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題名 英國脫歐公投對英國企業併購活動之影響
The Impact of Brexit Referendum on Mergers and Acquisitions of UK Firms
作者 陳冠宇
貢獻者 林靖庭
陳冠宇
關鍵詞 英國脫歐公投
併購
Brexit Referendum
Mergers and acquisitions
日期 2019
上傳時間 1-Jul-2019 10:46:45 (UTC+8)
摘要 本研究針對英國脫歐公投對英國企業併購影響進行探討。樣本為主併或被併為英國企業，且宣告日於2012年至2018年期間的併購案，分別有國內併購（英商併英商）、對外跨國併購（英商併外商）、以及對內跨國併購（外商併英商）三種型態。針對這三種型態，進行完成機率、短期宣告效果，及併購後股票長期持有績效實證研究。

結果指出，在上述三類併購型態中，公投後宣告之併購案均有顯著較低的完成機率；其中，公投後宣告之國內併購案如涉及相對規模較大的被併方，完成機率更低。然而，若主併有過去併購經驗，則可提高完成機率。對外跨國併購案中，如被併國家為歐盟成員國或有較高人均GDP，則完成機率較高。就績效而言，結果顯示公投後宣告之對外跨國併購案對短期宣告效果有負面影響，但併購後之股票長期持有績效則有正面影響。然而，在國內併購案及對內跨國併購案中，本文並未發現英國脫歐公投對短期宣告效果或股票長期持有績效產生顯著影響。
In this paper, I analyze domestic (UK firms acquiring other UK firms), outward (UK firms acquiring foreign firms) and inward (UK firms acquired by foreign firms) mergers and acquisitions announced between 2012 and 2018 to investigate the effects of Brexit Referendum on deal completion likelihood, short-term announcement effects and post-acquisition long-term stock performance. The results show that there is a lower probability of completion if the deals are announced after Brexit Referendum across all types. Domestic deals announced after the vote which involve relative large targets are less likely to complete while experienced acquirers increase the probability of deal completion. Outward deals whose targets located in countries with EU membership or higher GDP per capita are more likely to complete. Empirical findings suggest that outward deals announced after the vote are less favorable by acquirers’ shareholders in the short run, but a positive effect is observed in the long-term performance. However, these effects are not observed in domestic and inward deals in terms of short- and long-term performance.
參考文獻 Alquist, R., Mukherjee, R., & Tesar, L. (2016). Fire-sale FDI or business as usual? Journal of International Economics 98, 93-113
Aristotelous, K., & Fountas, S. (1996). An empirical analysis of inward foreign direct investment flows in the EU with emphasis on the market enlargement hypothesis. Journal of Common Market Studies 34(4), 571-583
Badinger, H. (2005). Growth effects of economic integration: Evidence from the EU member states. Review of World Economics 141(1), 50-78
Baker, S.R., Bloom, N., & Davis, S.J. (2016). Measuring economic policy uncertainty. The Quarterly Journal of Economics 131(4), 1593-1636
Baldwin, R., & Seghezza, E. (1996). Growth and European integration: Towards an empirical assessment, CEPR Discussion Papers 1393
Bevan, A.A., & Estrin, S. (2004). The determinants of foreign direct investment into European transition economies. Journal of Comparative Economics 32(4),775-787
Bonaime, A., Gulen, H., & Ion, M. (2018). Does policy uncertainty affect mergers and acquisitions? Journal of Financial Economics 129(3), 531-558
Buch, C.M., & DeLong, G. (2004). Cross-border bank mergers: What lures the rare animal. Journal of Banking and Finance 28(9), 2077-2102
Caiazza, S., & Pozzolo, A.F. (2016). The determinants of failed takeovers in the banking sector: Deal or country characteristics? Journal of Banking and Finance 72, S92-S103
Collins, J.D., Holcomb, T.R., Certo, S.T., Hitt, M.A., & Lester, R.H. (2009). Learning by doing: Cross-border mergers and acquisitions. Journal of Business Research 62(12), 1329-1334
Dhingra, S., Huang, H., Ottaviano, G., Pessoa, J.P., Sampson, T., & van Reenen, J. (2017). The costs and benefits of leaving the EU: Trade effects. Economic Policy 32(92), 651-705
Di Giovanni, J. (2005). What drives capital flows? The case of cross-border M&A activity and financial deepening. Journal of International Economics 65(1), 127-149
Dikova, D., Sahib, P.R., & van Witteloostuijn, A. (2010). Cross-border acquisition abandonment and completion: The effect of institutional differences and organizational learning in the international business service industry, 1981–2001. Journal of International Business Studies 41(2), 223-245
Dunning, J.H. (2000). The eclectic paradigm as an envelope for economic and business theories of MNE activity. International Business Review 9(2), 163-190.
