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題名 併購後負債調整與長期股價表現
Leverage Adjustment after M&A and Long-Term Stock Performance
作者 許育哲
Hsu, Yu-Che
貢獻者 陳聖賢
許育哲
Hsu, Yu-Che
關鍵詞 負債調整
併購
長期股價表現
Leverage adjustments
M&A
Long-term stock performance
日期 2019
上傳時間 7-Aug-2019 16:04:40 (UTC+8)
摘要 本篇論文主要欲探討的是企業在併購後調整負債比率與否，對於企業長期股價是否有影響。我們觀察到主併公司在併購完成當年的負債比率有顯著上升的現象，另外也發現到部分公司會在負債比率上升後朝向目標資本結構調整，而部分公司則會維持上升後的負債水準。結果顯示朝向目標資本結構調整的公司在併購後長期股價的表現大多較維持上升後負債水準的公司來的更好，除了在併購後第三年才朝目標資本結構進行調整的公司。
This study investigates whether leverage adjustment after mergers and acquisitions (M&A) activities would influence long-term stock performance. We find that acquirers significantly increase their leverage ratio in the acquisition year. Evidence shows that some firms adjust toward their target capital structure after M&A activities while some firms maintain their increased leverage ratios. Most results display that positive leverage adjustment rate lead to higher cumulative abnormal return (CAR) in the long run except 3 post-merger years.
參考文獻 Auerbach, A. J., & Reishus, D. (1988). The effects of taxation on the merger decision. In Corporate takeovers: Causes and consequences (pp. 157-190): University of Chicago Press.
Baker, M., & Wurgler, J. (2002). Market timing and capital structure. The Journal of Finance, 57(1), 1-32.
Barber, B. M., & Lyon, J. D. (1997). Detecting long-run abnormal stock returns: The empirical power and specification of test statistics. Journal of Financial Economics, 43(3), 341-372.
Chang, X., & Dasgupta, S. (2009). Target behavior and financing: how conclusive is the evidence? The Journal of Finance, 64(4), 1767-1796.
Chowdhry, B., & Nanda, V. (1993). The strategic role of debt in takeover contests. The Journal of Finance, 48(2), 731-745.
DeAngelo, H., & Masulis, R. W. (1980). Optimal capital structure under corporate and personal taxation. Journal of Financial Economics, 8(1), 3-29.
Fama, E. F. (1998). Market efficiency, long-term returns, and behavioral finance. Journal of Financial Economics, 49(3), 283-306.
Fama, E. F., & French, K. R. (2002). Testing trade-off and pecking order predictions about dividends and debt. The Review of Financial Studies, 15(1), 1-33.
Fischer, E. O., Heinkel, R., & Zechner, J. (1989). Dynamic capital structure choice: Theory and tests. The Journal of Finance, 44(1), 19-40.
Flannery, M. J., & Rangan, K. P. (2006). Partial adjustment toward target capital structures. Journal of Financial Economics, 79(3), 469-506.
Ghosh, A., & Jain, P. C. (2000). Financial leverage changes associated with corporate mergers. Journal of Corporate Finance, 6(4), 377-402.
Goldstein, R., Ju, N., & Leland, H. (2001). An EBIT‐based model of dynamic capital structure. The Journal of Business, 74(4), 483-512.
Graham, J. R. (1996). Proxies for the corporate marginal tax rate. Journal of Financial Economics, 42(2), 187-221.
Harford, J., Klasa, S., & Walcott, N. (2009). Do firms have leverage targets? Evidence from acquisitions. Journal of Financial Economics, 93(1), 1-14.
Hart, O., & Moore, J. (1994). Debt and seniority: An analysis of the role of hard claims in constraining management. Retrieved from
Hovakimian, A., & Li, G. (2011). In search of conclusive evidence: How to test for adjustment to target capital structure. Journal of Corporate Finance, 17(1), 33-44.
Jenson, M. C., & Meckling, W. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.
Kayhan, A., & Titman, S. (2007). Firms’ histories and their capital structures. Journal of Financial Economics, 83(1), 1-32.
Khoo, J., Durand, R. B., & Rath, S. (2017). Leverage adjustment after mergers and acquisitions. Accounting & Finance, 57, 185-210.
Kim, E. H., & McConnell, J. J. (1977). Corporate mergers and the co‐insurance of corporate debt. The Journal of Finance, 32(2), 349-365.
Klasa, S., & Stegemoller, M. (2007). Takeover activity as a response to time‐varying changes in investment opportunity sets: Evidence from takeover sequences. Financial Management, 36(2), 1-25.
