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題名 以併購調整財務槓桿之探討
A discussion about Restructuring Leverage Ratio by Merger and Acquisition作者 林炫勲
Lin, Hsuan-Hsun貢獻者 屠美亞
Twu, Mi-A
林炫勲
Lin, Hsuan-Hsun關鍵詞 財務槓桿
以併購作為融資方法
累積超額報酬
代理問題
Capital structure
Leverage ratio
Financing by merger and acquisition
Cumulative abnormal return
Agency problem日期 2019 上傳時間 5-九月-2019 17:33:54 (UTC+8) 摘要 過去台灣2009年至2017年一共完成了501件併購案，而其中併購前後財務槓桿變化率超過10%之樣本合計為285件，約佔全部已完成之併購案件的六成，可以見併購導致財務槓桿大幅變動為常見之現象，故以變化率超過正負10%作為區分之標準，挑選出『併購後財務槓桿有明顯下調組』、『併購後財務槓桿有明顯上升組』及將前兩組合併的『併購後明顯調整財務槓桿組』共三組，發現在併購前『併購後財務槓桿明顯下調組』財務槓桿及市淨率都顯著高於『併購後財務槓桿明顯提升組』。本研究實證結果發現，當企業的財務槓桿越小或是企業的規模越小，那企業越有機會利用併購來大幅調整其財務槓桿。也發現全部併購案件樣本的累積超額報酬顯著大於零，『併購後財務槓桿有明顯下調組』未能達到統計上的顯著，而『併購後財務槓桿明顯上升組』和『併購後明顯調整財務槓桿組』皆只有在宣告日前後一天的時間區間內獲得顯著正向的累積超額報酬。最後發現當企業欲降低其財務槓桿，且其自由現金流量越低，代表該企業較不易透過內部融資來降低其過高的財務槓桿，較需要透過外部融資的方式，而透過併購來調降自身財務槓桿將較不容易有資訊不對稱所帶來的負面影響，因此投資人也較不擔心代理問題的產生，且認同企業調整自身財務槓桿至最適資本結構之決策，所以企業將獲得較高的累積報酬，進而提升股東之財富。
This paper studied all merger and acquisition cases from 2009 to 2017 in Taiwan. And it finds that almost 60% M&A cases changed their leverage ratio over 10%. So it separated the samples into two group by the change of leverage ratio over 10% between before M&A and after M&A, and find that the leverage ratio and price-to-book ratio of the group of leverage ratio decreasing more 10% are higher than the group of leverage ratio increasing more 10%.The finding shows the companies with lower leverage ratio or smaller size would tend to restructure their leverage ratio dramatically by M&A. And the finding also shows all the sample of M&A cases get cumulative abnormal return which greater zero significantly, but the sample which decrease the leverage ratio after M&A don’t get that. And the sample which increase the leverage ratio after M&A get the cumulative abnormal return bigger than zero during announcement to two day after announcement.In the end, it finds that low free cash flow means that company can’t save the problem of too high leverage ratio by internal financing. It has to financing by external way. And there is less negative influence by information asymmetry through financing by M&A. Hence, the investors won’t worry about agent problem so that the company will get the higher cumulative abnormal return. It raises the shareholder fortune.參考文獻 中文部分1. 林正偉，2004，購併宣告之異常報酬分析，南華大學經濟學研究所論文。2. 洪梓程，2008，公司規模與購併績效之相關性，政治大學財務管理研究所論文。3. 洪麗惠，1995，購併宣告對股東財富的影響-Jensen閒餘現金流量與Tobin’s Q兩假說之驗證，東吳大學管理研究所碩士論文。4. 惠珉, 2014, 機構投資人交易與主併公司宣告效果之關聯，政治大學財務管理學系碩士論文。5. 蕭惠元，1996，購併活動對股價行為與會計資訊之影響-以上市公司為例，東吳大學會計學研究所碩士論文。英文部分1. Akintoye, 2008, “Sensitivity of Performance to Capital Structure”, European Journal of Social Sciences. Vol7, 23-31.2. Allen and Boobal, 2008, “The Role of Post-Crisis Bank Mergers in Enhancing Efficiency Gains and Benefits to the Public in the Context of A Developing Economy : Evidence from Malaysia”, Proceedings of International conference on Social Sciences and Humanities, Vol1.3. Asquith, P. and D. W. Mullins, Jr., 1986, “Equity issues and offering dilution”, Journal of Financial Economics 15, 61-89.4. Barnea, A., Haugen, R. A. and Senbet, L. W., 1981. “Market Imperfections, Agency Problems and Capital Structure: A Review”, Financial