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| DC 欄位 | 值 | 語言 |
|---|---|---|
| dc.contributor.advisor | 吳青松 | |
| dc.contributor.author | Fu-Han Wang | en |
| dc.contributor.author | 王富函 | zh_TW |
| dc.date.accessioned | 2021-06-13T15:28:18Z | - |
| dc.date.available | 2009-08-08 | |
| dc.date.copyright | 2008-08-08 | |
| dc.date.issued | 2008 | |
| dc.date.submitted | 2008-07-16 | |
| dc.identifier.citation | 英文參考文獻
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The Value Creation Potential of High-Tech Mergers. Financial Analysts Journal. May/Jun 2000; 56, 3. 〔21〕 Kang, J. K. 1993. The international market for corporate control. Journal of Financial Economics 34, 345-371. 〔22〕 Masulis, R. W., Wang, C., & Xie, F. 2007. Corporate Governance and Acquirer Returns. The Journal of Finance. VOL. LXII, NO. 4. 〔23〕 Maksimovic, V., & Phillips, G. 2001. The Market for Corporate Assets: Who Engages in Mergers and Asset Sales and Are There Efficiency Gains? The Journal of Finance, Vol LVI, No 6. 〔24〕 Mcwilliams, A., Siegel, D., & Teoh, S. H. 1999. Issues in the Use of the Event Study Methodology: A Critical Analysis of Corporate Social Responsibility Studies. Organizational Research Methods, Vol 2 No. 4, 340-365. 〔25〕 Markides, C. C., & Ittner, C. 1994. Shareholder benefits from corporate international diversification: evidence from U.S. international acquisitions. 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British Journal of Management, 17, pp. S7-S30. 〔32〕 Song, M. H., & Walkling, R. A. 2005. Anticipation, Acquisitions and Bidder Returns. AFA 2006 Boston Meetings Paper. 〔33〕 Shimizu, K., Hitt, M. A., Vaidyanath, D., & Pisano, V. 2004. Theoretical foundations of cross-border mergers and acquisitions: areview of current research and recommendations for the future. Journal of International Management 10: 307-353. 〔34〕 Sudarsanam, S., & Mahate, A. 2003. Glamour Acquirers, Method of Payment and Post-acquisition Performance: The UK Evidence. Journal of Business Finance & Accounting, 30(1)&(2). 〔35〕 Shelton, L. M. 2000. Merger market dynamics: insights into the behavior of target and bidder firms. Journal of Economic Behavior & Organization. Vol.41, 363-383. 〔36〕 Travlos, N. G.. 1987. Corporate takeover bids, methods of payment, and bidding firms’ stock returns. Journal of Finance 52, 943–963. 〔37〕 Weston, J. F., Mitchell, M. L., & Mulherin, J. H. 2004. Takeovers, Restructuring, and Corporate Governance. Fourth Edition. 〔38〕 Walker, M. M. 2000. Corporate Takeovers, Strategic Objectives, and Acquiring-Firm Shareholder Wealth. Financial Management. Pages53, 66. 〔39〕 Zhu, P. C., & Malhotra, S. 2008. Announcement Effect and Price Pressure: An Empirical Study of Cross-Border Acquisitions by Indian Firms. International Research Journal of Finance and Economics, Issue 13. 〔40〕 Zaheer, S. 1995. Overcoming the liability of foreignness. Academy of Management Journal, 38: 341-363. 中文參考文獻 〔1〕 沈中華與李建然。 2000年。 事件研究法 財務與會計實證研究必備。華泰文化事業公司。 〔2〕 孫梅瑞。 2000年。 國內上市公司從事公司併購活動對經營績效影響之研究。 國立政治大學企業管理研究所博士論文。 〔3〕 陳安琳、湯惠雯、許銘峻。 2000年。 企業購併對主併公司股東財富的影響。 亞太管理評論，第五卷第二期，頁171-182。 〔4〕 顏錫銘、葉秋美。 1994年。 台灣企業海內外購併支付方式對股東財富之影響。 台灣銀行季刊。 〔5〕 上海證券交易所網站 http://www.sse.com.cn/sseportal/ps/zhs/home.html 〔6〕 深圳證券交易所網站 http://www.szse.cn/ | |
| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/37442 | - |
| dc.description.abstract | 本論文利用事件研究法探討中國企業在不同證交所進行國內併購與跨國併購時，股價於短期內是否有異常報酬。實證結果發現上海證交所上市的中國企業在進行國內併購時，無論是屬於同產業內的併購或是不同產業間的併購，在併購宣告日附近，股價於短期內都有顯著且大於零的異常報酬；於深圳證交所上市的中國企業在進行國內併購時，並無顯著累積異常報酬，但是事件期內的不顯著異常報酬多半小於零。另外，以併購宣告後事件期的累積異常報酬來看，於上海證交所上市的中國企業在進行國內併購時，無論是屬於同產業內的併購或是不同產業間的併購，在事件期(0,1)都有顯著大於零的累積異常報酬；於深圳證交所上市的中國企業在進行國內併購時，於併購宣告後都有負向的累積異常報酬，尤其併購企業若與目標公司屬於同產業，於事件期間第0日至第14日，有顯著累積異常報酬-1.9155%。
在跨國併購方面，我們由不顯著的累積異常報酬可看出，於上海證交所上市的中國企業進行跨國併購的累積異常報酬率，較於深圳證交所上市的中國企業進行跨國併購的累積異常報酬率來的高，礙於樣本數不足的關係，無法以嚴謹的統計檢定來推論我們分析的資料，但是這樣的趨勢可供未來研究者一個參考。 | zh_TW |
| dc.description.abstract | In this paper, we use event study to discuss the announcement effects of China enterprises’ M&As. The empirical results show that Shanghai Stock Exchange-listed China enterprises which engage in domestic M&As, whether the acquiring firm and the target firm are in the same industry or among different industries, have significantly positive cumulative abnormal returns near the announcement date. While the Shenzhen Stock Exchange-listed Chinese enterprises which engage in domestic M&As, have no significant cumulative abnormal returns.
