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完整後設資料紀錄
DC 欄位 | 值 | 語言 |
---|---|---|
dc.contributor.advisor | 邱顯比 | |
dc.contributor.author | Heng-Yi Wang | en |
dc.contributor.author | 王恆一 | zh_TW |
dc.date.accessioned | 2021-06-17T07:33:01Z | - |
dc.date.available | 2029-05-08 | |
dc.date.copyright | 2019-06-05 | |
dc.date.issued | 2019 | |
dc.date.submitted | 2019-05-31 | |
dc.identifier.citation | [1] Alexandridis, G., Antypas, N., & Travlos, N. (2017). Value creation from M&As: New evidence. Journal of Corporate Finance, 45, 632-650.
[2] Andrade, G., Mitchell, M., & Stafford, E. (2001). New evidence and perspectives on mergers. Journal of economic perspectives, 15(2), 103-120. [3] Asquith, P. (1979). Mergers and the market for acquisitions. Unpublished manuscript, Jan.(University of Chicago, Chicago, IL). [4] Asquith, P. (1983). Merger bids, uncertainty, and stockholder returns. journal of Financial Economics, 11(1-4), 51-83. [5] Dodd, P. (1980). Merger proposals, management discretion and stockholder wealth. Journal of Financial Economics, 8(2), 105-137. [6] Dodd, P., & Warner, J. B. (1983). On corporate governance: A study of proxy contests. Journal of financial Economics, 11(1-4), 401-438. [7] Travlos, N. G. (1987). Corporate takeover bids, methods of payment, and bidding firms' stock returns. The Journal of Finance, 42(4), 943-963. [8] Netter, J., Stegemoller, M., & Wintoki, M. B. (2011). Implications of data screens on merger and acquisition analysis: A large sample study of mergers and acquisitions from 1992 to 2009. The Review of Financial Studies, 24(7), 2316-2357. [9] Franks, J. R., & Harris, R. S. (1989). Shareholder wealth effects of corporate takeovers: the UK experience 1955–1985. Journal of financial Economics, 23(2), 225-249. [10] Langetieg, T. C. (1978). An application of a three-factor performance index to measure stockholder gains from merger. Journal of Financial Economics, 6(4), 365-383. [11] Mandelker, G. (1974). Risk and return: The case of merging firms. Journal of Financial Economics, 1(4), 303-335. [12] Moeller, S. B., Schlingemann, F. P., & Stulz, R. M. (2004). Firm size and the gains from acquisitions. Journal of financial economics, 73(2), 201-228. [13] Moeller, S. B., Schlingemann, F. P., & Stulz, R. M. (2005). Wealth destruction on a massive scale? A study of acquiring‐firm returns in the recent merger wave. The journal of finance, 60(2), 757-782. [14] Malatesta, P. H. (1983). The wealth effect of merger activity and the objective functions of merging firms. Journal of financial economics, 11(1-4), 155-181. [15] Jensen, M. C., & Ruback, R. S. (1983). The market for corporate control: The scientific evidence. Journal of Financial economics, 11(1-4), 5-50. [16] Travlos, N. G. (1987). Corporate takeover bids, methods of payment, and bidding firms' stock returns. The Journal of Finance, 42(4), 943-963. | |
dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/73405 | - |
dc.description.abstract | 本文主要聚焦在那些為主併方股東帶來大獲利的併購交易,選取了2010至2017年間併購雙方皆在美國上市的已完成交易,使用邏輯迴歸,研究這些交易的特徵。實證結果顯示,為收購方創造大額獲利的併購案,通常是補強型收購(Bolt-on Acquisitions)。目標公司相對主併方本身規模較小且併購雙方之間處在同行業內,存在供需依賴關係。買方大概率是高估值的的公司,且更可能使用現金作為支付方式。此外,還有證據表明,在2009年後,收購上市公司的交易整體上产生了正的超額回報,為併購雙方創造財富價值。這些發現給併購交易中主併方股東是獲利的以及主併方股東財富的可觀增加的相關因素提供了重要的參考。 | zh_TW |
dc.description.abstract | This paper mainly focuses on M&A deals that bring large gains to the acquirer shareholders, selecting completed deals which both acquirers and targets listed in the U.S. from 2010 to 2017 and using logistic regression to study the characteristics of these deals. Empirical results indicate that M&A deals generating large gains for the acquirer shareholders are usually bolt-on acquisitions. Target companies in large gain M&A deals are smaller compared with the acquirer’s size and there seems to be a supply-demand dependence between the acquirers and targets. The acquirer is more likely to be a highly valued company and is more likely to use cash payment. In addition, evidence in this paper also shows that the deals of acquiring public companies overall create values after 2009. These findings provide important references for the viewpoint that acquirers are profitable and the factors associated with considerable value creation for acquirer shareholders in M&A deals. | en |
dc.description.provenance | Made available in DSpace on 2021-06-17T07:33:01Z (GMT). No. of bitstreams: 1 ntu-108-R06723070-1.pdf: 1800292 bytes, checksum: 96af04b832a3aa5c9683bbf57414eede (MD5) Previous issue date: 2019 | en |
dc.description.tableofcontents | 目錄
口試委員會審定書 ………………………………………………… i 誌謝 ………………………………………………………………… ii 摘要 …………………………………………………………… iii Abstract …………………………………………………………… iv 第一章 緒論 ………………………………………………………… 1 第二章 文獻回顧與研究假說 ……………………………………… 4 2.1 文獻回顧 …………………………………………………… 4 2.2 研究假說 …………………………………………………… 7 第三章 樣本及研究方法 …………………………………………… 9 3.1 樣本來源 …………………………………………………… 9 3.2 研究方法 …………………………………………………… 9 3.3 實證模型建立 …………………………………………… 11 第四章 實證結果分析 …………………………………………… 13 4.1 敘述性統計 ……………………………………………… 13 4.2 多變量分析 ……………………………………………… 25 第五章 結論 ……………………………………………………… 38 參考文獻 ………………………………………………………………39 | |
dc.language.iso | zh-TW | |
dc.title | 併購交易之主併方大獲利分析 | zh_TW |
dc.title | Analysis of Large Gain for Acquirers in Mergers and Acquisitions | en |
dc.type | Thesis | |
dc.date.schoolyear | 107-2 | |
dc.description.degree | 碩士 | |
dc.contributor.oralexamcommittee | 陳業寧,張晏誠 | |
dc.subject.keyword | 主併方股東,大獲利,超額美元收益,相對規模,供需依賴, | zh_TW |
dc.subject.keyword | Acquirer shareholders,Large gain,Abnormal dollar return,Relative size,Supply-demand dependence, | en |
dc.relation.page | 41 | |
dc.identifier.doi | 10.6342/NTU201900817 | |
dc.rights.note | 有償授權 | |
dc.date.accepted | 2019-05-31 | |
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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