Erel, I., Liao, R.C., & Weisbach, M.S. (2012). Determinants of cross‐border mergers and acquisitions. Journal of Finance 67(3), 1045-1082
Faccio, M., & Masulis, R.W. (2005). The choice of payment method in European mergers and acquisitions. Journal of Finance 60(3), 1345-1388
Grinstein, Y., & Hribar, P. (2004). CEO compensation and incentives: Evidence from M&A bonuses. Journal of Financial Economics 73(1), 119-143
Guiso, L., Jappelli, T., Padula, M., & Pagano, M. (2004). Financial market integration and economic growth in the EU. Economic Policy 19(40), 524-577
Henry, D. (2004). Corporate governance and ownership structure of target companies and the outcome of takeovers. Pacific-Basin Finance Journal 12(4), 419-444
Huang, P., Officer, M.S., & Powell, R. (2016). Method of payment and risk mitigation in cross-border mergers and acquisitions. Journal of Corporate Finance 40, 216-234
Hyun, H.J., & Kim, H.H. (2010). The determinants of cross‐border M&As: The role of institutions and financial development in the gravity model. The World Economy 33(2), 292-310
Karampatsas, N., Petmezasa, D., & Travlos, N.G. (2014). Credit ratings and the choice of payment method in mergers and acquisitions. Journal of Corporate Finance 25, 474-493
Lim, M.H., & Lee, J.H. (2016). The effects of industry relatedness and takeover motives on cross-border acquisition completion. Journal of Business Research 69(11), 4787-4792
Muehlfeld, K., Sahib, P.R., & van Witteloostuijn, A. (2007). Completion or abandonment of mergers and acquisitions: Evidence from the newspaper industry, 1981–2000. Journal of Media Economics 20(2), 107-137
Nguyen, N.H., & Phan, H.V. (2017). Policy uncertainty and mergers and acquisitions. Journal of Financial and Quantitative 52(2), 613-644
Pain, N., & Lansbury, M. (1997). Regional economic integration and foreign direct investment: The case of German investment in Europe. National Institute Economic Review 160(1), 87-99
Rossi, S., & Volpin, P.F. (2004). Cross-country determinants of mergers and acquisitions. Journal of Financial Economics 74(2), 277-304
Schillig, M. (2016). Corporate law after Brexit. King`s Law Journal 27(3), 431-441
Steinberg, J.B. (2019). Brexit and the macroeconomic impact of trade policy uncertainty. Journal of International Economics 117, 175-195
Sudarsanam, P.S. (1995). The role of defensive strategies and ownership structure of target firms: Evidence from UK hostile takeover bids. European Financial Management 1(3), 223-240
Uddin, M., & Boateng, A. (2011). Explaining the trends in the UK cross-border mergers & acquisitions: An analysis of macro-economic factors. International Business Review 20(5), 547-556
Zhou, J., Lan, W., & Tang, Y. (2016). The value of institutional shareholders: Evidence from cross-border acquisitions by Chinese listed firms. Management Decision 54(1), 44-65
描述 碩士
國立政治大學
金融學系
106352001
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0106352001
資料類型 thesis
dc.contributor.advisor 林靖庭zh_TW
dc.contributor.author (Authors) 陳冠宇zh_TW
dc.creator (作者) 陳冠宇zh_TW
dc.date (日期) 2019en_US
dc.date.accessioned 1-Jul-2019 10:46:45 (UTC+8)-
dc.date.available 1-Jul-2019 10:46:45 (UTC+8)-
dc.date.issued (上傳時間) 1-Jul-2019 10:46:45 (UTC+8)-
dc.identifier (Other Identifiers) G0106352001en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/124136-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 金融學系zh_TW
dc.description (描述) 106352001zh_TW
dc.description.abstract (摘要) 本研究針對英國脫歐公投對英國企業併購影響進行探討。樣本為主併或被併為英國企業，且宣告日於2012年至2018年期間的併購案，分別有國內併購（英商併英商）、對外跨國併購（英商併外商）、以及對內跨國併購（外商併英商）三種型態。針對這三種型態，進行完成機率、短期宣告效果，及併購後股票長期持有績效實證研究。

結果指出，在上述三類併購型態中，公投後宣告之併購案均有顯著較低的完成機率；其中，公投後宣告之國內併購案如涉及相對規模較大的被併方，完成機率更低。然而，若主併有過去併購經驗，則可提高完成機率。對外跨國併購案中，如被併國家為歐盟成員國或有較高人均GDP，則完成機率較高。就績效而言，結果顯示公投後宣告之對外跨國併購案對短期宣告效果有負面影響，但併購後之股票長期持有績效則有正面影響。然而，在國內併購案及對內跨國併購案中，本文並未發現英國脫歐公投對短期宣告效果或股票長期持有績效產生顯著影響。		zh_TW