Besides, considering the cumulative abnormal returns after the announcement date, the Shanghai Stock Exchange-listed Chinese enterprises which engage in domestic M&As, whether the acquiring firm and the target firm are in the same industry or among different industries, have significantly positive cumulative abnormal returns in the event window (0,1). While the Shenzhen Stock Exchange-listed Chinese enterprises which engage in domestic M&As, have negative cumulative abnormal returns in the event window (0,1). Especially, if the acquiring firm and the target firm are in the same industry, in the event window (0,14), there are significantly negative cumulative abnormal returns -1.9155%. Considering the cross-border M&As, the insignificantly cumulative abnormal returns of the Shanghai Stock Exchange-listed China enterprises are higher than those of the Shenzhen Stock Exchange-listed China enterprises. Due to the insufficient samples, we are unable to use strictly statistical tests to analyze the datas. But our conclusions provide further studies a trend to follow. | en |
| dc.description.provenance | Made available in DSpace on 2021-06-13T15:28:18Z (GMT). No. of bitstreams: 1 ntu-97-R95724036-1.pdf: 632471 bytes, checksum: c3f0a49be9a155780e2af18224fc8103 (MD5) Previous issue date: 2008 | en |
| dc.description.tableofcontents | 目 錄
第一章 緒論 1 1.1 研究背景及動機 1 1.2 研究目的 2 1.3 研究設計與方法 4 1.4 研究範圍與限制 4 1.5 研究流程 5 1.6 研究架構 6 第二章 文獻回顧與探討 7 2.1 國內併購相關文獻 9 2.2 跨國併購相關文獻 16 2.3 上海證交所與深圳證交所上市公司的差異 24 2.4 總結 25 第三章 研究設計 26 3.1 樣本與資料蒐集 26 3.2 事件研究法 27 3.3 平均異常報酬率之檢定 30 3.4 累積異常報酬率之檢定 32 第四章 實證分析 33 4.1 標準化平均異常報酬率 34 4.2 標準化平均累積異常報酬率 41 第五章 結論與建議 46 5.1 結論 46 5.2 建議 48 參考文獻 49 附錄-圖 55 附錄-表 61 | |
| dc.language.iso | zh-TW | |
| dc.subject | 累積異常報酬 | zh_TW |
| dc.subject | 國內併購 | zh_TW |
| dc.subject | 跨國併購 | zh_TW |
| dc.subject | 併購宣告效果 | zh_TW |
| dc.subject | 平均異常報酬 | zh_TW |
| dc.subject | Announcement Effects | en |
| dc.subject | Domestic M&As | en |
| dc.subject | Cross-border M&As | en |
| dc.title | 併購宣告效果實證研究：以中國併購企業為例 | zh_TW |
| dc.title | Announcement Effect: An Empirical Study of
Domestic and Cross-Border M&As by China firms | en |
| dc.type | Thesis | |
| dc.date.schoolyear | 96-2 | |
| dc.description.degree | 碩士 | |
| dc.contributor.oralexamcommittee | 陳俊忠,林俊昇 | |
| dc.subject.keyword | 國內併購,跨國併購,併購宣告效果,平均異常報酬,累積異常報酬, | zh_TW |
| dc.subject.keyword | Domestic M&As,Cross-border M&As,Announcement Effects, | en |
| dc.relation.page | 54 | |
| dc.rights.note | 有償授權 | |
| dc.date.accepted | 2008-07-17 | |
| dc.contributor.author-college | 管理學院 | zh_TW |
| dc.contributor.author-dept | 國際企業學研究所 | zh_TW |
| 顯示於系所單位： | 國際企業學系 | |
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