Management, 10(3), 7-215. Bayless, M. and S. Chaplinsky, 1991 , “Expectations of security type and the information content of debt and equity offers”, Journal of Financial Intermediation I, 195-214.6. Billett, M. T., Flannery, M. J. and Garfinkel, J. A., 1995, “The Effect of Lender Identity on a Borrowing Firm`s Equity Return”, The Journal of Finance, 50(2), 699-718.7. Bowers, Helen M., Norman H. Moore, and K.S. Maurice Tse, 2000, “Signaling, financial slack and corporate acquisitions”, Review of Quantitative Finance and Accounting, 15, 195—216.8. Bradley et al., 1984, “On the Existence of an Optimal Capital Structure”, The Journal of Finance 39(3), 857-789. Brealey, R.A., Myers, S.C., 1991, “Principles of Corporate Finance”, McGraw-Hill, New York, NY.10. Brigham and Houston, 2007, “Essential Of Financial Management”, Singapore: Cengage Learning Asia Pte Ltd.11. Byoun, 2007, “Financial Flexibility, Firm Size and Capital Structure”.12. Cheung K.Y., 2009, “The Effect of Merger and Acquisition Announcement on the Security Price of Bidding Firms and Target Firms in Asia.”, International Journal of Economics and Finance, 274-283.13. Cooney, J. W. and Kalay, A., 1993, “Positive Information from Equity Issue Announcements”, Journal of Financial Economics, 33(2), 149-172.14. Diamond, D., 1991, “Monitoring and Reputation: The Choice between Bank Loans and Directly Placed Debt”, Journal of Political Economy, 99(4), 688- 721.15. Eckbo, B. Espen, Ronald M. Giammarino and Robert L. Heinkel, 1990, “Asymmetric information and the medium of exchange in takeovers: theory and tests”, Review of Financial Studies, 3, 654-675.16. Fama, Eugene F., and Kenneth R. French, 2000, “Testing tradeoff and pecking order predictions about dividends and debt”, The Center for Research in Security prices, Working Paper No. 506.17. Feng Gu and Baruch Lev, 2011, “Overpriced Shares, Ill-Advised Acquisitions, and Goodwill Impairment”, The Accounting Review, Vol. 86, 1995-2022.18. Fischer, O. E., Heinkel, R., Zechner, J., 1989, “Dynamic capital structure choice: theory and tests”. Journal of Finance,Vol.44, 19-40.19. Ghosh, Aloke, and Prem C. Jain, 2000, “Financial leverage changes associated with corporate mergers”, Journal of Corporate Finance 6, 377-402.20. Graham, J. R., 1996, “Debt and the marginal tax rate”, Journal of Financial Economics41, 41-73.21. Hackbarth, Dirk, 2007, “Managerial traits and capital structure decisions”, Journal of Financial and Quantitative Studies forthcoming.22. Hansen, Robert G., 1987, “A theory for the choice of exchange medium in mergers and acquisitions”, Journal of Business, 60, 75-95.23. Helwege, J. and N. Li ang, 1996, “Is there a pecking order? Evidence from a panel of IPO firms”, Journal of Financial Economics 40, 429-458.24. Henri Servaes, 1991, “Tobin`s Q and the Gains from Takeovers”, The Journal of Finance, Vol. 46, 409-419.25. Hongbo Duan, Xiaojie Han ad Hongbo Yang, 2009, “An Analysis of Causes for SMEs Financing Difficulty”, International Journal of Business and Management, 73-75.26. James W. Wansley, William R. Lane and Ho C. Yang, 1987, “Gains to Bidder Firms in Cash and Securities Transactions”, The Finance Review, Vol. 22, 403-414.27. Jensen, M. C. and