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題名 Earnings Management, M&A and Bank Stock Performance: Evidence From Taiwan
作者 欒君儀
Luan, Chun-I
貢獻者 張元晨
Chang ,Yuanchen
欒君儀
Luan, Chun-I
關鍵詞 Earnings Management
M&A
Financial Holding Company
日期 2004
上傳時間 17-Sep-2009 19:25:45 (UTC+8)
摘要 During the past five years, fourteen financial holding companies have been founded by stock for stock mergers corresponding to the policies and deregulations in Taiwan. Among these M&As transactions, the exchange ratio for each combination, which is determined by the reported earnings in both acquiring and acquired firms, affects the success of the merger most. Therefore, our research focuses on whether financial institutions manage their reported earnings in order to get more favorable price for maximizing their shareholders’ wealth.
From empirical results in Taiwan’s banking industry, we find (1) that the degree of earnings management is much higher in the period prior to M&As announcements given financial institutions in Taiwan are used to manipulating earnings at usual times, (2) that those financial institutions with higher degree of earnings management indeed get more favorable exchange ratios within M&As transactions relative to those with lower degree of earnings management for both acquiring and acquired companies. We also make an investigation for investors’ reactions toward behaviors of earnings management. By focusing on the sample of Taiwan’s financial holding companies, empirical results show that market investors will not punish those financial institutions obtaining better exchange ratios by manipulating reported earnings in the market since they can’t see through managers’ tricks on reported earnings.
參考文獻 1. Ahmed, A.S., C. Takeda and S. Thomas. 1999. Bank Loan Loss provisions: A Reexamination of Capital Management, Earnings Management and Signaling Effects. Journal of Accounting & Economics 28:1-25.
2. Amihud Yakov, Gayle L. DeLong, Anthony Saunders. 2002. The Effects of Cross-Border Bank Mergers on Bank Risk and Value. Journal of International Money and Finance 21: 857-891.
3. Bae Sung C., Sivagnanam Sakthivel. 2000. An Empirical Analysis of Exchange Ratio Determination Models for Merger: A Note. Journal of Business Finance & Accounting 27: 511-521.
4. Beatty Anne L., Bin Ke, Kathy R. Petroni. 2002. Earnings Management to Avoid Earnings Declines across Publicly and Privately Held Banks. The Accounting Review 77: 547-570.
5. Benston, G. J., Hunter, W. C., and Wall, L. D. 1995. Motivations for Bank Mergers and Acquisitions: Enhancing the Deposit Insurance Put Option versus Earnings Diversification. Journal of Money Credit and Banking 27: 777-778.
6. Conn Robert L., James F. Nieisen. 1977. An Empirical Test of the Larson-Godenes Exchange Ratio Determination Model. Journal of Finance 32: 749-759.
7. Cooke Terry, Alan Gregory, Bernard Pearson. 1994. A UK Empirical Test of the Larson-Godenes Exchange Ratio Model. Accounting and Business Research 24: 133-147.
8. Cornett, Marcia Millon, Tehranian, and Hassan. 1992. Changes in Corporate Performance Associated with Bank Acquisitions. Journal of Financial Economics 31: 211-235.
9. Dechow Patricia M., Richard G. Sloan, and Amy P. Sweeney. 1995. Detecting Earnings Management. The Accounting Review 70: 193-225.
10. Elfakhani Said, Rita F Ghantous, and Imad Baalbak. 2003. Mega-mergers in the US banking industry. Applied Financial Economics 13: 609-622
11. Erickson Merle, Shiing-wu Wang. 1999. Earnings Management by Acquiring Firms in Stock for Stock Mergers. Journal of Accounting and Economics 27: 149-176.
12. Esty, Benjamin, Narasimhan, Bhanu, Tufano, Peter. 1999. Interest-rate exposure and bank mergers. Journal of Banking & Finance 23: 255-285
13. Gleason Kimberly C., Ike Mathur. 1998. Wealth Effects of International Acquisitions by US Banks. Financial Market, Institutions & Instruments 7: 54-69.
14. Healy, P., and Wahlen, J. 1999. A Review of Earning Management Literature and Its Implications for Standard Setting. Accounting Horizons 13: 365-383.
15. Herath Hemantha S. B., and John S. Jajera Jr. 2002. Real Options: Valuing Flexibility in Strategic Mergers and Acquisitions as an Exchange Ratio Swap. Managerial Finance 28: 44-62.
16. Larson Kermit D. and Nicholas J. Godenes. 1969. Business Combination: An Exchange Ratio Determination Model. The Accounting Review: 720-728.
