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題名 中國大陸上市公司海內外併購事件宣告效果之分析
The Announcement Effects of Mainland China Listed Companies’ M&A Events作者 白楊
Bai, Yang貢獻者 譚丹琪
Tan, Danchi
白楊
Bai, Yang關鍵詞 事件研究法
累積異常報酬率
被併企業所在國日期 2016 上傳時間 2-Aug-2016 15:50:47 (UTC+8) 摘要 本文主要對中國大陸企業海內外併購事件宣告效果進行分析，探究被併企業所在國之發展程度及文化距離對股價之異常報酬率的影響。本文選取2008年1月1日至2015年12月31日中國大陸在上海和深圳交易所上市的公司發生的併購事件為樣本，運用事件研究法進行分析。根據T檢定及多元迴歸結果顯示，通過併購實現外部擴張對於中國大陸上市公司來說是一種合理有效的方式，從總體上看併購事件給企業帶來正的累積異常報酬率。同時被併企業所在國在已開發國家會給主併公司股東帶來更多的異常報酬。本文還針對海外併購事件進行迴歸分析，發現被併企業所在國與中國大陸的文化距離越遠，主併企業的短期併購績效越好。 參考文獻 中文資料通信信息報. 2015并购案席卷互联网界 BAT坐拥半壁江山. http://www.chinastock.com.cn/yhwz_about.do?methodCall=getDetailInfo&docId=5188664 2015/12/31毛雯(2011) 我國上市公司跨國併購績效的實證研究.湖南大學會計學未出版之碩士論文田海峰 黃祎 孫廣生(2015) 影響企業跨國併購績效的制度因素分析-基於2000-2012年中國上市企業數據的研究. 國際投資. 第六期邵建新 巫和懋 薛熠(2012) 中國企業跨國併購的戰略目標與經營績效：基於A股市場的評價. 世界經濟. 2012(05):81-105林玫君(2002) 台灣企業跨國與國內併購行為財富效果之比較研究. 彰化師範大學會計研究所未出版之論文陳郁涵(2013) 跨國及國內購併對主併公司財富效果之影響：金融危機前後的績效表現.東海大學財務金融學系未出版之碩士論文董莉軍(2012) 上市公司跨國併購績效的實證檢驗. 財會月刊. 2012(02):19-21閻大穎(2009) 國際經驗、文化距離與中國企業海外併購的經營績效. 經濟評論. 第一期 英文資料Anand, Jaideep, and Andrew Delios. "Absolute and Relative Resources as Determinants of International Acquisitions." Strategic Management Journal 23.2 (2002): 119-34.Angwin, Duncan, and Brett Savill. "Strategic Perspectives on European Cross-border Acquisitions: A View from Top European Executives." European Management Journal 15.4 (1997): 423-35. Aulakh, P. S., M. Kotabe, and H. Teegen. "Export Strategies And Performance Of Firms From Emerging Economies: Evidence From Brazil, Chile, And Mexico." Academy of Management Journal 43.3 (2000): 342-61.Aybar, Bülent, and Aysun Ficici. "Cross-border Acquisitions and Firm Value: An Analysis of Emerging-market Multinationals." Journal of International Business Studies J Int Bus Stud 40.8 (2009): 1317-338. Bruner, Robert F. (2002) Does M&A Pay? A Survey of Evidence for the Decision-Maker. Journal of Applied Finance, 12(1):48-68Berry, Heather. "Shareholder Valuation of Foreign Investment and Expansion." Strategic Management Journal 27.12 (2006): 1123-140.Boubakri, Narjess, Georges Dionne, and Thouraya Triki. "Consolidation and Value Creation in the Insurance Industry: The Role of Governance." Journal of Banking & Finance 32.1 (2008): 56-68. Penrose, E. T. "The theory of the growth of the firm." New York: Wiley(1959).Peter, J Buckley, L Jeremy Clegg, Adam R Cross, Xin Liu, Hinrich Voss and Ping Zheng. "The determinants of Chinese outward foreign direct investment." Journal of International Business Studies 38.4(2007):499-518.Capron, Laurence, and Nathalie Pistre. "When Do Acquirers Earn Abnormal Returns?" Strategic Management Journal 23.9 (2002): 781-94. Capron, Laurence. "The Long-term Performance of Horizontal Acquisitions." Strategic Management Journal 20.11 (1999): 987-1018. Capron, Laurence, Pierre Dussauge, and Will Mitchell. "Resource Redeployment following Horizontal Acquisitions in Europe and North America, 1988-1992." Strategic Management Journal 19.7 (1998): 631-61.Chakrabarti, Rajesh, Swasti Gupta-Mukherjee, and Narayanan Jayaraman. "Mars–Venus Marriages: Culture and Cross-border M&A." Journal of International Business Studies J Int Bus Stud 40.2 (2008): 216-36. Cuervo-Cazurra, Alvaro, Mary M. Maloney, and Shalini Manrakhan. "Causes of the Difficulties in