W. H. Meckling, 1976, “Theory of the firm: Managerial behavior, agency costs and ownership structure”, Journal of Financial Economics 3, 305-360.28. Jensen, Michael C., 1986, “Agency costs of free cash flow, corporate finance, and takeovers”, American Economic Review, 76, 323-329.29. Jie Chi, An and M. Vijh, 2007, “Incentive Effects of Stock and Option Holdings of Target and Acquirer CEOs”, The Journal of Finance, Vol. 62, 1891-1933.30. Kester, 2004, “The Impact of Design on Stock Market Performance An Analysis of UK Quoted Companies 1994-2003”.31. Klaus Gugler and Kai A. Konrad, 2002, “Merger Target Selection and Financial Structure”.32. Kurshev, Strebulaev, 2006, “Firm Size and Capital Structure.”, SSRN Electronic Journal33. Larry H.P. Lang, RenéM. Stulz and Ralph A.Walkling, 1989, “Managerial performance, Tobin`s Q, and the gains from successful tender offers”, Journal of Financial Economics, Vol. 24, 137-154.34. Leland, 2007, “Financial Synergies and the Optimal Scope of the Firm: Implications for Mergers, Spinoffs, and Structured Finance”, The Journal of Finance. Vol 2, 765-807.35. Lewellen, 1971, “A Pure Financial Rationale for the Conglomerate Merger”. Journal of Finance. Vol 26, 521- 537.36. Maloney, Michael T., Robert E. McCormick and Mark L. Mitchell, 1993, “Managerial decision making and capital structure”, Journal of Business, 66(2), 189-217.37. Margaritis and Psillaki., 2008, “Capital Structure, Equity Ownership and Firm Performance”.38. MarkHumphery-Jenner and RonanPowellb, 2014, “Firm size, sovereign governance, and value creation: Evidence from the acquirer size effect.”, Journal of Corporate Finance, Vol. 26, 57-77.39. Marsh, P., 1982, “The choice between equity and debt: An empirical study”, The Journal of Finance 37, 121-144.40. Martynova, M. and Renneboog, L., 2009, “What Determines The Financing Decision in Corporate Takeovers: Cost of Capital, Agency Problems, or The Means of Payment?”, Journal of Corporate Finance, 15(3), 290-315.41. Michael Brennan and Edwardo S Schwartz,1978, “Corporate Income Taxes, Valuation, and the Problem of Optimal Capital Structure”, The Journal of Business vol. 51, issue 1, 103-1442. Modigliani, F., and M. H. Miller, 1963，”Corporate income tax and the cost of capital: A correction”, American Economics Review 53, 433-443.43. Moeller, S. B. and Schlingemann, F. P., 2005 , “Global Diversification and Bidder Gains: A Comparison between Cross-border and Domestic Acquisitions”, Journal of Banking and Finance, 29(3), 533-564.44. Murphy, Austin, and Kevin Nathan, 1989, “An analysis of merger financing”, The Financial Review, 24(4), 551-566.45. Myers, S. C., 1984, “The capital structure puzzle”, The Journal of Finance, Vol. 39, 575-92.46. Myers, S. C. and Majluf, N. S., 1984, “Corporate financing and investment decisions when firms have information that investors do not have”, Journal of Financial Economics, Vol. 13, 187-221.47. Ozkan, A., 2001, “Determinants of capital structure and adjustment to long run target: Evidence from UK company panel data“, Journal of Business Finance and Accounting 28, 175-198.48. Pinegar, J. M. and L. Wilbricht, 1989, “What managers think of capital structure theory: A