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題名 政府對企業併購的影響
The Government Influence of Corporate Mergers Decision作者 吳一炬 貢獻者 陳嬿如
Chen, Yenn-Ru
吳一炬關鍵詞 資金成本
信用供給
資源基礎理論
國家政策
公司投資
Cost of capital
Credit supply
Resource-based view
Government policy
Investment日期 2017 上傳時間 28-Aug-2017 11:23:51 (UTC+8) 摘要 本研究使用資金成本(cost of capital)、信用供給(credit supply)和資源基礎理論（resource-based view）來探討政府政策與公司投資決策的關係。在資金成本(cost of capital）理論的解釋下，政府政策實施後，企業外部融資成本的下降使企業無謂的損失減少，增加企業投資的動機。同時本研究使用信用供給(credit supply)理論來解釋當政府政策增加金融市場的信用供給後，企業外部融資限制的降低促使其進行投資。結果顯示在資源基礎理論（resource-based view）之下，國家政策對公司投資決策產生顯著的影響，並不是透過改變公司的外部融資條件實現。
Our research used the cost of capital credit supply and resource-based view to explain the changing in investment decisions after implement policy. The government policy effect will increase the willingness of investment. Meanwhile, we used the credit supply theory to explain the changing of external financing constraints in companies increases investment. Our results showed that based on the resource-based view, government policy significantly affects the investment decisions without having impact on external financing.參考文獻 Allen, Franklin, Jun Qian, and Meijun Qian. 2005. `Law, finance, and economic growth in China`, Journal of Financial Economics, 77: 57-116.Almazan, Andres, Adolfo De Motta, Sheridan Titman, and Vahap Uysal. 2010. `Financial structure, acquisition opportunities, and firm locations`, The Journal of Finance, 65: 529-63.Almeida, Heitor, and Murillo Campello. 2007. `Financial constraints, asset tangibility, and corporate investment`, Review of Financial Studies, 20: 1429-60.Campbell, John L, Dan S Dhaliwal, and William C Schwartz Jr. 2011. `Financing constraints and the cost of capital: Evidence from the funding of corporate pension plans`, The Review of Financial Studies, 25: 868-912.Chen, Ruiyuan, Sadok El Ghoul, Omrane Guedhami, and He Wang. 2014. `Do state and foreign ownership affect investment efficiency? Evidence from privatizations`, Journal of Corporate Finance.Chen, Shimin, Zheng Sun, Song Tang, and Donghui Wu. 2011. `Government intervention and investment efficiency: Evidence from China`, Journal of Corporate Finance, 17: 259-71.Fama, Eugene F, and Kenneth R French. 2005. `Financing decisions: who issues stock?`, Journal of Financial Economics, 76: 549-82.Faulkender, Michael, and Mitchell A Petersen. 2005. `Does the source of capital affect capital structure?`, The Review of Financial Studies, 19: 45-79.Fazzari, Steven M, R Glenn Hubbard, Bruce C Petersen, Alan S Blinder, and James M Poterba. 1988. `Financing constraints and corporate investment`, Brookings papers on economic activity, 1988: 141-206.Flannery, Mark J, and Kasturi P Rangan. 2006. `Partial adjustment toward target capital structures`, Journal of Financial Economics, 79: 469-506.Foley-Fisher, Nathan, Rodney Ramcharan, and Edison Yu. 2016. `The impact of unconventional monetary policy on firm financing constraints: evidence from the maturity extension program`, Journal of Financial Economics, 122: 409-29.Fuller, Kathleen, Jeffry Netter, and Mike Stegemoller. 2002. `What do returns to acquiring firms tell us? Evidence from firms that make many acquisitions`, The Journal of Finance, 57: 1763-93.Goetz, Martin R, Luc Laeven, and Ross Levine. 2016. `Does the geographic expansion of banks reduce risk?`, Journal of Financial Economics, 120: 346-62.Greenwood, Robin, Samuel Hanson, and Jeremy C Stein. 2010. `A Gap‐Filling Theory of Corporate Debt Maturity Choice`, The Journal of Finance, 65: 993-1028.Gustafson, Matthew T, and Peter Iliev. 