Internationalization." Journal of International Business Studies J Int Bus Stud 38.5 (2007): 709-25. Datta, Deepak K. "Cross-Border Acquisitions: An Examination of the Influence of Relatedness and Cultural Fit on Shareholder Value Creation in U.S. Acquiring Firms." Management International Review 35.4 (1995): 337-59.Goranova, Maria, Ravi Dharwadkar, and Pamela Brandes. "Owners on Both Sides of the Deal: Mergers and Acquisitions and Overlapping Institutional Ownership." Strategic Management Journal 31.10 (2010): 1114-135. Greenwood, R., and C. R. Hinings. "Understanding Radical Organizational Change: Bringing Together The Old And The New Institutionalism." Academy of Management Review 21.4 (1996): 1022-054. Gubbi, Sathyajit R., Preet S. Aulakh, Sougata Ray, M. B. Sarkar, and Raveendra Chittoor. "Do International Acquisitions by Emerging-economy Firms Create Shareholder Value? The Case of Indian Firms." Journal of International Business Studies J Int Bus Stud 41.S3 (2009): 397-418.Hennart, Jean-Francois, and Sabine B. Reddy. "Digestibility and Asymmetric Information in the Choice between Acquisitions and Joint Ventures: Where`s the Beef?" Strategic Management Journal 21.2 (2000): 191-93.Jay, Anandy. "How many matches are made in heaven?” Financial Times 1999:4.Khanna, Tarun, and Palepu, Krishna. "Why focused strategies may be wrong for emerging markets" Harvard Business Review 75:41-54.Kogut, Bruce, and Harbir Singh. "The Effect of National Culture on the Choice of Entry Mode." Journal of International Business Studies J Int Bus Stud 19.3 (1988): 411-32. Kremershof, Ina, Larsson Rikard and Stahl Günter K. "Trust dynamics in mergers and acquisitions: a case survey." The Academy of Management Conference(2004).Laamanen, Tomi, Matthias Brauer, and Olli Junna. "Performance of Acquirers of Divested Assets: Evidence from the U.S. Software Industry." Strategic Management Journal 35.6 (2013): 914-25. Michael A. Hitt, Robert E. Hoskisson, and R.Duane Ireland. "Mergers and Acquisitions and Managerial Commitment to Innovation in M-Form Firms.” Strategic Management Journal Vol.11 (1990): 29-47.Morosini, Piero, Scott Shane, and Harbir Singh. "National Cultural Distance and Cross-Border Acquisition Performance." Journal of International Business Studies J Int Bus Stud 29.1 (1998): 137-58. Rahim, Kamal Fahrulrazy, Noryati Ahmad, Ismail Ahmad, and Fahmi Abdul Rahim. "Determinants of Cross Border Merger and Acquisition in Advanced Emerging Market Acquiring Firms." Procedia Economics and Finance (2013): 96-102. Rappaport, Alfred and Sirower, Mark L. “Stock or Cash?” Harvard Business Review (1999) 77.6:147-158Sarala, Riikka M. "The Impact of Cultural Differences and Acculturation Factors on Post-acquisition Conflict." Scandinavian Journal of Management 26.1 (2010): 38-56. Seth, Anju, Kean P. Song, and R. Richardson Pettit. "Value Creation and Destruction in Cross-border Acquisitions: An Empirical Analysis of Foreign Acquisitions of U.S. Firms." Strategic Management Journal 23.10 (2002): 921-40. Teece, David J., Gary Pisano, and Amy Shuen. "Dynamic Capabilities and Strategic Management." Strategic Management Journal 18.7 (1997): 509-33. Tsang, E. W. K., and P. S. L. Yip. "Economic Distance And The Survival Of Foreign Direct Investments." Academy of Management Journal 50.5 (2007): 1156-168. Uddin, Moshfique, and Agyenim Boateng. "An Analysis of Short‐run Performance of Cross‐border Mergers and Acquisitions." Review of Accounting and Finance Review of Accounting Finance 8.4 (2009): 431-53. Uhlenbruck, Klaus, Klaus E. Meyer, and Michael A. Hitt. "Organizational Transformation in Transition Economies: Resource-based and Organizational Learning Perspectives." Journal of Management Studies 40.2 (2003): 257-82.Vermeulen, F., and H. Barkema. "Learning Through Acquisitions." Academy of Management Journal 44.3 (2001): 457-76. Very, Philippe, Michael Lubatkin, Roland Calori, and John Veiga. "Relative Standing and the Performance of Recently Acquired European Firms." Strategic Management Journal 18.8 (1997): 593-614.Williams, Jonathan, and Angel Liao. "The Search for Value: Cross-border Bank M&A in Emerging Markets." Comparative Economic Studies 50.2 (2008): 274-96. 描述 碩士
國立政治大學
國際經營與貿易學系
103351053資料來源 http://thesis.lib.nccu.edu.tw/record/#G0103351053 資料類型 thesis dc.contributor.advisor 譚丹琪 zh_TW dc.contributor.advisor Tan, Danchi en_US dc.contributor.author (Authors) 白楊 zh_TW dc.contributor.author (Authors) Bai, Yang en_US dc.creator (作者) 白楊 zh_TW dc.creator (作者) Bai, Yang en_US dc.date (日期) 2016 en_US dc.date.accessioned 2-Aug-2016 15:50:47 (UTC+8) - dc.date.available 2-Aug-2016 15:50:47 (UTC+8) - dc.date.issued (上傳時間) 2-Aug-2016 15:50:47 (UTC+8) - dc.identifier (Other Identifiers) G0103351053 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/99524 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 國際經營與貿易學系 zh_TW dc.description (描述) 103351053 zh_TW dc.description.abstract (摘要) 本文主要對中國大陸企業海內外併購事件宣告效果進行分析，探究被併企業所在國之發展程度及文化距離對股價之異常報酬率的影響。本文選取2008年1月1日至2015年12月31日中國大陸在上海和深圳交易所上市的公司發生的併購事件為樣本，運用事件研究法進行分析。根據T檢定及多元迴歸結果顯示，通過併購實現外部擴張對於中國大陸上市公司來說是一種合理有效的方式，從總體上看併購事件給企業帶來正的累積異常報酬率。同時被併企業所在國在已開發國家會給主併公司股東帶來更多的異常報酬。本文還針對海外併購事件進行迴歸分析，發現被併企業所在國與中國大陸的文化距離越遠，主併企業的短期併購績效越好。 zh_TW dc.description.tableofcontents 第壹章 緒論 1第一節 研究背景與動機 1第二節 研究問題 3第貳章 文獻探討 4第一節 併購與跨國併購 4一. 併購定義 4二. 跨境併購定義 4第二節 併購之動機理論 4一. 效率理論 5二. 市場勢力理論 6三. 代理理論 6第三節 併購績效之影響因素 7一. 跨國與國內併購 8二. 被併企業所在國之國家發展程度 9三. 文化差異 10四. 產業相關性 10第四節 併購績效之衡量方法 11一. 事件研究法 11二. 會計研究法 12第叁章 假說發展及研究設計 14第一節 研究假說 14一. 宣告併購事件對股東價值之影響 14二. 國際併購與國內事件對股東價值之影響 15三. 目標企業所在國發展程度對股東價值之影響 17第二節 資料來源與選樣標準 18一. 資料來源 18二. 選樣標準 18第三節 研究方法 19一. 併購績效的衡量方法 19二. 事件研究法 19三. 異常報酬率之計算 21第肆章 實證結果與分析 24第一節 樣本特性 24一. 樣本概況 24二. 變數之定義 28三. 變數之相關性檢驗 31四. 累積異常報酬率之分析 33第二節 併購宣告異常報酬之多元迴歸分析 38一. 樣本總體之多元迴歸分析 38二. 具有控制權樣本之多元迴歸分析 40三. 國外併購樣本之多元迴歸分析 42第三節 小結 44第伍章 結論 46第一節 研究結論 46第二節 研究限制與未來方向 48第三節 管理意涵 49參考文獻 51中文資料 51英文資料 52 zh_TW dc.format.extent 1069732 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0103351053 en_US dc.subject (關鍵詞) 事件研究法 zh_TW dc.subject (關鍵詞) 累積異常報酬率 zh_TW dc.subject (關鍵詞) 被併企業所在國 zh_TW dc.title (題名) 中國大陸上市公司海內外併購事件宣告效果之分析 zh_TW dc.title (題名) The Announcement Effects of Mainland China Listed Companies’ M&A Events en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 中文資料通信信息報. 2015并购案席卷互联网界 BAT坐拥半壁江山. http://www.chinastock.com.cn/yhwz_about.do?methodCall=getDetailInfo&docId=5188664 2015/12/31毛雯(2011) 我國上市公司跨國併購績效的實證研究.湖南大學會計學未出版之碩士論文田海峰 黃祎 孫廣生(2015) 影響企業跨國併購績效的制度因素分析-基於2000-2012年中國上市企業數據的研究. 國際投資. 第六期邵建新 巫和懋 薛熠(2012) 中國企業跨國併購的戰略目標與經營績效：基於A股市場的評價. 世界經濟. 2012(05):81-105林玫君(2002) 台灣企業跨國與國內併購行為財富效果之比較研究. 