survey”, Financial Management，82-9149. Porteous and Tapadar, 2008, “The Impact of Capital Structure on Economic Capital and Risk Adjusted Performance”, Astin Bulletin, 38(1), 341-380.50. Raghavendra Rau and TheoVermaelen, 1998, “Glamour, value and the post-acquisition performance of acquiring firms.” Journal of Financial Economics, Vol. 49, 223-253.51. Randall Morck, Andrei Shleifer and Robert W. Vishny, 1990, “Do Managerial Objectives Drive Bad Acquisitions?”, Journal of Finance, Vol. 45, 31-48.52. Robert G. Bowman,1980 ,“The Importance of a Market-Value Measurement of Debt in Assessing Leverage”, Journal of Accounting Research, Vol. 18, No. 1 (Spring, 1980), 242-254.53. Stapleton, R.C., 1982, “Mergers, debt capacity, and valuation of corporate loans”, In: Keenan, M., White, L.(Eds.), Mergers and Acquisitions. Lexington Books, Lexington, MA.54. Stulz, René, 1988, “Managerial control of voting rights: financing policies and the market for corporate control”, Journal of Financial Economics, 20, 25-54.55. Sudi Sudarsanam and Ashraf A. Mahate, 2003, “Glamour Acquirers, Method of Payment and Post‐acquisition Performance: The UK Evidence”, Journal of Business Finance & Accounting, Vol. 30, 299-342.56. Suhaila, Kila, Mahmood, and Mansor, 2008, “Capital Structure and Firm Characteristics: Some Evidence from Malaysian Companies”.57. Susan Elkinawy and David Offenberg, 2013, “Accelerated Vesting in Takeovers: The Impact on Shareholder Wealth”, Financial Management, Vol. 42, 101-126.58. Titman, S. and R. Wessels, 1988, “The determinants of capital structure choice”, The Journal of Finance 43, 1-19.59. Vermaelen, Xu, 2010, “How do Firms Make Capital Structure Decisions?”. 描述 碩士
國立政治大學
企業管理研究所(MBA學位學程)
106363003資料來源 http://thesis.lib.nccu.edu.tw/record/#G0106363003 資料類型 thesis dc.contributor.advisor 屠美亞 zh_TW dc.contributor.advisor Twu, Mi-A en_US dc.contributor.author (作者) 林炫勲 zh_TW dc.contributor.author (作者) Lin, Hsuan-Hsun en_US dc.creator (作者) 林炫勲 zh_TW dc.creator (作者) Lin, Hsuan-Hsun en_US dc.date (日期) 2019 en_US dc.date.accessioned 5-九月-2019 17:33:54 (UTC+8) - dc.date.available 5-九月-2019 17:33:54 (UTC+8) - dc.date.issued (上傳時間) 5-九月-2019 17:33:54 (UTC+8) - dc.identifier (其他 識別碼) G0106363003 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/125941 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 企業管理研究所(MBA學位學程) zh_TW dc.description (描述) 106363003 zh_TW dc.description.abstract (摘要) 過去台灣2009年至2017年一共完成了501件併購案，而其中併購前後財務槓桿變化率超過10%之樣本合計為285件，約佔全部已完成之併購案件的六成，可以見併購導致財務槓桿大幅變動為常見之現象，故以變化率超過正負10%作為區分之標準，挑選出『併購後財務槓桿有明顯下調組』、『併購後財務槓桿有明顯上升組』及將前兩組合併的『併購後明顯調整財務槓桿組』共三組，發現在併購前『併購後財務槓桿明顯下調組』財務槓桿及市淨率都顯著高於『併購後財務槓桿明顯提升組』。本研究實證結果發現，當企業的財務槓桿越小或是企業的規模越小，那企業越有機會利用併購來大幅調整其財務槓桿。也發現全部併購案件樣本的累積超額報酬顯著大於零，『併購後財務槓桿有明顯下調組』未能達到統計上的顯著，而『併購後財務槓桿明顯上升組』和『併購後明顯調整財務槓桿組』皆只有在宣告日前後一天的時間區間內獲得顯著正向的累積超額報酬。最後發現當企業欲降低其財務槓桿，且其自由現金流量越低，代表該企業較不易透過內部融資來降低其過高的財務槓桿，較需要透過外部融資的方式，而透過併購來調降自身財務槓桿將較不容易有資訊不對稱所帶來的負面影響，因此投資人也較不擔心代理問題的產生，且認同企業調整自身財務槓桿至最適資本結構之決策，所以企業將獲得較高的累積報酬，進而提升股東之財富。 