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完整後設資料紀錄
DC 欄位 | 值 | 語言 |
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dc.contributor.advisor | 邱顯比(Shean-Bii Chiu) | |
dc.contributor.author | Cheng-Xun Xie | en |
dc.contributor.author | 謝承勳 | zh_TW |
dc.date.accessioned | 2021-06-17T01:39:26Z | - |
dc.date.available | 2019-11-01 | |
dc.date.copyright | 2017-08-08 | |
dc.date.issued | 2017 | |
dc.date.submitted | 2017-07-28 | |
dc.identifier.citation | 1.Agrawal, A., and J. Jaffe, 2003, Do Takeover Targets Underperform? Evidence from Operating and Stock Returns. The Journal of Financial and Quantative Analysis, Vol. 38, No. 4, pp. 721-746.
2.Baradwaj, Babu G., Donald R. Fraser, and Eugene P. H. Furtado, 1990, Hostile bank takeover offers: Analysis and implications. Journal of Banking & Finance, Volume 14, Issue 6, December 1990, Pages 1229-1242 3.Barber, Brad M., and J.B. Lyon, 1996, Detecting abnormal operating performance: The empirical power and specification of test statistics. Journal of Financial Economics, Vol. 41, pp. 359-399. 4.Cosh, Andy, and Paul Guest, 2001, The long-run performance of hostile takeovers: U.K. evidence. ESRC Centre for Business Research, University of Cambridge Working Paper No. 215. 5.Erickson, Merle, and Wang Shiing-wu, 1999, Earnings management by acquiring firms in stock for stock mergers. Journal of Accounting and Economics, Volume 27, Issue 2, April 1999, Pages 149-176. 6.Franks, Julian and Colin Mayer, 1996, Do Hostile Takeovers Improve Performance? Business Strategy Review, Vol. 7, No. 4, pp. 1-6. 7.Gaughan, P., 2010, Mergers, Acquisitions, and Corporate Restructurings. 8.Heron, Randall and Erik Lie, 2002, Operating Performance and the Method of Payment in Takeovers., The Journal of Financial and Quantitative Analysis, Vol. 37, No. 1 (Mar., 2002), pp. 137-155. 9.Jensen, M., 1986, Cost of Free Cash Flow, Corporate Finance and Takeovers. The American Economic Review, Vol. 76, No. 2, pp. 323-329. 10.Lipton, M., 2006, Merger Waves in the 19th, 20th and 21st Centuries. The Davies Lecture (York University). 11.Martynova, Marina and L.M. Renneboog, 2008, A century of corporate takeovers: What have we learned and where do we stand? Journal of Banking & Finance, Vol. 32, pp. 2148-2177. 12.Möhlmann, B.W.A., 2012, Hostile takeovers: The long term effect on shareholder value of acquiring companies. 13.Davis, Rachel, and Irene M. Duhaime, 1992, Diversification, vertical integration, and industry analysis: New perspectives and measurement. 14.Morck, Randall, Andrei Shleifer, and Robert W. Vishny, 1988, Alternative Mechanisms for Corporate Control. Journal of Financial Economics, Volume 20, January–March 1988, Pages 293-315. 15.Renneboog, L.D.R., and T. Simons, 2005, Public-to-Private Transactions: LBOs, MBOs, MBIs and IBOs. ECGI Finance Working Paper 94/2005. 16.Powell, Ronan G., and Andrew W. Stark, 2005, Does operating performance increase post-takeover for UK takeovers? A comparison of performance measures and benchmarks. Journal of Corporate Finance, Volume 11, Issues 1–2, March 2005, Pages 293–317. 17.Schoenberg, and D.R. Thornton, 2006, The Impact of Bid Defences in Hostile Acquisitions. European Management Journal, Vol. 24, No. 2 & 3, pp. 142-150. 18.Schwert, and G. William, 2000, Hostility in Takeovers: In the Eyes of the Beholder? The Journal of Finance, Vol. 55, No. 6, pp. 2599-2640. | |
dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/67596 | - |
dc.description.abstract | 本研究探討現金收購溢酬對於併購後長期營運績效的影響,主併方公司著眼於未來併購後前景的看好,願意在併購時支付溢酬,故收購溢酬影響未來長期營運績效。此外現金收購溢酬一部份來自於併購成本,而惡意併購相較於善意併購,主併方需要支付較多的併購成本,故現金收購溢酬對善意的長期營運績效影響有較大影響。本研究以全美本土西元1980年到2014年期間所有現金收購的併購案為樣本,利用SIC產業代碼建構比較基準,將樣本與其比較得來的超額營運績效,發現現金收購溢酬的效果在善意併購有顯著的微幅正效果;在惡意併購則不顯著。此外研究另外比較衡量併購前、併購後和併購前後的營運績效做一系列的檢定,發現主併雙方合起來在併購前後並無顯著的差異,同時惡意併購的被併方並未有較差的營運表現,市場紀律理論不成立。 | zh_TW |
dc.description.abstract | This paper examines the effect of price premium in cash to long term accounting performance. Acquirers are willing to pay the premium due to the prospect of performance if merged. As a result, price premium has the positive effect on long term accounting performance in Post-takeover. However, part of price premium is from the merger and acquisition costs, and the cost is more in the hostile cases than in the friendly cases. This fact results that price premium has more positive effect in the friendly cases than in hostile. All our merger case paid in cash is from the U.S. range from 1980 to 2014 and we construct the benchmark by SIC code in every case. We calculate the abnormal accounting performance by comparing the case accounting performance with their benchmark. We found out price premium have significant but small positive effect in the friendly case and it is not significant in hostile case. In addition, we made a series of test in prior-takeover performance, post-takeover performance. We can conclude that it is no significant difference in abnormal accounting performance between prior and post. The target in hostile cases does not underperform compared with their benchmark. So the discipline theory is not valid in empirical. | en |
dc.description.provenance | Made available in DSpace on 2021-06-17T01:39:26Z (GMT). No. of bitstreams: 1 ntu-106-R04723052-1.pdf: 753385 bytes, checksum: ac2376fde88b55ae6ba416d5670125f4 (MD5) Previous issue date: 2017 | en |
dc.description.tableofcontents | 第一章 緒論 1
第二章 文獻探討 4 第一節 併購動機 4 第二節 惡意併購與善意併購 6 第三節 併購支付方式 7 第四節 併購營運績效 8 第三章 研究方法及樣本 10 第一節 樣本敘述 10 第二節 變數介紹 12 第三節 研究方法: 14 第四章 研究結果及分析 19 第一節 併購前營運績效檢定 19 第二節 併購後營運績效檢定 22 第三節 收購溢酬回歸分析 27 第五章 結論 32 參考文獻 33 | |
dc.language.iso | zh-TW | |
dc.title | 現金收購溢酬與合併後長期營運績效間的研究 | zh_TW |
dc.title | The Research of the Relationship between Acquisition Premium and Long-term Accounting Performance | en |
dc.type | Thesis | |
dc.date.schoolyear | 105-2 | |
dc.description.degree | 碩士 | |
dc.contributor.oralexamcommittee | 陳明賢(Ming-Shen Chen),胡星陽(Shing-Yang Hu) | |
dc.subject.keyword | 併購,現金收購溢酬,長期營運績效,惡意併購,市場紀律理論, | zh_TW |
dc.subject.keyword | Merger,Price premium in cash,Long-term accounting performance,Hostile,Discipline Theory, | en |
dc.relation.page | 34 | |
dc.identifier.doi | 10.6342/NTU201702195 | |
dc.rights.note | 有償授權 | |
dc.date.accepted | 2017-07-31 | |
dc.contributor.author-college | 管理學院 | zh_TW |
dc.contributor.author-dept | 財務金融學研究所 | zh_TW |
顯示於系所單位: | 財務金融學系 |
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