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題名 經理人股票選擇權、企業現金持有與併購
Executive Stock Options, Corporate Cash Holdings and Mergers and Acquisitions作者 陳佰弦
Chen, Bai-Sian貢獻者 陳嬿如
Chen, Yenn-Ru
陳佰弦
Chen, Bai-Sian關鍵詞 現金持有
經理人股票選擇權
非系統性風險
併購
Cash holdings
ESO
Idiosyncratic risk
Mergers and acquisitions日期 2017 上傳時間 13-Sep-2017 14:14:06 (UTC+8) 摘要 本研究以企業現金持有之理論結合經理人股票選擇權是否使經理人有不同的投資決策。並提出在超額現金情境之下，經理人具有股票選擇權的風險誘因將會傾向透過執行併購的方式，增加非系統性風險的投資，並貢獻長遠的經濟利潤。本研究蒐集於 1992 年至 2014 年的 S&P1500 企業，根據是否具有超額現金將公司進行分組，並對選擇權誘因進行回歸分析。實證結果顯示具中有風險誘因的經理人在具有超額現金的公司中會有顯著更高的傾向執行併購，尤其當公司同時是屬於舊產業。此外當排除全額股票支付的併購與公開上市的被併公司後，投資人會給予顯著的正面反應。
This study combines the cash holdings theory and executive stock options (ESOs), and investigates whether excess cash holdings could enlarge the risk incentive effect of ESOs on idiosyncratic-risk investments with positive NPV via mergers and acquisitions (M&As). By examining the Standard and Poor indexed 1500 firms from 1992 to 2014, we find that CEO with ESOs in cash-rich firm is significantly more likely to make M&As especially when the cash-rich firm is in old economy. In addition, investors give positive reaction when CEO with ESOs in cash-rich firm acquires a non-public target and doesn’t adopt the all-stock payment.參考文獻 Almazan, A., De Motta, A., Titman, S., & Uysal, V. (2010). Financial structure, acquisition opportunities, and firm locations. The Journal of Finance, 65(2), 529-563.Armstrong, C. S., & Vashishtha, R. (2012). Executive stock options, differential risk-taking incentives, and firm value. Journal of Financial Economics, 104(1), 70-88.Bates, T. W., Kahle, K. M., & Stulz, R. M. (2009). Why do US firms hold so much more cash than they used to?. The journal of finance, 64(5), 1985-2021.Bena, J., & Li, K. (2014). Corporate innovations and mergers and acquisitions. The Journal of Finance, 69(5), 1923-1960.Black, F., & Scholes, M. (1973). The pricing of options and corporate liabilities. Journal of political economy, 81(3), 637-654.Brown, J. R., & Petersen, B. C. (2011). Cash holdings and R&D smoothing. Journal of Corporate Finance, 17(3), 694-709.Brown, J. R., Fazzari, S. M., & Petersen, B. C. (2009). Financing innovation and growth: Cash flow, external equity, and the 1990s R&D boom. The Journal of Finance, 64(1), 151-185.Carpenter, J. N. (2000). Does option compensation increase managerial risk appetite?. The journal of finance, 55(5), 2311-2331.Chatterjee, S., and Lubatkin, M. (1990). Corporate mergers, stockholder diversification, and changes in systematic risk. Strategic Management Journal, 11(4), 255-268.Chen, C. R., and Steiner, T. L. (2000). An agency analysis of firm diversification: the consequences of discretionary cash and managerial risk considerations. Review of Quantitative Finance and Accounting, 14(3), 247-260.Chen, Y. R. (2008). Corporate governance and cash holdings: Listed new economy versus old economy firms. Corporate Governance: An International Review, 16(5), 430-442.Chen, Y. R., Chen, C. R., & Chu, C. K. (2014). The effect of executive stock options on corporate innovative activities. Financial Management, 43(2), 271-290.Coles, J. L., Daniel, N. D., & Naveen, L. (2006). Managerial incentives and risk-taking. Journal of financial Economics, 79(2), 431-468.Core, J., & Guay, W. (2002). Estimating the value of employee stock option portfolios and their sensitivities to price and volatility. Journal of Accounting research, 40(3), 613-630.Croci, E., & Petmezas, D. (2015). Do risk-taking incentives induce CEOs to invest? Evidence from acquisitions. Journal of Corporate Finance, 32, 1-23.Datta, S., Iskandar‐Datta, M., & Raman, K. (2001). Executive compensation and corporate acquisition decisions. The Journal of Finance, 56(6), 2299-2336.Duan, J. C., & Wei, J. (2005). Executive stock options and incentive effects due to systematic