 1983. | |
dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/6047 | - |
dc.description.abstract | 預期兩岸併購活動隨著兩岸關係及相關法規逐漸成形而將逐漸發展,因此本研究以2004年至2012年間之151個個案為樣本,運用多元迴歸方法,試圖找出影響兩岸企業併購溢價之因素。
本研究發現:外資企業相較當地企業願意付出較高之溢價,台灣地區市場評價與企業獲利能力顯著影響以淨值計算之溢價、獲利能力較佳且負債較低之目標企業可以獲得較高之溢價水準。意外的是樣本中的企業偏好以現金併購,且現金支付與溢價正相關;併購公司獲利能力與溢價負相關。中國地區未發現顯著影響溢價因子,或許因為參與併購的企業中有為數不少的國有股權,併購決策配合政策的因素勝過企業本身的商業決策考量。 | zh_TW |
dc.description.abstract | Expecting a rise in cross-strait mergers/acquisitions activities with the warming cross-strait relations and regulatory reforms, I use multivariate linear regression to analyze a sample of 151 cross-strait mergers between 2004 and 2012 in order to find out the factors that affect premia paid in cross-strait mergers.
There are several factors obviously affect premia paid in mergers. Foreign firms tend to pay higher premia to merger/acquire target firms than local firms for the sample. Valuation and making profit abilities appear to play roles with significantly positive coefficients in premia paid calculated by target’s book value in Taiwan. While the results of means of payment and buyers’ making profit abilities are unexpected. There is no evidence that those factors except country level have any impact on premia paid in China. Perhaps the result is not a surprise once other factors are taking into account. Most mergers/acquisitions activities in China are driven by state-run firms and those activities seem to accord with state policies rather than business strategies. | en |
dc.description.provenance | Made available in DSpace on 2021-05-16T16:20:01Z (GMT). No. of bitstreams: 1 ntu-102-P00745026-1.pdf: 1292077 bytes, checksum: 2bb63146c8471a29af45aa49ac7024c2 (MD5) Previous issue date: 2013 | en |
dc.description.tableofcontents | 目 錄
口試委員審定書 iii 誌謝 iv 中文摘要 v 英文摘要 vi 目 錄 vii 圖目錄 viii 表目錄 ix 第一章 緒 論 1 第一節、研究動機 1 第二節、研究目的 3 第二章 文獻探討 5 第一節、併購的歷史與發展 5 第二節、併購相關理論 8 第三節、溢價相關理論與研究 10 第三章 研究方法 15 第四章 研究結果與分析 18 第一節、全部樣本 18 第二節、台灣地區 25 第三節、中國、香港地區 32 第五章 結論 38 參考文獻 43 附錄 46 | |
dc.language.iso | zh-TW | |
dc.title | 兩岸三地企業併購溢價實務研究 | zh_TW |
dc.title | A Study of The Determinants of Premium Paid in Cross-Strait Mergers | en |
dc.type | Thesis | |
dc.date.schoolyear | 101-2 | |
dc.description.degree | 碩士 | |
dc.contributor.oralexamcommittee | 李存修,廖咸興 | |
dc.subject.keyword | 併購,溢價,多元迴歸,市場評價,獲利能力, | zh_TW |
dc.subject.keyword | merger/acquisition,premium,multivariate linear regression,valuation,profit, | en |
dc.relation.page | 49 | |
dc.rights.note | 同意授權(全球公開) | |
dc.date.accepted | 2013-08-06 | |
dc.contributor.author-college | 管理學院 | zh_TW |
dc.contributor.author-dept | 財務金融組 | zh_TW |
顯示於系所單位: | 財務金融組 |
文件中的檔案:
檔案 | 大小 | 格式 | |
---|---|---|---|
ntu-102-1.pdf | 1.26 MB | Adobe PDF | 檢視/開啟 |
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。