2017. `The effects of removing barriers to equity issuance`, Journal of Financial Economics, 124: 580-98.Hadlock, Charles J, and Joshua R Pierce. 2010. `New evidence on measuring financial constraints: Moving beyond the KZ index`, The Review of Financial Studies, 23: 1909-40.Harford, Jarrad. 1999. `Corporate cash reserves and acquisitions`, The Journal of Finance, 54: 1969-97.Harford, Jarrad, and Vahap B Uysal. 2014. `Bond market access and investment`, Journal of Financial Economics, 112: 147-63.Henry, P. B. 2000. `Stock market liberalization, economic reform, and emerging market equity prices`, Journal of Finance, 55: 529-64.Henry, T. R., and J. L. Koski. 2010. `Short Selling Around Seasoned Equity Offerings`, Review of Financial Studies, 23: 4389-418.Hovakimian, Armen, Tim Opler, and Sheridan Titman. 2001. `The debt-equity choice`, Journal of Financial and Quantitative analysis, 36.Jensen, Michael C, and William H Meckling. 1976. `Theory of the firm: Managerial behavior, agency costs and ownership structure`, Journal of Financial Economics, 3: 305-60.Kashyap, Anil K, Jeremy C Stein, and David W Wilcox. 1992. "Monetary policy and credit conditions: Evidence from the composition of external finance." In.: National bureau of economic research.———. 1993. `Monetary Policy and Credit Conditions: Evidence from the Composition of External Finance`, The American economic review: 78-98.Moeller, Sara B, Frederik P Schlingemann, and René M Stulz. 2004. `Firm size and the gains from acquisitions`, Journal of Financial Economics, 73: 201-28.Myers, Stewart C. 1977. `Determinants of corporate borrowing`, Journal of Financial Economics, 5: 147-75.Myers, Stewart C, and Nicholas S Majluf. 1984. `Corporate financing and investment decisions when firms have information that investors do not have`, Journal of Financial Economics, 13: 187-221.Rauh, Joshua D. 2006. `Investment and financing constraints: Evidence from the funding of corporate pension plans`, The Journal of Finance, 61: 33-71.Rice, Tara, and Philip E Strahan. 2010. `Does Credit Competition Affect Small‐Firm Finance?`, The Journal of Finance, 65: 861-89.Roll, Richard. 1986. `The hubris hypothesis of corporate takeovers`, Journal of business: 197-216.Schlingemann, Frederik P, Rene M Stulz, and Ralph A Walkling. 2002. `Divestitures and the liquidity of the market for corporate assets`, Journal of Financial Economics, 64: 117-44.Schwert, G William. 1996. `Markup pricing in mergers and acquisitions`, Journal of Financial Economics, 41: 153-92.Stiglitz, Joseph E, and Andrew Weiss. 1981. `Credit rationing in markets with imperfect information`, The American economic review, 71: 393-410.Wernerfelt, Birger. 1984. `A resource‐based view of the firm`, Strategic management journal, 5: 171-80. 描述 碩士
國立政治大學
財務管理研究所
104357037資料來源 http://thesis.lib.nccu.edu.tw/record/#G1043570374 資料類型 thesis dc.contributor.advisor 陳嬿如 zh_TW dc.contributor.advisor Chen, Yenn-Ru en_US dc.contributor.author (Authors) 吳一炬 zh_TW dc.creator (作者) 吳一炬 zh_TW dc.date (日期) 2017 en_US dc.date.accessioned 28-Aug-2017 11:23:51 (UTC+8) - dc.date.available 28-Aug-2017 11:23:51 (UTC+8) - dc.date.issued (上傳時間) 28-Aug-2017 11:23:51 (UTC+8) - dc.identifier (Other Identifiers) G1043570374 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/112150 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 財務管理研究所 zh_TW dc.description (描述) 104357037 zh_TW dc.description.abstract (摘要) 本研究使用資金成本(cost of capital)、信用供給(credit supply)和資源基礎理論（resource-based view）來探討政府政策與公司投資決策的關係。在資金成本(cost of capital）理論的解釋下，政府政策實施後，企業外部融資成本的下降使企業無謂的損失減少，增加企業投資的動機。