| dc.contributor.advisor | 吳啟銘 | zh_TW |
| dc.contributor.author (Authors) | 許筱梅 | zh_TW |
| dc.creator (作者) | 許筱梅 | zh_TW |
| dc.date (日期) | 2004 | en_US |
| dc.date.accessioned | 14-Sep-2009 09:05:39 (UTC+8) | - |
| dc.date.available | 14-Sep-2009 09:05:39 (UTC+8) | - |
| dc.date.issued (上傳時間) | 14-Sep-2009 09:05:39 (UTC+8) | - |
| dc.identifier (Other Identifiers) | G0923570261 | en_US |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/31029 | - |
| 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) | 92357026 | zh_TW |
| dc.description (描述) | 93 | zh_TW |
| dc.description.abstract (摘要) | 本研究將樣本期間（1992年到2004年）內金融保險以及證券業以外的公司分為“現金偏多”和“其他”兩類後，發現兩組樣本之間除公司規模外，其餘股票的市價淨值比、槓桿程度、現金存量以及自由現金流量之中位數皆存在統計上顯著之差異。從Probit迴歸模型之結果發現股價淨值比愈高的公司愈容易進行購併，現金偏離程度與進行購併之機率間呈正向之關係，經理人持股比率對於進行購併機率之關係為負向的。最後，本研究檢驗購併宣告時之CAR，發現不論是預期或非預期的購併，現金偏離程度愈大，購併之CAR便愈低。當購併樣本為非預期時，其對於CAR會有正向的影響。現金支付與購併之CAR有顯著正向之關係。股價淨值比與CAR之間成一負向之關係。 | zh_TW |
| dc.description.abstract (摘要) | This paper studies the companies other than financials and securities during the period 1992 to 2004. These companies are categorized into two different groups, "Cash-rich firm" and "Other". The result shows that other than size, the medians of market-to-book ratio, leverage, cash/sales, cash/size and free cash flow all are significantly different. From the result of probit regression model, we can see that the higher market-to-book ratio exceeds, the more likely companies make acquisitions. Cash deviation has a positive relation to the probability of acquisition, and the relation between insider ownership and the probability of acquisition is negative. Finally, this study estimates regression with the announcement period bidder returns as the dependent variable, the result shows that whether the bid was expected or not, and larger cash deviation, the lower the CAR. When the bid is unexpected, it has a positive effect on CAR. All cash offer and merge of CAR have significantly positive relationship. Therefore, market-to-book ratio and CAR have opposite effects on each other. | en_US |
| dc.description.tableofcontents | 目 錄 謝辭 i 摘要 ii Abstract iii 目 錄 iv 圖目錄 vi 表目錄 vii 第一章 緒論 7 第一節 研究背景 7 第二節 研究動機 7 第三節 研究目的 7 第四節 研究架構 7 第五節 研究流程 7 第二章 文獻回顧 7 第一節 Jensen自由現金流量代理問題與購併之探討 7 第二節 成長機會、最適現金存量與購併關係之探討 7 第三節 購併前與購併後營運績效之探討 7 第三章 研究方法 7 第一節 研究假說 7 第二節 研究模型建立與變數定義說明 7 第三節 研究樣本選取及資料來源 7 第四章 實證分析 7 第一節 財務特性與現金持有之關係 7 第二節 財務特性與購併進行之關係 7 第三節 購併宣告效果之分析 7 第五章 結論與建議 7 第一節 結論 7 第二節 研究限制與建議 7 參考文獻 7 圖目錄 【圖1-5-1】研究架構流程圖 7 【圖4-3-1】進行購併機率分配圖 7 表目錄 【表1-1-1】台灣近年來申請事業結合核准或不禁止案件統計表 7 【表3-3-2】各年購併樣本數 7 【表4-1-1】各產業敘述統計量彙總表 7 【表4-1-2】Cash/Sales迴歸結果表 7 【表4-1-3】Wilcoxon rank-sum test（Z）表 7 【表4-2-1】Probit Model結果表 7 【表4-3-1】進行購併機率表 7 【表4-3-2】累積異常報酬迴歸結果表 7 | zh_TW |
| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0923570261 | en_US |
| dc.subject (關鍵詞) | 購併 | zh_TW |
| dc.subject (關鍵詞) | 代理問題 | zh_TW |
| dc.subject (關鍵詞) | 閒餘資金 | zh_TW |
| dc.title (題名) | 企業內部現金多寡與其進行購併之關聯 | zh_TW |
| dc.type (資料類型) | thesis | en |
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