risk. Journal of Banking & Finance, 29(5), 1185-1211.Eberhart, A. C., Maxwell, W. F., & Siddique, A. R. (2004). An examination of long‐term abnormal stock returns and operating performance following R&D increases. The Journal of Finance, 59(2), 623-650.Fu, F. (2009). Idiosyncratic risk and the cross-section of expected stock returns. Journal of Financial Economics, 91(1), 24-37.Fuller, K., Netter, J., & Stegemoller, M. (2002). What do returns to acquiring firms tell us? Evidence from firms that make many acquisitions. The Journal of Finance, 57(4), 1763-1793.Goyal, A., & Santa‐Clara, P. (2003). Idiosyncratic risk matters!. The Journal of Finance, 58(3), 975-1007.Guay, W. R. (1999). The sensitivity of CEO wealth to equity risk: an analysis of the magnitude and determinants. Journal of Financial Economics, 53(1), 43-71.Harford, J. (1999). Corporate cash reserves and acquisitions. The Journal of Finance, 54(6), 1969-1997.Harford, J., & Uysal, V. B. (2014). Bond market access and investment. Journal of Financial Economics, 112(2), 147-163.Haugen, R. A., & Senbet, L. W. (1981). Resolving the agency problems of external capital through options. The Journal of Finance, 36(3), 629-647.Hsu, P. H., Tian, X., & Xu, Y. (2014). Financial development and innovation: Cross-country evidence. Journal of Financial Economics, 112(1), 116-135.Jemison, D. B., and Sitkin, S. B. (1986). Corporate acquisitions: A process perspective. Academy of Management Review, 11(1), 145-163.Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American economic review, 76(2), 323-329.Kerr, W. R., & Nanda, R. (2015). Financing innovation. Annual Review of Financial Economics, 7, 445-462.Langetieg, T. C., Haugen, R. A., & Wichern, D. W. (1980). Merger and stockholder risk. Journal of Financial and Quantitative Analysis, 15(3), 689-717.Lewellen, K. (2006). Financing decisions when managers are risk averse. Journal of Financial Economics, 82(3), 551-589.Lintner, J. (1965). The valuation of risk assets and the selection of risky investments in stock portfolios and capital budgets. The review of economics and statistics, 13-37.Low, A. (2009). Managerial risk-taking behavior and equity-based compensation. Journal of Financial Economics, 92(3), 470-490.Lubatkin, M. (1983). Mergers and the Performance of the Acquiring Firm. Academy of Management review, 8(2), 218-225.Lubatkin, M., and O`Neill, H. M. (1987). Merger strategies and capital market risk. Academy of Management Journal, 30(4), 665-684.Merton, R. C. (1973). Theory of rational option pricing. The Bell Journal of economics and management science, 141-183.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.Moyer, R. C., and Chatfield, R. (1983). Market power and systematic risk. Journal of Economics and Business, 35(1), 123-130.Murphy, K. J. (2003). Stock-based pay in new economy firms. Journal of Accounting and Economics, 34(1), 129-147. Jemison, D. B., and Sitkin, S. B. (1986). Corporate acquisitions: A process perspective. Academy of Management Review, 11(1), 145-163.Opler, T., Pinkowitz, L., Stulz, R., & Williamson, R. (1999). The determinants and implications of corporate cash holdings. Journal of financial economics, 52(1), 3-46.Pastor, L. and Veronesi, P. (2009). Technological revolutions and stock prices. The American Economic Review, 99(4), 1451-1483.Phillips, G. M., & Zhdanov, A. (2012). R&D and the Incentives from Merger and Acquisition Activity. The Review of Financial Studies, 26(1), 34-78.Richardson, S. (2006). Over-investment of free cash flow. Review of accounting studies, 11(2), 159-189.Roll, R. (1986). The hubris hypothesis of corporate takeovers. Journal of business, 197-216.Ross, S. A. (2004). Compensation, incentives, and the duality of risk aversion and riskiness. The Journal of Finance, 59(1), 