彰化師範大學會計研究所未出版之論文陳郁涵(2013) 跨國及國內購併對主併公司財富效果之影響：金融危機前後的績效表現.東海大學財務金融學系未出版之碩士論文董莉軍(2012) 上市公司跨國併購績效的實證檢驗. 財會月刊. 2012(02):19-21閻大穎(2009) 國際經驗、文化距離與中國企業海外併購的經營績效. 經濟評論. 第一期 英文資料Anand, Jaideep, and Andrew Delios. "Absolute and Relative Resources as Determinants of International Acquisitions." Strategic Management Journal 23.2 (2002): 119-34.Angwin, Duncan, and Brett Savill. "Strategic Perspectives on European Cross-border Acquisitions: A View from Top European Executives." European Management Journal 15.4 (1997): 423-35. Aulakh, P. S., M. Kotabe, and H. Teegen. "Export Strategies And Performance Of Firms From Emerging Economies: Evidence From Brazil, Chile, And Mexico." Academy of Management Journal 43.3 (2000): 342-61.Aybar, Bülent, and Aysun Ficici. "Cross-border Acquisitions and Firm Value: An Analysis of Emerging-market Multinationals." Journal of International Business Studies J Int Bus Stud 40.8 (2009): 1317-338. Bruner, Robert F. (2002) Does M&A Pay? A Survey of Evidence for the Decision-Maker. Journal of Applied Finance, 12(1):48-68Berry, Heather. "Shareholder Valuation of Foreign Investment and Expansion." Strategic Management Journal 27.12 (2006): 1123-140.Boubakri, Narjess, Georges Dionne, and Thouraya Triki. "Consolidation and Value Creation in the Insurance Industry: The Role of Governance." Journal of Banking & Finance 32.1 (2008): 56-68. Penrose, E. T. "The theory of the growth of the firm." New York: Wiley(1959).Peter, J Buckley, L Jeremy Clegg, Adam R Cross, Xin Liu, Hinrich Voss and Ping Zheng. "The determinants of Chinese outward foreign direct investment." Journal of International Business Studies 38.4(2007):499-518.Capron, Laurence, and Nathalie Pistre. "When Do Acquirers Earn Abnormal Returns?" Strategic Management Journal 23.9 (2002): 781-94. Capron, Laurence. "The Long-term Performance of Horizontal Acquisitions." Strategic Management Journal 20.11 (1999): 987-1018. Capron, Laurence, Pierre Dussauge, and Will Mitchell. "Resource Redeployment following Horizontal Acquisitions in Europe and North America, 1988-1992." Strategic Management Journal 19.7 (1998): 631-61.Chakrabarti, Rajesh, Swasti Gupta-Mukherjee, and Narayanan Jayaraman. "Mars–Venus Marriages: Culture and Cross-border M&A." Journal of International Business Studies J Int Bus Stud 40.2 (2008): 216-36. Cuervo-Cazurra, Alvaro, Mary M. Maloney, and Shalini Manrakhan. "Causes of the Difficulties in Internationalization." Journal of International Business Studies J Int Bus Stud 38.5 (2007): 709-25. Datta, Deepak K. "Cross-Border Acquisitions: An Examination of the Influence of Relatedness and Cultural Fit on Shareholder Value Creation in U.S. Acquiring Firms." Management International Review 35.4 (1995): 337-59.Goranova, Maria, Ravi Dharwadkar, and Pamela Brandes. "Owners on Both Sides of the Deal: Mergers and Acquisitions and Overlapping Institutional Ownership." Strategic Management Journal 31.10 (2010): 1114-135. Greenwood, R., and C. R. Hinings. "Understanding Radical Organizational Change: Bringing Together The Old And The New Institutionalism." Academy of Management Review 21.4 (1996): 1022-054. Gubbi, Sathyajit R., Preet S. Aulakh, Sougata Ray, M. B. Sarkar, and Raveendra Chittoor. "Do International Acquisitions by Emerging-economy Firms Create Shareholder Value? The Case of