同時本研究使用信用供給(credit supply)理論來解釋當政府政策增加金融市場的信用供給後，企業外部融資限制的降低促使其進行投資。結果顯示在資源基礎理論（resource-based view）之下，國家政策對公司投資決策產生顯著的影響，並不是透過改變公司的外部融資條件實現。 zh_TW dc.description.abstract (摘要) Our research used the cost of capital credit supply and resource-based view to explain the changing in investment decisions after implement policy. The government policy effect will increase the willingness of investment. Meanwhile, we used the credit supply theory to explain the changing of external financing constraints in companies increases investment. Our results showed that based on the resource-based view, government policy significantly affects the investment decisions without having impact on external financing. en_US dc.description.tableofcontents 1. Introduction 12. Literature Review and Hypothesis Development 52.1 Government policy and external financing 52.2 Investment and financial constraints 62.3 Hypothesis 73. Empirical Models 93.1 Data and sample collection 93.1.1 Event of Policy 103.1.2 Definition of State Control 103.1.3 Definition of Strategic Industry 113.1.4 Definition of M&A Industry 113.2 Design of empirical model 123.2.1 Probit of bidding 123.2.2 Panel regressions of CAR 143.3 The method of firm size, financial constraints, firm growth calculation 154. Empirical Result 174.1 Result of Probit Analysis 174.2 Result of CAR regression 184.3 Result of Robustness 195. Conclusion 21Reference 22 zh_TW dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G1043570374 en_US dc.subject (關鍵詞) 資金成本 zh_TW dc.subject (關鍵詞) 信用供給 zh_TW dc.subject (關鍵詞) 資源基礎理論 zh_TW dc.subject (關鍵詞) 國家政策 zh_TW dc.subject (關鍵詞) 公司投資 zh_TW dc.subject (關鍵詞) Cost of capital en_US dc.subject (關鍵詞) Credit supply en_US dc.subject (關鍵詞) Resource-based view en_US dc.subject (關鍵詞) Government policy en_US dc.subject (關鍵詞) Investment en_US dc.title (題名) 政府對企業併購的影響 zh_TW dc.title (題名) The Government Influence of Corporate Mergers Decision en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Allen, Franklin, Jun Qian, and Meijun Qian. 2005. `Law, finance, and economic growth in China`, Journal of Financial Economics, 77: 57-116.Almazan, Andres, Adolfo De Motta, Sheridan Titman, and Vahap Uysal. 2010. `Financial structure, acquisition opportunities, and firm locations`, The Journal of Finance, 65: 529-63.Almeida, Heitor, and Murillo Campello. 2007. `Financial constraints, asset tangibility, and corporate investment`, Review of Financial Studies, 20: 1429-60.Campbell, John L, Dan S Dhaliwal, and William C Schwartz Jr. 2011. `Financing constraints and the cost of capital: Evidence from the funding of corporate pension plans`, The Review of Financial Studies, 25: 868-912.Chen, Ruiyuan, Sadok El Ghoul, Omrane Guedhami, and He Wang. 2014. `Do state and foreign ownership affect investment efficiency? Evidence from privatizations`, Journal of Corporate Finance.Chen, Shimin, Zheng Sun, Song Tang, and Donghui Wu. 2011. `Government intervention and investment efficiency: Evidence from China`, Journal of Corporate Finance, 17: 259-71.Fama, Eugene F, and Kenneth R French. 2005. `Financing decisions: who issues stock?`, Journal of Financial Economics, 76: 549-82.Faulkender, Michael, and Mitchell A Petersen. 2005. `Does the source of capital affect capital structure?`, The Review of Financial Studies, 19: 45-79.Fazzari, Steven M, R Glenn Hubbard, Bruce C Petersen, Alan S Blinder, and James M Poterba. 1988. `Financing constraints and corporate investment`, Brookings papers on economic activity, 1988: 141-206.Flannery, Mark J, and Kasturi P Rangan. 