Koh, S., Durand, R. B., & Watson, I. (2011). Seize the moment: Opportunism in Australian capital markets. Pacific-Basin Finance Journal, 19(4), 374-389.
Lemmon, M. L., Roberts, M. R., & Zender, J. F. (2008). Back to the beginning: persistence and the cross‐section of corporate capital structure. The Journal of Finance, 63(4), 1575-1608.
Mitchell, M. L., & Stafford, E. (1997). Managerial decisions and long-term stock price performance (No. 453). Center for Research in Security Prices, Graduate School of Business, University of Chicago.
Modigliani, F., & Miller, M. H. (1963). Corporate income taxes and the cost of capital: a correction. The American Economic Review, 53(3), 433-443.
Myers, S. C. (1977). Determinants of corporate borrowing. Journal of Financial Economics, 5(2), 147-175.
Rajan, R. G., & Zingales, L. (1995). What do we know about capital structure? Some evidence from international data. The Journal of Finance, 50(5), 1421-1460.
Ross, S. A. (1977). The determination of financial structure: the incentive-signalling approach. The Bell Journal of Economics, 23-40.
Shastri, K. (1990). The differential effects of mergers on corporate security values. Research in Finance, 8, 179-201.
Strebulaev, I. A. (2007). Do tests of capital structure theory mean what they say? The Journal of Finance, 62(4), 1747-1787.
Stulz, R. (1990). Managerial discretion and optimal financing policies. Journal of Financial Economics, 26(1), 3-27.
Taggart Jr, R. A. (1977). A model of corporate financing decisions. The Journal of Finance, 32(5), 1467-1484.
Titman, S., & Wessels, R. (1988). The determinants of capital structure choice. The Journal of Finance, 43(1), 1-19.
描述 碩士
國立政治大學
財務管理學系
106357024
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0106357024
資料類型 thesis
dc.contributor.advisor 陳聖賢zh_TW
dc.contributor.author (Authors) 許育哲zh_TW
dc.contributor.author (Authors) Hsu, Yu-Cheen_US
dc.creator (作者) 許育哲zh_TW
dc.creator (作者) Hsu, Yu-Cheen_US
dc.date (日期) 2019en_US
dc.date.accessioned 7-Aug-2019 16:04:40 (UTC+8)-
dc.date.available 7-Aug-2019 16:04:40 (UTC+8)-
dc.date.issued (上傳時間) 7-Aug-2019 16:04:40 (UTC+8)-
dc.identifier (Other Identifiers) G0106357024en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/124698-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財務管理學系zh_TW
dc.description (描述) 106357024zh_TW
dc.description.abstract (摘要) 本篇論文主要欲探討的是企業在併購後調整負債比率與否，對於企業長期股價是否有影響。我們觀察到主併公司在併購完成當年的負債比率有顯著上升的現象，另外也發現到部分公司會在負債比率上升後朝向目標資本結構調整，而部分公司則會維持上升後的負債水準。結果顯示朝向目標資本結構調整的公司在併購後長期股價的表現大多較維持上升後負債水準的公司來的更好，除了在併購後第三年才朝目標資本結構進行調整的公司。zh_TW
dc.description.abstract (摘要) This study investigates whether leverage adjustment after mergers and acquisitions (M&A) activities would influence long-term stock performance. We find that acquirers significantly increase their leverage ratio in the acquisition year. Evidence shows that some firms adjust toward their target capital structure after M&A activities while some firms maintain their increased leverage ratios. Most results display that positive leverage adjustment rate lead to higher cumulative abnormal return (CAR) in the long run except 3 post-merger years.en_US
dc.description.tableofcontents 1. Introduction 1
2. Literature Review 3
3. Data and Methodology 5
4. Empirical Results 10
5. Conclusion 13
References 14		zh_TW
dc.format.extent 1626414 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0106357024en_US
dc.subject (關鍵詞) 負債調整zh_TW
dc.subject (關鍵詞) 併購zh_TW
dc.subject (關鍵詞) 長期股價表現zh_TW
dc.subject (關鍵詞) Leverage adjustmentsen_US
dc.subject (關鍵詞) M&Aen_US
dc.subject (關鍵詞) Long-term stock performanceen_US
dc.title (題名) 併購後負債調整與長期股價表現zh_TW
dc.title (題名) Leverage Adjustment after M&A and Long-Term Stock Performanceen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Auerbach, A. J., & Reishus, D. (1988). The effects of taxation on the merger decision. In Corporate takeovers: Causes and consequences (pp. 157-190): University of Chicago Press.
Baker, M., & Wurgler, J. (2002). Market timing and capital structure. The Journal of Finance, 57(1), 1-32.