207-225.Schlingemann, F. P., Stulz, R. M., & Walkling, R. A. (2002). Divestitures and the liquidity of the market for corporate assets. Journal of financial Economics, 64(1), 117-144.Sharpe, W. F. (1964). Capital asset prices: A theory of market equilibrium under conditions of risk. The journal of finance, 19(3), 425-442.Shleifer, A., & Vishny, R. W. (2003). Stock market driven acquisitions. Journal of financial Economics, 70(3), 295-311.Smith, C. W., & Stulz, R. M. (1985). The determinants of firms` hedging policies. Journal of financial and quantitative analysis, 20(04), 391-405.Thakor, R. T., & Lo, A. W. (2015). Competition and r&d financing decisions: Theory and evidence from the biopharmaceutical industry (No. w20903). National Bureau of Economic Research.Tian, Y. S. (2004). Too much of a good incentive? The case of executive stock options. Journal of Banking & Finance, 28(6), 1225-1245.Uysal, V. B. (2011). Deviation from the target capital structure and acquisition choices. Journal of Financial Economics, 102(3), 602-620. 描述 碩士
國立政治大學
財務管理研究所
104357013資料來源 http://thesis.lib.nccu.edu.tw/record/#G0104357013 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) 陳佰弦 zh_TW dc.contributor.author (Authors) Chen, Bai-Sian en_US dc.creator (作者) 陳佰弦 zh_TW dc.creator (作者) Chen, Bai-Sian en_US dc.date (日期) 2017 en_US dc.date.accessioned 13-Sep-2017 14:14:06 (UTC+8) - dc.date.available 13-Sep-2017 14:14:06 (UTC+8) - dc.date.issued (上傳時間) 13-Sep-2017 14:14:06 (UTC+8) - dc.identifier (Other Identifiers) G0104357013 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/112620 - 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) 104357013 zh_TW dc.description.abstract (摘要) 本研究以企業現金持有之理論結合經理人股票選擇權是否使經理人有不同的投資決策。並提出在超額現金情境之下，經理人具有股票選擇權的風險誘因將會傾向透過執行併購的方式，增加非系統性風險的投資，並貢獻長遠的經濟利潤。本研究蒐集於 1992 年至 2014 年的 S&P1500 企業，根據是否具有超額現金將公司進行分組，並對選擇權誘因進行回歸分析。實證結果顯示具中有風險誘因的經理人在具有超額現金的公司中會有顯著更高的傾向執行併購，尤其當公司同時是屬於舊產業。此外當排除全額股票支付的併購與公開上市的被併公司後，投資人會給予顯著的正面反應。 zh_TW dc.description.abstract (摘要) This study combines the cash holdings theory and executive stock options (ESOs), and investigates whether excess cash holdings could enlarge the risk incentive effect of ESOs on idiosyncratic-risk investments with positive NPV via mergers and acquisitions (M&As). By examining the Standard and Poor indexed 1500 firms from 1992 to 2014, we find that CEO with ESOs in cash-rich firm is significantly more likely to make M&As especially when the cash-rich firm is in old economy. In addition, investors give positive reaction when CEO with ESOs in cash-rich firm acquires a non-public target and doesn’t adopt the all-stock payment. en_US dc.description.tableofcontents List of tables II1. Introduction 12. Literature Review and Hypothesis Development 32.1 The incentive of ESOs and managerial risk-taking 32.2 Systematic risk of Mergers and Acquisitions 42.3 Idiosyncratic risk of Mergers and Acquisitions 42.4 The role of cash holdings on the investments with idiosyncratic risk 52.5. Firms in new economy versus firms in old economy 62.6 The announcement effect on M&As with idiosyncratic risk 73. Empirical analysis 83.1 Data and Sample collection 83.2 Design of empirical model 93.3 CEO incentives 103.4 Cash-rich and non-cash-rich firms 113.5 Control variables 114. Empirical results 144.1. The univariate analysis 144.2. The effect of ESOs on cash-rich and non-cash-rich firms 154.3. The effect of ESOs on cash-rich and non-cash-rich firms in old and new economy 154.4. Robustness for public targets and non-public targets 165. Conclusion 18References 19 zh_TW dc.format.extent 1026288 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0104357013 en_US dc.subject (關鍵詞) 現金持有 zh_TW dc.subject (關鍵詞) 經理人股票選擇權 zh_TW dc.subject (關鍵詞) 非系統性風險 zh_TW dc.subject (關鍵詞) 併購 zh_TW dc.subject (關鍵詞) Cash holdings en_US dc.subject (關鍵詞) ESO en_US dc.subject (關鍵詞) Idiosyncratic risk