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題名 併購動能對企業併購績效之影響:以美國市場為例
Merger Momentum and Performance of Acquirer: The US Evidence
作者 馮奕儒
Feng, Yi Ju
貢獻者 吳啟銘
馮奕儒
Feng, Yi Ju
關鍵詞 併購動能
併購績效
現金交易
成長股
併購經驗
Merger Momentum
Merger Performance
Cash Payment
Glamour
Experience
日期 2016
摘要 在全球併購浪潮興起之時,併購活動可能受市場競爭的影響,促使強強合 併,但也可能發生不理性的追隨行為。本文係研究在併購動能中宣告併購,對 主併公司的短期與長期併購績效之影響,並且進一步討論在併購案採現金交易、 主併公司為成長型公司、主併公司過去有成功併購經驗三個條件之下,對主併 公司於併購動能下宣告併購的短期與長期併購績效是否有顯著影響。
     
     本研究之貢獻為,採過去併購績效是否顯著作為併購動能之衡量,而非單
     純採用市場上所累積的併購績效之規模。另外,除了探討每個變數與併購績效
     之直接關係外,亦特別著重於該變數與主併公司在併購動能中宣告併購之交乘
     作用,剖析對主併公司短期及長期併購績效的影響。
     
     而本研究發現,在併購動能當中,若主併公司為成長型公司,能夠顯著提
     升其宣告併購之短期與長期績效。因此,對於併購動能下指併公司的績效表現
     而言,該公司特性為關鍵因素,特別是對長期的併購績效來說。
When merger waves occur, the M&A activities may be affected by competitive market. This may cause the win-win cooperation, but also may result in blind following. The primary purpose of this paper is to test the correlation of mergers in momentum and the short-term and long-term merger performance. Furthermore, this paper is also focus on three conditions which may influence the above-mentioned correlation, including cash payment, glamour bidders and bidders’ past successful experience of M&A.
     
     The major contribution of this paper is using the significance of past merger performance to measure the merger momentum, instead of simply using accumulated performance. Second, in addition to the direct relation between variables and merger performance, this paper also aims to emphasize the interaction of those variables, analyzing its influence to short-term and long-term performance.
     
