Please use this identifier to cite or link to this item:
https://ah.lib.nccu.edu.tw/handle/140.119/136309| DC Field | Value | Language |
|---|---|---|
| dc.contributor.advisor | 詹凌菁 | zh_TW |
| dc.contributor.advisor | Chan, Ling-Ching | en_US |
| dc.contributor.author | 温樺瑛 | zh_TW |
| dc.contributor.author | Wen, Hua-Ying | en_US |
| dc.creator | 温樺瑛 | zh_TW |
| dc.creator | Wen, Hua-Ying | en_US |
| dc.date | 2021 | en_US |
| dc.date.accessioned | 2021-08-04T06:32:54Z | - |
| dc.date.available | 2021-08-04T06:32:54Z | - |
| dc.date.issued | 2021-08-04T06:32:54Z | - |
| dc.identifier | G0108353102 | en_US |
| dc.identifier.uri | http://nccur.lib.nccu.edu.tw/handle/140.119/136309 | - |
| dc.description | 碩士 | zh_TW |
| dc.description | 國立政治大學 | zh_TW |
| dc.description | 會計學系 | zh_TW |
| dc.description | 108353102 | zh_TW |
| dc.description.abstract | 本研究利用2000-2016年的美國聯貸案作為樣本，探討併購活動與借貸成本的關係。本研究主要發現從事併購活動的公司可以獲得較佳的聯貸條件，包括較低的利率、較高的借款金額與較長的還款期間，而且併購活動會吸引更多參貸銀行參與。本研究使用語言與殖民歷史作為文化背景的代用指標，發現當被併購方之所在國家的官方語言與殖民歷史與美國(併購方所在國家)較相似，借款人(即併購方)能享受到更低的借款利率，此結果顯示相似的國家背景資訊不對稱程度較低，有利併購整合與價值創造，進而使借款人願意提供較低的借貸利率。最後，研究發現當被併購方之所在國家的GDP較高，借款人(即併購方)能享受到更低的借款利率與較高的借款金額。 | zh_TW |
| dc.description.abstract | This paper investigates the relation between merger and acquisition activities and bank loan financing in the syndicated loan market. I utilize syndicated loans in the US from 2000 to 2016 as the research setting. My key finding is that firms with M&A experience within two years obtain lower loan spreads, larger loan amounts and longer maturities. I also examine how country characteristics of the target companies affect the cost of bank loans, and find evidence supporting the information asymmetry hypothesis. I use language and colonial history as proxies for cultural background. I document that when acquirers and acquirees domiciled in counties with similar official language and colonial history, the effect of M&A experience on loan spreads is more pronounced. I further report that firms engaging M&A deals attract more participant lenders. Lastly, I point out that when the target companies domiciled in countries with higher GDP, the effect of M&A experience on loan spreads and amounts is more pronounced. | en_US |
| dc.description.tableofcontents | 1. Introduction 1\n2. Literature review and hypothesis development 4\n2.1. Mergers and acquisitions 4\n2.2. Cost of debts 6\n2.3. Hypothesis development 8\n2.3.1. The effect of M&As on the terms of loan contracts 8\n2.3.2. The effect of different country-pairs where acquirers and acquirees domiciled on the terms of loan contracts 10\n3. Research design 12\n3.1. Regression Analyses 12\n3.2. Sample 15\n4. Empirical findings 19\n4.1. Summary statistics and correlation analysis 19\n4.2. Main analysis 26\n4.2.1. Test of hypothesis H1 26\n4.2.2. Test of hypothesis H2 27\n4.2.3. Test of hypothesis H3 36\n4.3. Additional analyses 45\n4.3.1 Testing H1 and H2 using the propensity score matching method 45\n4.3.2 Test of lender participation 51\n4.3.3 Subsample analyses based on GDP 54\n5. Conclusion 58\nReferences 60\nAppendix A: Variable definitions 65 | zh_TW |
| dc.format.extent | 2111174 bytes | - |
| dc.format.mimetype | application/pdf | - |
| dc.source.uri | http://thesis.lib.nccu.edu.tw/record/#G0108353102 | en_US |
| dc.subject | 併購活動 | zh_TW |
| dc.subject | 聯貸案 | zh_TW |
| dc.subject | 價值創造 | zh_TW |
| dc.subject | 資訊不對稱 | zh_TW |
| dc.subject | Mergers and acquisitions | en_US |
| dc.subject | Syndicated loan | en_US |
| dc.subject | Value creation | en_US |
| dc.subject | Information asymmetry | en_US |
| dc.title | 併購與聯貸借款條件 | zh_TW |
| dc.title | M&As and Syndicated Loan Terms | en_US |
| dc.type | thesis | en_US |
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M&A goodwill, information asymmetry and stock price crash risk. Economic Research 33(1):3385-3405.\nZhu, W. (2014). The Evolving Economic Role of Accounting Standards: Evidence from Bilateral Cross-Border M&A Flows. Frontiers of Business Research in China 8(4): 435-479. | zh_TW |
| dc.identifier.doi | 10.6814/NCCU202100756 | en_US |
| item.cerifentitytype | Publications | - |
| item.openairecristype | http://purl.org/coar/resource_type/c_46ec | - |
| item.grantfulltext | embargo_20240706 | - |
| item.openairetype | thesis | - |
| item.fulltext | With Fulltext | - |
| Appears in Collections: | 學位論文 | |
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| 310201.pdf | 2.06 MB | Adobe PDF2 | View/Open |
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