dc.description.abstract (摘要) In this paper, I analyze domestic (UK firms acquiring other UK firms), outward (UK firms acquiring foreign firms) and inward (UK firms acquired by foreign firms) mergers and acquisitions announced between 2012 and 2018 to investigate the effects of Brexit Referendum on deal completion likelihood, short-term announcement effects and post-acquisition long-term stock performance. The results show that there is a lower probability of completion if the deals are announced after Brexit Referendum across all types. Domestic deals announced after the vote which involve relative large targets are less likely to complete while experienced acquirers increase the probability of deal completion. Outward deals whose targets located in countries with EU membership or higher GDP per capita are more likely to complete. Empirical findings suggest that outward deals announced after the vote are less favorable by acquirers’ shareholders in the short run, but a positive effect is observed in the long-term performance. However, these effects are not observed in domestic and inward deals in terms of short- and long-term performance.en_US
dc.description.tableofcontents 1. Introduction 1
2. Related literature and hypothesis development 3
2.1 The determinants of completed domestic M&As 3
2.2 The determinants of completed outward M&As 4
2.3 The determinants of completed inward M&As 5
3. Variable definitions 6
3.1 Deal characteristics 6
3.2 Firm characteristics 7
3.3 Country characteristics 8
4. Econometric specifications 9
4.1 Determinants of deal completion 9
4.2 Announcement effect 10
4.3 Long-term performance 11
5. Data sources and sample 12
6. Results 14
6.1 Domestic deals 14
6.1.1 Determinants of deal completion in domestic deals 14
6.1.2 Announcement effect in domestic deals 15
6.1.3 Long-term performance in domestic deals 16
6.2 Outward deals 17
6.2.1 Determinants of deal completion in outward deals 17
6.2.2 Announcement effect in outward deals 18
6.2.3 Long-term performance in outward deals 18
6.3 Inward deals 19
6.3.1 Determinants of deal completion in inward deals 19
6.3.2 Announcement effect in inward deals 20
6.3.3 Long-term performance in inward deals 20
7. Conclusion 21
Reference 23
Appendix: Variable Definitions 48		zh_TW
dc.format.extent 1403158 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0106352001en_US
dc.subject (關鍵詞) 英國脫歐公投zh_TW
dc.subject (關鍵詞) 併購zh_TW
dc.subject (關鍵詞) Brexit Referendumen_US
dc.subject (關鍵詞) Mergers and acquisitionsen_US
dc.title (題名) 英國脫歐公投對英國企業併購活動之影響zh_TW
dc.title (題名) The Impact of Brexit Referendum on Mergers and Acquisitions of UK Firmsen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Alquist, R., Mukherjee, R., & Tesar, L. (2016). Fire-sale FDI or business as usual? Journal of International Economics 98, 93-113
Aristotelous, K., & Fountas, S. (1996). An empirical analysis of inward foreign direct investment flows in the EU with emphasis on the market enlargement hypothesis. Journal of Common Market Studies 34(4), 571-583
Badinger, H. (2005). Growth effects of economic integration: Evidence from the EU member states. Review of World Economics 141(1), 50-78
Baker, S.R., Bloom, N., & Davis, S.J. (2016). Measuring economic policy uncertainty. The Quarterly Journal of Economics 131(4), 1593-1636
Baldwin, R., & Seghezza, E. (1996). Growth and European integration: Towards an empirical assessment, CEPR Discussion Papers 1393
Bevan, A.A., & Estrin, S. (2004). The determinants of foreign direct investment into European transition economies. Journal of Comparative Economics 32(4),775-787
Bonaime, A., Gulen, H., & Ion, M. (2018). Does policy uncertainty affect mergers and acquisitions? Journal of Financial Economics 129(3), 531-558
Buch, C.M., & DeLong, G. (2004). Cross-border bank mergers: What lures the rare animal. Journal of Banking and Finance 28(9), 2077-2102
Caiazza, S., & Pozzolo, A.F. (2016). The determinants of failed takeovers in the banking sector: Deal or country characteristics? Journal of Banking and Finance 72, S92-S103