     It is reported in this paper that, in the merger waves, glamour bidders significantly perofrm better in both short-term and long-term period. Thus, “Glamour” is a key characteristic for the bidders, which would lead to better performance in merger wave, especially long-term one.
參考文獻 沈中華與李建然 (2000) ,事件研究法-財務與會計實證研究必備,華泰文化 事業公司。
      AndradeG,MitchellM,StaffordE(2001)“Newevidenceandperspectiveson mergers.” J Econ Perspect 15:103–120
      AmirhosseinHajbaba,RayDonnelly(2013),“Acquirers`performanceinhotand cold merger markets: evidence of mispricing”, Review of Accounting and Finance, Vol. 12 Iss 3 pp. 204 – 225
      Barney,J.(1991),“Firmresourcesandsustainedcompetitiveadvantage”,Journal of Management, Vol. 17, pp. 99-120.
      Coakley,J.,Fu,L.,Thomas,H.(2008)“Anewmisvaluationperspectiveonwhy cash is king in UK M&As.” Working paper, University of Essex.
      ChangS(1998)“Takeoversofprivatelyheldtargets,methodsofpayment,and bidder returns.” J Finance 53:773–784
      Collins,D.W.,Kothari,S.P.(1989),“Ananalysisofintertemporaland cross-sectional determinants of earnings response coefficients”, Journal of Accounting and Economics, Vol. 11, pp. 143-181.
      Doukas,J.A.,Kim,C.F.andPantzalis,C.(2002),“Atestofthe errors-in-expectations explanation of the value/glamour stock returns performance: evidence from analysts’ forecasts”, The Journal of Finance, Vol. 57 No. 5, pp. 2134-2165.
      Fama,E.,Fisher,L.,Jensen,M.C.andRoll,R.(1969),“TheAdjustmentof Stock Prices to New Information, International Economic Review”, 10, 1-21.
      Gregory,A.(1997)“AnexaminationofthelongrunperformanceofUK
     acquiring firms.” Journal of Business, Finance & Accounting 24, 971-1002.
      HolmstromB,KaplanS(2001)“Corporategovernanceandmergeractivityin the United States: making sense of the 1980’s and 1990’s.” J Econ Perspect 15:121–144
      Harford,J.(2005),“Whatdrivesmergerwaves?”,JournalofFinancial Economics, Vol. 77, pp. 529-560
      Haunschild,P.,Sullivan,B.(2002),“Learningfromcomplexity:effectsofprior accidents and incidents on airlines’ learning”, Administrative Science Quarterly, Vol. 47, pp. 609-43.
      JerryCoakley,LeiFu,HardyThomas,“MergerMomentumintheUKM&As”, Department of Accounting, Finance and Management and Essex Finance Centre, University of Essex, Wivenhoe Park, Colchester, CO4 3SQ UK
      JamesS.Ang,AhmadK.Ismail(2015)“Whatpremiumsdotargetshareholders expect? Explaining negative returns upon offer announcements.” Journal of Corporate Finance 30 (2015) 245-256
      Kim,J.,Miner,A.(2007),“Vicariouslearningfromthefailuresandnear-failures of others: evidence from the US commercial banking industry”, Academy of Management Journal, Vol. 50, pp. 687-714.
      Ljungqvist,A.P.,Nanda,V.,Singh,R.(2006)“Hotmarkets,investorsentiment, and IPO pricing.” Journal of Business 79, 1667-1702.
      Loughran,T.,Vijh,A.M.(1997)“Dolong-termshareholdersbenefitfrom corporate acquisitions?” Journal of Finance 52, 1765-1790.
      Myers,S.C.,Majluf,N.S.(1984)“Corporatefinancingandinvestmentdecisions when firms have information that investors do not have.” Journal of Financial Economics 13, 187-221.
      Miner,A.,Haunschild,P.andSchwab,A.(2003),“Experienceandconvergence: 52
     curiosities and speculation”, Industrial and Corporate Change, Vol. 12, pp.789-813.
      MoellerSB,SchlingemannFP,StulzRM(2004),“Firmsizeandthegainsfrom
     acquisition.” J Financ Econ 73:201–228
      N.K.Chidambaran,KoseJohn,ZhaoyunShangguan,GopalaVasudevan,(2009)
     “Hot and colde merger markets.” Rev Quant Finan Acc(2010) 34:327-349 DOI
     10.1007/s11156-009-0133-z
      Nelson,C.,Winter,S.(1982),“OrganizationalCapabilitiesandBehavior:An
     Evolutionary Theory of Economic Change”, Belknap Press, Cambridge, MA.
      Rosen,R.J.(2006)“Mergermomentumandinvestorsentiment:thestockmarket
     reaction to merger announcements.” Journal of Business 79, 987-1017.
      Ritter,J.R.(1984)“The“hotissue”marketof1980.”JournalofBusiness57,
     215-240.
      Rhodes-Kropf,M.,Robinson,D.T.andViswanathan,S.(2005),“Valuation
     waves and merger activity: the empirical evidence”, Journal of Financial Economics, Vol. 77, pp. 561-603.
      Rau,P.R.,Vermaelen,T.(1998)“Glamour,valueandthepost-acquisition performance of acquiring firms.” Journal of Financial Economics 49, 223-253.
      ShleiferA,VishnyR(2003)“Stockmarketdrivenacquisitions.”JFinancEcon 70:295–311
      Tseng,J.andChou,P.(2011),“Mimeticisomorphismanditseffectonmerger and acquisition activities in Taiwanese financial industries”, Service Industry Journal, Vol. 31, pp. 1451-69.
描述 碩士
國立政治大學
財務管理研究所
103357029
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0103357029
資料類型 thesis
dc.contributor.advisor 吳啟銘zh_TW
dc.contributor.author (Authors) 馮奕儒zh_TW
dc.contributor.author (Authors) Feng, Yi Juen_US
dc.creator (作者) 馮奕儒zh_TW
dc.creator (作者) Feng, Yi Juen_US
dc.date (日期) 2016en_US
dc.date.accessioned 2-Aug-2016 16:00:05 (UTC+8)en_US
dc.date.available 2-Aug-2016 16:00:05 (UTC+8)en_US
dc.date.copyright 2-Aug-2016 16:00:05 (UTC+8)en_US
dc.identifier (Other Identifiers) G0103357029en_US
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) 103357029zh_TW
dc.description.abstract (摘要) 在全球併購浪潮興起之時,併購活動可能受市場競爭的影響,促使強強合 併,但也可能發生不理性的追隨行為。本文係研究在併購動能中宣告併購,對 主併公司的短期與長期併購績效之影響,並且進一步討論在併購案採現金交易、 主併公司為成長型公司、主併公司過去有成功併購經驗三個條件之下,對主併 公司於併購動能下宣告併購的短期與長期併購績效是否有顯著影響。
     