Indian Firms." Journal of International Business Studies J Int Bus Stud 41.S3 (2009): 397-418.Hennart, Jean-Francois, and Sabine B. Reddy. "Digestibility and Asymmetric Information in the Choice between Acquisitions and Joint Ventures: Where`s the Beef?" Strategic Management Journal 21.2 (2000): 191-93.Jay, Anandy. "How many matches are made in heaven?” Financial Times 1999:4.Khanna, Tarun, and Palepu, Krishna. "Why focused strategies may be wrong for emerging markets" Harvard Business Review 75:41-54.Kogut, Bruce, and Harbir Singh. "The Effect of National Culture on the Choice of Entry Mode." Journal of International Business Studies J Int Bus Stud 19.3 (1988): 411-32. Kremershof, Ina, Larsson Rikard and Stahl Günter K. "Trust dynamics in mergers and acquisitions: a case survey." The Academy of Management Conference(2004).Laamanen, Tomi, Matthias Brauer, and Olli Junna. "Performance of Acquirers of Divested Assets: Evidence from the U.S. Software Industry." Strategic Management Journal 35.6 (2013): 914-25. Michael A. Hitt, Robert E. Hoskisson, and R.Duane Ireland. "Mergers and Acquisitions and Managerial Commitment to Innovation in M-Form Firms.” Strategic Management Journal Vol.11 (1990): 29-47.Morosini, Piero, Scott Shane, and Harbir Singh. "National Cultural Distance and Cross-Border Acquisition Performance." Journal of International Business Studies J Int Bus Stud 29.1 (1998): 137-58. Rahim, Kamal Fahrulrazy, Noryati Ahmad, Ismail Ahmad, and Fahmi Abdul Rahim. "Determinants of Cross Border Merger and Acquisition in Advanced Emerging Market Acquiring Firms." Procedia Economics and Finance (2013): 96-102. Rappaport, Alfred and Sirower, Mark L. “Stock or Cash?” Harvard Business Review (1999) 77.6:147-158Sarala, Riikka M. "The Impact of Cultural Differences and Acculturation Factors on Post-acquisition Conflict." Scandinavian Journal of Management 26.1 (2010): 38-56. Seth, Anju, Kean P. Song, and R. Richardson Pettit. "Value Creation and Destruction in Cross-border Acquisitions: An Empirical Analysis of Foreign Acquisitions of U.S. Firms." Strategic Management Journal 23.10 (2002): 921-40. Teece, David J., Gary Pisano, and Amy Shuen. "Dynamic Capabilities and Strategic Management." Strategic Management Journal 18.7 (1997): 509-33. Tsang, E. W. K., and P. S. L. Yip. "Economic Distance And The Survival Of Foreign Direct Investments." Academy of Management Journal 50.5 (2007): 1156-168. Uddin, Moshfique, and Agyenim Boateng. "An Analysis of Short‐run Performance of Cross‐border Mergers and Acquisitions." Review of Accounting and Finance Review of Accounting Finance 8.4 (2009): 431-53. Uhlenbruck, Klaus, Klaus E. Meyer, and Michael A. Hitt. "Organizational Transformation in Transition Economies: Resource-based and Organizational Learning Perspectives." Journal of Management Studies 40.2 (2003): 257-82.Vermeulen, F., and H. Barkema. "Learning Through Acquisitions." Academy of Management Journal 44.3 (2001): 457-76. Very, Philippe, Michael Lubatkin, Roland Calori, and John Veiga. "Relative Standing and the Performance of Recently Acquired European Firms." Strategic Management Journal 18.8 (1997): 593-614.Williams, Jonathan, and Angel Liao. "The Search for Value: Cross-border Bank M&A in Emerging Markets." Comparative Economic Studies 50.2 (2008): 274-96. zh_TW