17. McNicholes M. and P. Wilson. 1988. Evidence of Earning Management from the Provision for Bad Debts. Journal of Accounting Research 26(Supplement): 1-31.
18. Patel Degeorge, F., J., and R. Zeckhauser. 1999. Earnings Management to Exceed Thresholds. Journal of Business 72(1): 1-33.
19. Pilloff Steven J.. 1996. Performance Changes and Shareholder Wealth Creation Associated with Mergers of Publicly Traded Banking Institutions. Journal of Money, Credit, and Banking 28: 294-310.
20. Pshisva Rony and Gustavo A. Suarez. 2004. Earnings Management and Stock-Driven Acquisitions: Evidence from the 1990s. Working Paper.
21. Warfiled Terry D., Thomas J. Linsmeier. 1992. Tax Planning, Earnings Management, and the Differential Information Content of Bank Earnings Components. The Accounting Review 67: 546-562
22. Yagil Joseph. 1987. An Exchange Ratio Determination Model for Mergers: a Note. The Financial Review 22: 195-202.
23. 牟淑瑜，2000，銀行合併換股比率之實證研究。國立中山大學財務管理研究所，碩士論文。
24. 沈中華，2003，商業營業銀行盈餘管理的特殊性。產業金融季刊，頁21-40。
25. 李玉菁，2002，談金融控股與合併─以富邦金控公司為例。國立中山大學財務管理學系研究所，碩士論文。
26. 李明道，2002，金融業合併之換股比率研究。國立台灣大學國際企業學研究所，碩士論文。
27. 林君怡，2002，門檻心理下之盈餘管理。國立台灣大學會計學研究所，碩士論文。
28. 林佩玲，2001，資本適足率與我國銀行資本及盈餘管理關係之再探討。國立中正大學會計學研究所，碩士論文。
29. 施明志，2002，季盈餘管理行為與門檻心理之探討。國立台灣大學會計學研究所，碩士論文。
30. 陳育成，2002，台灣金融業的壞帳管理及相關研究。管理評論，第21卷第4期，頁1-18。
31. 郭照榮、陳曉蓉、曾曉萍，2003，台灣銀行業合併換股比率之研究。中山管理評論 11:49-75。
32. 黃田安，2003，金融控股公司換股比率之研究。東吳大學會計學研究所，碩士論文。
33. 劉啟群，1999，我國金融業會計損益項目季別分析：盈餘管理間接測試法。會計評論，第31期，頁63-79。
34. 劉順仁，1997，美國銀行控股公司壞帳承認決定因素之實證研究。會計評論，第30期，頁33-77。
描述 碩士
國立政治大學
財務管理研究所
92357003
93
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0923570031
資料類型 thesis
dc.contributor.advisor 張元晨zh_TW
dc.contributor.advisor Chang ,Yuanchenen_US
dc.contributor.author (Authors) 欒君儀zh_TW
dc.contributor.author (Authors) Luan, Chun-Ien_US
dc.creator (作者) 欒君儀zh_TW
dc.creator (作者) Luan, Chun-Ien_US
dc.date (日期) 2004en_US
dc.date.accessioned 17-Sep-2009 19:25:45 (UTC+8)-
dc.date.available 17-Sep-2009 19:25:45 (UTC+8)-
dc.date.issued (上傳時間) 17-Sep-2009 19:25:45 (UTC+8)-
dc.identifier (Other Identifiers) G0923570031en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/34086-
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) 92357003zh_TW
dc.description (描述) 93zh_TW
dc.description.abstract (摘要) During the past five years, fourteen financial holding companies have been founded by stock for stock mergers corresponding to the policies and deregulations in Taiwan. Among these M&As transactions, the exchange ratio for each combination, which is determined by the reported earnings in both acquiring and acquired firms, affects the success of the merger most. Therefore, our research focuses on whether financial institutions manage their reported earnings in order to get more favorable price for maximizing their shareholders’ wealth.