     本研究之貢獻為,採過去併購績效是否顯著作為併購動能之衡量,而非單
     純採用市場上所累積的併購績效之規模。另外,除了探討每個變數與併購績效
     之直接關係外,亦特別著重於該變數與主併公司在併購動能中宣告併購之交乘
     作用,剖析對主併公司短期及長期併購績效的影響。
     
     而本研究發現,在併購動能當中,若主併公司為成長型公司,能夠顯著提
     升其宣告併購之短期與長期績效。因此,對於併購動能下指併公司的績效表現
     而言,該公司特性為關鍵因素,特別是對長期的併購績效來說。		zh_TW
dc.description.abstract (摘要) When merger waves occur, the M&A activities may be affected by competitive market. This may cause the win-win cooperation, but also may result in blind following. The primary purpose of this paper is to test the correlation of mergers in momentum and the short-term and long-term merger performance. Furthermore, this paper is also focus on three conditions which may influence the above-mentioned correlation, including cash payment, glamour bidders and bidders’ past successful experience of M&A.
     
     The major contribution of this paper is using the significance of past merger performance to measure the merger momentum, instead of simply using accumulated performance. Second, in addition to the direct relation between variables and merger performance, this paper also aims to emphasize the interaction of those variables, analyzing its influence to short-term and long-term performance.
     
     It is reported in this paper that, in the merger waves, glamour bidders significantly perofrm better in both short-term and long-term period. Thus, “Glamour” is a key characteristic for the bidders, which would lead to better performance in merger wave, especially long-term one.		en_US
dc.description.tableofcontents 第一章 緒論 1
     第一節 研究動機與目的 1
     第二節 研究問題 2
     第三節 論文架構 2
     
     第二章 文獻回顧與假說 3
     第一節 如何衡量併購動能 3
     第二節 併購動能與主併公司併購績效之關係 5
     第三節 支付方式與併購動能下併購績效之關係 8
     第四節 成長型公司與併購動能下併購績效之關係 10
     第五節 併購經驗與併購動能下併購績效之關係 11
     
     第三章 研究方法 12
     第一節 樣本資料說明 12
     第二節 變數選擇與衡量 15
     第三節 模型假設 24
     
     第四章 實證結果 27
     第一節 敘述統計分析 27
     第二節 相關係數分析 31
     第三節 平均數差異分析 34
     第四節 多元迴歸分析 37
     
     第五章 研究討論 46
     第一節 併購動能與主併公司併購績效之關係 46
     第二節 調節變數與併購績效之直接關係 47
     第三節 調節變數與併購績效之間接關係 48
     