en_US dc.subject (關鍵詞) Mergers and acquisitions en_US dc.title (題名) 經理人股票選擇權、企業現金持有與併購 zh_TW dc.title (題名) Executive Stock Options, Corporate Cash Holdings and Mergers and Acquisitions en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Almazan, A., De Motta, A., Titman, S., & Uysal, V. (2010). Financial structure, acquisition opportunities, and firm locations. The Journal of Finance, 65(2), 529-563.Armstrong, C. S., & Vashishtha, R. (2012). Executive stock options, differential risk-taking incentives, and firm value. Journal of Financial Economics, 104(1), 70-88.Bates, T. W., Kahle, K. M., & Stulz, R. M. (2009). Why do US firms hold so much more cash than they used to?. The journal of finance, 64(5), 1985-2021.Bena, J., & Li, K. (2014). Corporate innovations and mergers and acquisitions. The Journal of Finance, 69(5), 1923-1960.Black, F., & Scholes, M. (1973). The pricing of options and corporate liabilities. Journal of political economy, 81(3), 637-654.Brown, J. R., & Petersen, B. C. (2011). Cash holdings and R&D smoothing. Journal of Corporate Finance, 17(3), 694-709.Brown, J. R., Fazzari, S. M., & Petersen, B. C. (2009). Financing innovation and growth: Cash flow, external equity, and the 1990s R&D boom. The Journal of Finance, 64(1), 151-185.Carpenter, J. N. (2000). Does option compensation increase managerial risk appetite?. The journal of finance, 55(5), 2311-2331.Chatterjee, S., and Lubatkin, M. (1990). Corporate mergers, stockholder diversification, and changes in systematic risk. Strategic Management Journal, 11(4), 255-268.Chen, C. R., and Steiner, T. L. (2000). An agency analysis of firm diversification: the consequences of discretionary cash and managerial risk considerations. Review of Quantitative Finance and Accounting, 14(3), 247-260.Chen, Y. R. (2008). Corporate governance and cash holdings: Listed new economy versus old economy firms. Corporate Governance: An International Review, 16(5), 430-442.Chen, Y. R., Chen, C. R., & Chu, C. K. (2014). The effect of executive stock options on corporate innovative activities. Financial Management, 43(2), 271-290.Coles, J. L., Daniel, N. D., & Naveen, L. (2006). Managerial incentives and risk-taking. Journal of financial Economics, 79(2), 431-468.Core, J., & Guay, W. (2002). Estimating the value of employee stock option portfolios and their sensitivities to price and volatility. Journal of Accounting research, 40(3), 613-630.Croci, E., & Petmezas, D. (2015). Do risk-taking incentives induce CEOs to invest? Evidence from acquisitions. Journal of Corporate Finance, 32, 1-23.Datta, S., Iskandar‐Datta, M., & Raman, K. (2001). Executive compensation and corporate acquisition decisions. The Journal of Finance, 56(6), 2299-2336.Duan, J. C., & Wei, J. (2005). Executive stock options and incentive effects due to systematic risk. Journal of Banking & Finance, 29(5), 1185-1211.Eberhart, A. C., Maxwell, W. F., & Siddique, A. R. (2004). An examination of long‐term abnormal stock returns and operating performance following R&D increases. The Journal of Finance, 59(2), 623-650.Fu, F. (2009). Idiosyncratic risk and the cross-section of expected stock returns. Journal of Financial Economics, 91(1), 24-37.Fuller, K., Netter, J., & Stegemoller, M. (2002). What do returns to acquiring firms tell us? Evidence from firms that make many acquisitions. The Journal of Finance, 57(4), 1763-1793.Goyal, A., & Santa‐Clara, P. (2003). Idiosyncratic risk matters!. The Journal of Finance, 58(3), 975-1007.Guay, W. R. (1999). The sensitivity of CEO wealth to equity risk: an analysis of the magnitude and determinants. Journal of Financial Economics, 53(1), 43-71.Harford, J. (1999). Corporate cash reserves and acquisitions. The Journal of Finance, 54(6), 1969-1997.Harford, J., & Uysal, V. B. (2014). Bond market access and investment. Journal of Financial Economics, 112(2), 147-163.Haugen, R. A., & Senbet, L. W. (1981). Resolving the agency problems of external capital through options. The Journal of Finance, 36(3), 629-647.Hsu, P. H., Tian, X., & Xu, Y. (2014). Financial development and innovation: Cross-country evidence. Journal of Financial Economics, 112(1), 116-135.Jemison, D. B., and Sitkin, S. B. (1986). Corporate acquisitions: A process perspective. Academy of Management Review, 11(1), 145-163.Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American economic review, 76(2), 323-329.Kerr, W. R., & Nanda, R. (2015). Financing innovation. Annual Review of Financial Economics, 7, 445-462.Langetieg, T. C., Haugen, R. A., & Wichern, D. W. (1980). Merger and stockholder risk. Journal of Financial and Quantitative Analysis, 15(3), 689-717.Lewellen, K. (2006). Financing decisions when managers are risk averse. Journal of Financial Economics, 82(3), 551-589.Lintner, J. (1965). The valuation of risk assets and the selection of risky investments in stock portfolios and capital budgets. The review of economics and statistics, 13-37.Low, A. (2009). Managerial risk-taking behavior and equity-based compensation. Journal of Financial Economics, 92(3), 470-490.Lubatkin, M. (1983). Mergers and the Performance of the Acquiring Firm. Academy of Management review, 8(2), 218-225.Lubatkin, M., and O`Neill, H. M. (1987). Merger strategies and capital market risk. Academy of Management Journal, 30(4), 665-684.Merton, R. C. (1973). Theory of rational option pricing. The Bell Journal of economics and management science, 141-183.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.Moyer, R. C., and Chatfield, R. (1983). Market power and systematic risk. Journal of Economics and Business, 35(1), 123-130.Murphy, K. J. (2003). Stock-based pay in new economy firms. Journal of Accounting and Economics, 34(1), 129-147. Jemison, D. B., and Sitkin, S. B. (1986). Corporate acquisitions: A process perspective. Academy of Management Review, 11(1), 145-163.Opler, T., Pinkowitz, L., Stulz, R., & Williamson, R. (1999). The determinants and implications of corporate cash holdings. Journal of financial economics, 52(1), 3-46.Pastor, L. and Veronesi, P. (2009). Technological revolutions and stock prices. The American Economic Review, 99(4), 1451-1483.Phillips, G. M., & Zhdanov, A. (2012). R&D and the Incentives from Merger and Acquisition Activity. The Review of Financial Studies, 26(1), 34-78.Richardson, S. (2006). Over-investment of free cash flow. Review of accounting studies, 11(2), 159-189.Roll, R. (1986). The hubris hypothesis of corporate takeovers. Journal of business, 197-216.Ross, S. A. (2004). Compensation, incentives, and the duality of risk aversion and riskiness. The Journal of Finance, 59(1), 207-225.Schlingemann, F. P., Stulz, R. M., & Walkling, R. A. (2002). Divestitures and the liquidity of the market for corporate assets. Journal of financial Economics, 64(1), 117-144.Sharpe, W. F. (1964). Capital asset prices: A theory of market equilibrium under conditions of risk. The journal of finance, 19(3), 425-442.Shleifer, A., & Vishny, R. W. (2003). Stock market driven acquisitions. Journal of financial Economics, 70(3), 295-311.Smith, C. W., & Stulz, R. M. (1985). The determinants of firms` hedging policies. Journal of financial and quantitative analysis, 20(04), 391-405.Thakor, R. T., & Lo, A. W. (2015). Competition and r&d financing decisions: Theory and evidence from the biopharmaceutical industry (No. w20903). National Bureau of Economic Research.Tian, Y. S. (2004). Too much of a good incentive? The case of executive stock options. Journal of Banking & Finance, 28(6), 1225-1245.Uysal, V. B. (2011). Deviation from the target capital structure and acquisition choices. Journal of Financial Economics, 102(3), 602-620. zh_TW