From empirical results in Taiwan’s banking industry, we find (1) that the degree of earnings management is much higher in the period prior to M&As announcements given financial institutions in Taiwan are used to manipulating earnings at usual times, (2) that those financial institutions with higher degree of earnings management indeed get more favorable exchange ratios within M&As transactions relative to those with lower degree of earnings management for both acquiring and acquired companies. We also make an investigation for investors’ reactions toward behaviors of earnings management. By focusing on the sample of Taiwan’s financial holding companies, empirical results show that market investors will not punish those financial institutions obtaining better exchange ratios by manipulating reported earnings in the market since they can’t see through managers’ tricks on reported earnings.		en_US
dc.description.tableofcontents Abstract 1
List of Tables 2
Chapter 1 Introduction 4
1.1. Motivations of the study 4
1.2. Objectives of the study 5
1.3. Outlines of the study 6
Chapter 2 Literature Review 7
2.1. The detects of earnings management 7
2.2. Exchange ratio used in M&As activities 11
Chapter 3 Data Description and Research Methodology 15
3.1. Data Description 15
3.1.1. Financial and stock price data 15
3.1.2 Announcement date 15
3.2 Hypotheses 16
3.3. Research Methodology 17
3.3.1. The Detects of Earnings Management 17
3.3.2. The Determination of Exchange Ratios by Larson-Godenes model 18
3.3.3. Wealth effects of mergers and acquisitions 21
Chapter 4 Empirical results 23
4.1. Evidence of Earnings Management 23
4.1.1. Descriptive statistics 24
4.1.2. The phenomenon of earnings management in Taiwan’s banking industry 27
4.1.3. The comparison of earnings management between acquiring and acquired financial institutions within a M&As activity 34
4.2. The Determination of Exchange Ratios by Larson-Godenes model 40
4.4. The Reactions of Stock Price after the Complete of M&As 69
Chapter 5 Summary and Conclusion 72
5.1. Summary of the study 72
5.2. Suggestions for further research 73
References 74		zh_TW
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dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0923570031en_US
dc.subject (關鍵詞) Earnings Managementen_US
dc.subject (關鍵詞) M&Aen_US
dc.subject (關鍵詞) Financial Holding Companyen_US
dc.title (題名) Earnings Management, M&A and Bank Stock Performance: Evidence From Taiwanzh_TW
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 1. Ahmed, A.S., C. Takeda and S. Thomas. 1999. Bank Loan Loss provisions: A Reexamination of Capital Management, Earnings Management and Signaling Effects. Journal of Accounting & Economics 28:1-25.zh_TW
dc.relation.reference (參考文獻) 2. Amihud Yakov, Gayle L. DeLong, Anthony Saunders. 2002. The Effects of Cross-Border Bank Mergers on Bank Risk and Value. Journal of International Money and Finance 21: 857-891.zh_TW
dc.relation.reference (參考文獻) 3. Bae Sung C., Sivagnanam Sakthivel. 2000. An Empirical Analysis of Exchange Ratio Determination Models for Merger: A Note. Journal of Business Finance & Accounting 27: 511-521.zh_TW
dc.relation.reference (參考文獻) 4. Beatty Anne L., Bin Ke, Kathy R. Petroni. 2002. Earnings Management to Avoid Earnings Declines across Publicly and Privately Held Banks. The Accounting Review 77: 547-570.zh_TW
dc.relation.reference (參考文獻) 5. Benston, G. J., Hunter, W. C., and Wall, L. D. 1995. Motivations for Bank Mergers and Acquisitions: Enhancing the Deposit Insurance Put Option versus Earnings Diversification. Journal of Money Credit and Banking 27: 777-778.zh_TW
dc.relation.reference (參考文獻) 6. Conn Robert L., James F. Nieisen. 1977. An Empirical Test of the Larson-Godenes Exchange Ratio Determination Model. Journal of Finance 32: 749-759.zh_TW
dc.relation.reference (參考文獻) 7. Cooke Terry, Alan Gregory, Bernard Pearson. 1994. A UK Empirical Test of the Larson-Godenes Exchange Ratio Model. Accounting and Business Research 24: 133-147.zh_TW