2006. `Partial adjustment toward target capital structures`, Journal of Financial Economics, 79: 469-506.Foley-Fisher, Nathan, Rodney Ramcharan, and Edison Yu. 2016. `The impact of unconventional monetary policy on firm financing constraints: evidence from the maturity extension program`, Journal of Financial Economics, 122: 409-29.Fuller, Kathleen, Jeffry Netter, and Mike Stegemoller. 2002. `What do returns to acquiring firms tell us? Evidence from firms that make many acquisitions`, The Journal of Finance, 57: 1763-93.Goetz, Martin R, Luc Laeven, and Ross Levine. 2016. `Does the geographic expansion of banks reduce risk?`, Journal of Financial Economics, 120: 346-62.Greenwood, Robin, Samuel Hanson, and Jeremy C Stein. 2010. `A Gap‐Filling Theory of Corporate Debt Maturity Choice`, The Journal of Finance, 65: 993-1028.Gustafson, Matthew T, and Peter Iliev. 2017. `The effects of removing barriers to equity issuance`, Journal of Financial Economics, 124: 580-98.Hadlock, Charles J, and Joshua R Pierce. 2010. `New evidence on measuring financial constraints: Moving beyond the KZ index`, The Review of Financial Studies, 23: 1909-40.Harford, Jarrad. 1999. `Corporate cash reserves and acquisitions`, The Journal of Finance, 54: 1969-97.Harford, Jarrad, and Vahap B Uysal. 2014. `Bond market access and investment`, Journal of Financial Economics, 112: 147-63.Henry, P. B. 2000. `Stock market liberalization, economic reform, and emerging market equity prices`, Journal of Finance, 55: 529-64.Henry, T. R., and J. L. Koski. 2010. `Short Selling Around Seasoned Equity Offerings`, Review of Financial Studies, 23: 4389-418.Hovakimian, Armen, Tim Opler, and Sheridan Titman. 2001. `The debt-equity choice`, Journal of Financial and Quantitative analysis, 36.Jensen, Michael C, and William H Meckling. 1976. `Theory of the firm: Managerial behavior, agency costs and ownership structure`, Journal of Financial Economics, 3: 305-60.Kashyap, Anil K, Jeremy C Stein, and David W Wilcox. 1992. "Monetary policy and credit conditions: Evidence from the composition of external finance." In.: National bureau of economic research.———. 1993. `Monetary Policy and Credit Conditions: Evidence from the Composition of External Finance`, The American economic review: 78-98.Moeller, Sara B, Frederik P Schlingemann, and René M Stulz. 2004. `Firm size and the gains from acquisitions`, Journal of Financial Economics, 73: 201-28.Myers, Stewart C. 1977. `Determinants of corporate borrowing`, Journal of Financial Economics, 5: 147-75.Myers, Stewart C, and Nicholas S Majluf. 1984. `Corporate financing and investment decisions when firms have information that investors do not have`, Journal of Financial Economics, 13: 187-221.Rauh, Joshua D. 2006. `Investment and financing constraints: Evidence from the funding of corporate pension plans`, The Journal of Finance, 61: 33-71.Rice, Tara, and Philip E Strahan. 2010. `Does Credit Competition Affect Small‐Firm Finance?`, The Journal of Finance, 65: 861-89.Roll, Richard. 1986. `The hubris hypothesis of corporate takeovers`, Journal of business: 197-216.Schlingemann, Frederik P, Rene M Stulz, and Ralph A Walkling. 2002. `Divestitures and the liquidity of the market for corporate assets`, Journal of Financial Economics, 64: 117-44.Schwert, G William. 1996. `Markup pricing in mergers and acquisitions`, Journal of Financial Economics, 41: 153-92.Stiglitz, Joseph E, and Andrew Weiss. 1981. `Credit rationing in markets with imperfect information`, The American economic review, 71: 393-410.Wernerfelt, Birger. 1984. `A resource‐based view of the firm`, Strategic management journal, 5: 171-80. zh_TW