Barber, B. M., & Lyon, J. D. (1997). Detecting long-run abnormal stock returns: The empirical power and specification of test statistics. Journal of Financial Economics, 43(3), 341-372.
Chang, X., & Dasgupta, S. (2009). Target behavior and financing: how conclusive is the evidence? The Journal of Finance, 64(4), 1767-1796.
Chowdhry, B., & Nanda, V. (1993). The strategic role of debt in takeover contests. The Journal of Finance, 48(2), 731-745.
DeAngelo, H., & Masulis, R. W. (1980). Optimal capital structure under corporate and personal taxation. Journal of Financial Economics, 8(1), 3-29.
Fama, E. F. (1998). Market efficiency, long-term returns, and behavioral finance. Journal of Financial Economics, 49(3), 283-306.
Fama, E. F., & French, K. R. (2002). Testing trade-off and pecking order predictions about dividends and debt. The Review of Financial Studies, 15(1), 1-33.
Fischer, E. O., Heinkel, R., & Zechner, J. (1989). Dynamic capital structure choice: Theory and tests. The Journal of Finance, 44(1), 19-40.
Flannery, M. J., & Rangan, K. P. (2006). Partial adjustment toward target capital structures. Journal of Financial Economics, 79(3), 469-506.
Ghosh, A., & Jain, P. C. (2000). Financial leverage changes associated with corporate mergers. Journal of Corporate Finance, 6(4), 377-402.
Goldstein, R., Ju, N., & Leland, H. (2001). An EBIT‐based model of dynamic capital structure. The Journal of Business, 74(4), 483-512.
Graham, J. R. (1996). Proxies for the corporate marginal tax rate. Journal of Financial Economics, 42(2), 187-221.
Harford, J., Klasa, S., & Walcott, N. (2009). Do firms have leverage targets? Evidence from acquisitions. Journal of Financial Economics, 93(1), 1-14.
Hart, O., & Moore, J. (1994). Debt and seniority: An analysis of the role of hard claims in constraining management. Retrieved from
Hovakimian, A., & Li, G. (2011). In search of conclusive evidence: How to test for adjustment to target capital structure. Journal of Corporate Finance, 17(1), 33-44.
Jenson, M. C., & Meckling, W. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.
Kayhan, A., & Titman, S. (2007). Firms’ histories and their capital structures. Journal of Financial Economics, 83(1), 1-32.
Khoo, J., Durand, R. B., & Rath, S. (2017). Leverage adjustment after mergers and acquisitions. Accounting & Finance, 57, 185-210.
Kim, E. H., & McConnell, J. J. (1977). Corporate mergers and the co‐insurance of corporate debt. The Journal of Finance, 32(2), 349-365.
Klasa, S., & Stegemoller, M. (2007). Takeover activity as a response to time‐varying changes in investment opportunity sets: Evidence from takeover sequences. Financial Management, 36(2), 1-25.
Koh, S., Durand, R. B., & Watson, I. (2011). Seize the moment: Opportunism in Australian capital markets. Pacific-Basin Finance Journal, 19(4), 374-389.
Lemmon, M. L., Roberts, M. R., & Zender, J. F. (2008). Back to the beginning: persistence and the cross‐section of corporate capital structure. The Journal of Finance, 63(4), 1575-1608.
Mitchell, M. L., & Stafford, E. (1997). Managerial decisions and long-term stock price performance (No. 453). Center for Research in Security Prices, Graduate School of Business, University of Chicago.
Modigliani, F., & Miller, M. H. (1963). Corporate income taxes and the cost of capital: a correction. The American Economic Review, 53(3), 433-443.
Myers, S. C. (1977). Determinants of corporate borrowing. Journal of Financial Economics, 5(2), 147-175.
Rajan, R. G., & Zingales, L. (1995). What do we know about capital structure? Some evidence from international data. The Journal of Finance, 50(5), 1421-1460.
Ross, S. A. (1977). The determination of financial structure: the incentive-signalling approach. The Bell Journal of Economics, 23-40.
Shastri, K. (1990). The differential effects of mergers on corporate security values. Research in Finance, 8, 179-201.
Strebulaev, I. A. (2007). Do tests of capital structure theory mean what they say? The Journal of Finance, 62(4), 1747-1787.
Stulz, R. (1990). Managerial discretion and optimal financing policies. Journal of Financial Economics, 26(1), 3-27.
Taggart Jr, R. A. (1977). A model of corporate financing decisions. The Journal of Finance, 32(5), 1467-1484.
Titman, S., & Wessels, R. (1988). The determinants of capital structure choice. The Journal of Finance, 43(1), 1-19.		zh_TW
dc.identifier.doi (DOI) 10.6814/NCCU201900157en_US