dc.relation.reference (參考文獻) 8. Cornett, Marcia Millon, Tehranian, and Hassan. 1992. Changes in Corporate Performance Associated with Bank Acquisitions. Journal of Financial Economics 31: 211-235.zh_TW
dc.relation.reference (參考文獻) 9. Dechow Patricia M., Richard G. Sloan, and Amy P. Sweeney. 1995. Detecting Earnings Management. The Accounting Review 70: 193-225.zh_TW
dc.relation.reference (參考文獻) 10. Elfakhani Said, Rita F Ghantous, and Imad Baalbak. 2003. Mega-mergers in the US banking industry. Applied Financial Economics 13: 609-622zh_TW
dc.relation.reference (參考文獻) 11. Erickson Merle, Shiing-wu Wang. 1999. Earnings Management by Acquiring Firms in Stock for Stock Mergers. Journal of Accounting and Economics 27: 149-176.zh_TW
dc.relation.reference (參考文獻) 12. Esty, Benjamin, Narasimhan, Bhanu, Tufano, Peter. 1999. Interest-rate exposure and bank mergers. Journal of Banking & Finance 23: 255-285zh_TW
dc.relation.reference (參考文獻) 13. Gleason Kimberly C., Ike Mathur. 1998. Wealth Effects of International Acquisitions by US Banks. Financial Market, Institutions & Instruments 7: 54-69.zh_TW
dc.relation.reference (參考文獻) 14. Healy, P., and Wahlen, J. 1999. A Review of Earning Management Literature and Its Implications for Standard Setting. Accounting Horizons 13: 365-383.zh_TW
dc.relation.reference (參考文獻) 15. Herath Hemantha S. B., and John S. Jajera Jr. 2002. Real Options: Valuing Flexibility in Strategic Mergers and Acquisitions as an Exchange Ratio Swap. Managerial Finance 28: 44-62.zh_TW
dc.relation.reference (參考文獻) 16. Larson Kermit D. and Nicholas J. Godenes. 1969. Business Combination: An Exchange Ratio Determination Model. The Accounting Review: 720-728.zh_TW
dc.relation.reference (參考文獻) 17. McNicholes M. and P. Wilson. 1988. Evidence of Earning Management from the Provision for Bad Debts. Journal of Accounting Research 26(Supplement): 1-31.zh_TW
dc.relation.reference (參考文獻) 18. Patel Degeorge, F., J., and R. Zeckhauser. 1999. Earnings Management to Exceed Thresholds. Journal of Business 72(1): 1-33.zh_TW
dc.relation.reference (參考文獻) 19. Pilloff Steven J.. 1996. Performance Changes and Shareholder Wealth Creation Associated with Mergers of Publicly Traded Banking Institutions. Journal of Money, Credit, and Banking 28: 294-310.zh_TW
dc.relation.reference (參考文獻) 20. Pshisva Rony and Gustavo A. Suarez. 2004. Earnings Management and Stock-Driven Acquisitions: Evidence from the 1990s. Working Paper.zh_TW
dc.relation.reference (參考文獻) 21. Warfiled Terry D., Thomas J. Linsmeier. 1992. Tax Planning, Earnings Management, and the Differential Information Content of Bank Earnings Components. The Accounting Review 67: 546-562zh_TW
dc.relation.reference (參考文獻) 22. Yagil Joseph. 1987. An Exchange Ratio Determination Model for Mergers: a Note. The Financial Review 22: 195-202.zh_TW
dc.relation.reference (參考文獻) 23. 牟淑瑜，2000，銀行合併換股比率之實證研究。國立中山大學財務管理研究所，碩士論文。zh_TW
dc.relation.reference (參考文獻) 24. 沈中華，2003，商業營業銀行盈餘管理的特殊性。產業金融季刊，頁21-40。zh_TW
dc.relation.reference (參考文獻) 25. 李玉菁，2002，談金融控股與合併─以富邦金控公司為例。國立中山大學財務管理學系研究所，碩士論文。zh_TW
dc.relation.reference (參考文獻) 26. 李明道，2002，金融業合併之換股比率研究。國立台灣大學國際企業學研究所，碩士論文。zh_TW
dc.relation.reference (參考文獻) 27. 林君怡，2002，門檻心理下之盈餘管理。國立台灣大學會計學研究所，碩士論文。zh_TW
dc.relation.reference (參考文獻) 28. 林佩玲，2001，資本適足率與我國銀行資本及盈餘管理關係之再探討。國立中正大學會計學研究所，碩士論文。zh_TW
dc.relation.reference (參考文獻) 29. 施明志，2002，季盈餘管理行為與門檻心理之探討。國立台灣大學會計學研究所，碩士論文。zh_TW
dc.relation.reference (參考文獻) 30. 陳育成，2002，台灣金融業的壞帳管理及相關研究。管理評論，第21卷第4期，頁1-18。zh_TW
dc.relation.reference (參考文獻) 31. 郭照榮、陳曉蓉、曾曉萍，2003，台灣銀行業合併換股比率之研究。中山管理評論 11:49-75。zh_TW
dc.relation.reference (參考文獻) 32. 黃田安，2003，金融控股公司換股比率之研究。東吳大學會計學研究所，碩士論文。zh_TW
dc.relation.reference (參考文獻) 33. 劉啟群，1999，我國金融業會計損益項目季別分析：盈餘管理間接測試法。會計評論，第31期，頁63-79。zh_TW
dc.relation.reference (參考文獻) 34. 劉順仁，1997，美國銀行控股公司壞帳承認決定因素之實證研究。會計評論，第30期，頁33-77。zh_TW