Collins, J.D., Holcomb, T.R., Certo, S.T., Hitt, M.A., & Lester, R.H. (2009). Learning by doing: Cross-border mergers and acquisitions. Journal of Business Research 62(12), 1329-1334
Dhingra, S., Huang, H., Ottaviano, G., Pessoa, J.P., Sampson, T., & van Reenen, J. (2017). The costs and benefits of leaving the EU: Trade effects. Economic Policy 32(92), 651-705
Di Giovanni, J. (2005). What drives capital flows? The case of cross-border M&A activity and financial deepening. Journal of International Economics 65(1), 127-149
Dikova, D., Sahib, P.R., & van Witteloostuijn, A. (2010). Cross-border acquisition abandonment and completion: The effect of institutional differences and organizational learning in the international business service industry, 1981–2001. Journal of International Business Studies 41(2), 223-245
Dunning, J.H. (2000). The eclectic paradigm as an envelope for economic and business theories of MNE activity. International Business Review 9(2), 163-190.
Erel, I., Liao, R.C., & Weisbach, M.S. (2012). Determinants of cross‐border mergers and acquisitions. Journal of Finance 67(3), 1045-1082
Faccio, M., & Masulis, R.W. (2005). The choice of payment method in European mergers and acquisitions. Journal of Finance 60(3), 1345-1388
Grinstein, Y., & Hribar, P. (2004). CEO compensation and incentives: Evidence from M&A bonuses. Journal of Financial Economics 73(1), 119-143
Guiso, L., Jappelli, T., Padula, M., & Pagano, M. (2004). Financial market integration and economic growth in the EU. Economic Policy 19(40), 524-577
Henry, D. (2004). Corporate governance and ownership structure of target companies and the outcome of takeovers. Pacific-Basin Finance Journal 12(4), 419-444
Huang, P., Officer, M.S., & Powell, R. (2016). Method of payment and risk mitigation in cross-border mergers and acquisitions. Journal of Corporate Finance 40, 216-234
Hyun, H.J., & Kim, H.H. (2010). The determinants of cross‐border M&As: The role of institutions and financial development in the gravity model. The World Economy 33(2), 292-310
Karampatsas, N., Petmezasa, D., & Travlos, N.G. (2014). Credit ratings and the choice of payment method in mergers and acquisitions. Journal of Corporate Finance 25, 474-493
Lim, M.H., & Lee, J.H. (2016). The effects of industry relatedness and takeover motives on cross-border acquisition completion. Journal of Business Research 69(11), 4787-4792
Muehlfeld, K., Sahib, P.R., & van Witteloostuijn, A. (2007). Completion or abandonment of mergers and acquisitions: Evidence from the newspaper industry, 1981–2000. Journal of Media Economics 20(2), 107-137
Nguyen, N.H., & Phan, H.V. (2017). Policy uncertainty and mergers and acquisitions. Journal of Financial and Quantitative 52(2), 613-644
Pain, N., & Lansbury, M. (1997). Regional economic integration and foreign direct investment: The case of German investment in Europe. National Institute Economic Review 160(1), 87-99
Rossi, S., & Volpin, P.F. (2004). Cross-country determinants of mergers and acquisitions. Journal of Financial Economics 74(2), 277-304
Schillig, M. (2016). Corporate law after Brexit. King`s Law Journal 27(3), 431-441
Steinberg, J.B. (2019). Brexit and the macroeconomic impact of trade policy uncertainty. Journal of International Economics 117, 175-195
Sudarsanam, P.S. (1995). The role of defensive strategies and ownership structure of target firms: Evidence from UK hostile takeover bids. European Financial Management 1(3), 223-240
Uddin, M., & Boateng, A. (2011). Explaining the trends in the UK cross-border mergers & acquisitions: An analysis of macro-economic factors. International Business Review 20(5), 547-556
Zhou, J., Lan, W., & Tang, Y. (2016). The value of institutional shareholders: Evidence from cross-border acquisitions by Chinese listed firms. Management Decision 54(1), 44-65		zh_TW
dc.identifier.doi (DOI) 10.6814/NCCU201900007en_US