     第六章 結論與建議 49
     第一節 研究結論 49
     第二節 研究限制與建議 50
     
     參考文獻 51		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0103357029en_US
dc.subject (關鍵詞) 併購動能zh_TW
dc.subject (關鍵詞) 併購績效zh_TW
dc.subject (關鍵詞) 現金交易zh_TW
dc.subject (關鍵詞) 成長股zh_TW
dc.subject (關鍵詞) 併購經驗zh_TW
dc.subject (關鍵詞) Merger Momentumen_US
dc.subject (關鍵詞) Merger Performanceen_US
dc.subject (關鍵詞) Cash Paymenten_US
dc.subject (關鍵詞) Glamouren_US
dc.subject (關鍵詞) Experienceen_US
dc.title (題名) 併購動能對企業併購績效之影響:以美國市場為例zh_TW
dc.title (題名) Merger Momentum and Performance of Acquirer: The US Evidenceen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 沈中華與李建然 (2000) ,事件研究法-財務與會計實證研究必備,華泰文化 事業公司。
      AndradeG,MitchellM,StaffordE(2001)“Newevidenceandperspectiveson mergers.” J Econ Perspect 15:103–120
      AmirhosseinHajbaba,RayDonnelly(2013),“Acquirers`performanceinhotand cold merger markets: evidence of mispricing”, Review of Accounting and Finance, Vol. 12 Iss 3 pp. 204 – 225
      Barney,J.(1991),“Firmresourcesandsustainedcompetitiveadvantage”,Journal of Management, Vol. 17, pp. 99-120.
      Coakley,J.,Fu,L.,Thomas,H.(2008)“Anewmisvaluationperspectiveonwhy cash is king in UK M&As.” Working paper, University of Essex.
      ChangS(1998)“Takeoversofprivatelyheldtargets,methodsofpayment,and bidder returns.” J Finance 53:773–784
      Collins,D.W.,Kothari,S.P.(1989),“Ananalysisofintertemporaland cross-sectional determinants of earnings response coefficients”, Journal of Accounting and Economics, Vol. 11, pp. 143-181.
      Doukas,J.A.,Kim,C.F.andPantzalis,C.(2002),“Atestofthe errors-in-expectations explanation of the value/glamour stock returns performance: evidence from analysts’ forecasts”, The Journal of Finance, Vol. 57 No. 5, pp. 2134-2165.
      Fama,E.,Fisher,L.,Jensen,M.C.andRoll,R.(1969),“TheAdjustmentof Stock Prices to New Information, International Economic Review”, 10, 1-21.
      Gregory,A.(1997)“AnexaminationofthelongrunperformanceofUK
     acquiring firms.” Journal of Business, Finance & Accounting 24, 971-1002.
      HolmstromB,KaplanS(2001)“Corporategovernanceandmergeractivityin the United States: making sense of the 1980’s and 1990’s.” J Econ Perspect 15:121–144
      Harford,J.(2005),“Whatdrivesmergerwaves?”,JournalofFinancial Economics, Vol. 77, pp. 529-560
      Haunschild,P.,Sullivan,B.(2002),“Learningfromcomplexity:effectsofprior accidents and incidents on airlines’ learning”, Administrative Science Quarterly, Vol. 47, pp. 609-43.
      JerryCoakley,LeiFu,HardyThomas,“MergerMomentumintheUKM&As”, Department of Accounting, Finance and Management and Essex Finance Centre, University of Essex, Wivenhoe Park, Colchester, CO4 3SQ UK
      JamesS.Ang,AhmadK.Ismail(2015)“Whatpremiumsdotargetshareholders expect? Explaining negative returns upon offer announcements.” Journal of Corporate Finance 30 (2015) 245-256
      Kim,J.,Miner,A.(2007),“Vicariouslearningfromthefailuresandnear-failures of others: evidence from the US commercial banking industry”, Academy of Management Journal, Vol. 50, pp. 687-714.
      Ljungqvist,A.P.,Nanda,V.,Singh,R.(2006)“Hotmarkets,investorsentiment, and IPO pricing.” Journal of Business 79, 1667-1702.
      Loughran,T.,Vijh,A.M.(1997)“Dolong-termshareholdersbenefitfrom corporate acquisitions?” Journal of Finance 52, 1765-1790.
      Myers,S.C.,Majluf,N.S.(1984)“Corporatefinancingandinvestmentdecisions when firms have information that investors do not have.” Journal of Financial Economics 13, 187-221.
      Miner,A.,Haunschild,P.andSchwab,A.(2003),“Experienceandconvergence: 52
     curiosities and speculation”, Industrial and Corporate Change, Vol. 12, pp.789-813.
      MoellerSB,SchlingemannFP,StulzRM(2004),“Firmsizeandthegainsfrom
     acquisition.” J Financ Econ 73:201–228
      N.K.Chidambaran,KoseJohn,ZhaoyunShangguan,GopalaVasudevan,(2009)
     “Hot and colde merger markets.” Rev Quant Finan Acc(2010) 34:327-349 DOI
     10.1007/s11156-009-0133-z
      Nelson,C.,Winter,S.(1982),“OrganizationalCapabilitiesandBehavior:An
     Evolutionary Theory of Economic Change”, Belknap Press, Cambridge, MA.
      Rosen,R.J.(2006)“Mergermomentumandinvestorsentiment:thestockmarket
     reaction to merger announcements.” Journal of Business 79, 987-1017.
      Ritter,J.R.(1984)“The“hotissue”marketof1980.”JournalofBusiness57,
     215-240.
      Rhodes-Kropf,M.,Robinson,D.T.andViswanathan,S.(2005),“Valuation
     waves and merger activity: the empirical evidence”, Journal of Financial Economics, Vol. 77, pp. 561-603.
      Rau,P.R.,Vermaelen,T.(1998)“Glamour,valueandthepost-acquisition performance of acquiring firms.” Journal of Financial Economics 49, 223-253.
      ShleiferA,VishnyR(2003)“Stockmarketdrivenacquisitions.”JFinancEcon 70:295–311
      Tseng,J.andChou,P.(2011),“Mimeticisomorphismanditseffectonmerger and acquisition activities in Taiwanese financial industries”, Service Industry Journal, Vol. 31, pp. 1451-69.		en_US