zh_TW dc.description.abstract (摘要) This paper studied all merger and acquisition cases from 2009 to 2017 in Taiwan. And it finds that almost 60% M&A cases changed their leverage ratio over 10%. So it separated the samples into two group by the change of leverage ratio over 10% between before M&A and after M&A, and find that the leverage ratio and price-to-book ratio of the group of leverage ratio decreasing more 10% are higher than the group of leverage ratio increasing more 10%.The finding shows the companies with lower leverage ratio or smaller size would tend to restructure their leverage ratio dramatically by M&A. And the finding also shows all the sample of M&A cases get cumulative abnormal return which greater zero significantly, but the sample which decrease the leverage ratio after M&A don’t get that. And the sample which increase the leverage ratio after M&A get the cumulative abnormal return bigger than zero during announcement to two day after announcement.In the end, it finds that low free cash flow means that company can’t save the problem of too high leverage ratio by internal financing. It has to financing by external way. And there is less negative influence by information asymmetry through financing by M&A. Hence, the investors won’t worry about agent problem so that the company will get the higher cumulative abnormal return. It raises the shareholder fortune. en_US dc.description.tableofcontents 表目錄 VIII圖目錄 IX第一章、緒論 1第一節 研究背景與動機 1第二節 研究目的 2第三節 研究流程 2第二章、文獻回顧及探討 4第一節 資訊不對稱與企業融資 4第二節 以併購作為融資方法 7第三節 併購與累積超額報酬 9第三章、 研究方法 12第一節 研究假說 12第二節 資料來源 14第三節 樣本選取 14第四節 事件研究法 17第五節 變數定義 20第六節 回歸分析 27第四章、實證結果與分析 30第一節 併購前主併公司數據之整理 30第二節 累積超額報酬之檢定 38第三節 累積超額報酬影響之探討 41第五章、 結論與建議 45第一節 結論 45第二節 研究限制 47第三節 對後續研究者之建議 47參考文獻 48 zh_TW dc.format.extent 983884 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0106363003 en_US dc.subject (關鍵詞) 財務槓桿 zh_TW dc.subject (關鍵詞) 以併購作為融資方法 zh_TW dc.subject (關鍵詞) 累積超額報酬 zh_TW dc.subject (關鍵詞) 代理問題 zh_TW dc.subject (關鍵詞) Capital structure en_US dc.subject (關鍵詞) Leverage ratio en_US dc.subject (關鍵詞) Financing by merger and acquisition en_US dc.subject (關鍵詞) Cumulative abnormal return en_US dc.subject (關鍵詞) Agency problem en_US dc.title (題名) 以併購調整財務槓桿之探討 zh_TW dc.title (題名) A discussion about Restructuring Leverage Ratio by Merger and Acquisition en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 中文部分1. 林正偉，2004，購併宣告之異常報酬分析，南華大學經濟學研究所論文。2. 洪梓程，2008，公司規模與購併績效之相關性，政治大學財務管理研究所論文。3. 洪麗惠，1995，購併宣告對股東財富的影響-Jensen閒餘現金流量與Tobin’s Q兩假說之驗證，東吳大學管理研究所碩士論文。4. 惠珉, 2014, 機構投資人交易與主併公司宣告效果之關聯，政治大學財務管理學系碩士論文。5. 蕭惠元，1996，購併活動對股價行為與會計資訊之影響-以上市公司為例，東吳大學會計學研究所碩士論文。英文部分1. Akintoye, 2008, “Sensitivity of Performance to Capital Structure”, European Journal of Social Sciences. Vol7, 23-31.2. Allen and Boobal, 2008, “The Role of Post-Crisis Bank Mergers in Enhancing Efficiency Gains and Benefits to the Public in the Context of A Developing Economy : Evidence from Malaysia”, Proceedings of International conference on Social Sciences and Humanities, Vol1.3. Asquith, P. and D. W. Mullins, Jr., 1986, “Equity issues and offering dilution”, Journal of Financial Economics 15, 61-89.4. Barnea, A., Haugen, R. A. and Senbet, L. W., 1981. “Market Imperfections, Agency Problems and Capital Structure: A Review”, Financial Management, 10(3), 7-215. Bayless, M. and S. Chaplinsky, 1991 , “Expectations of security type and the information content of debt and equity offers”, Journal of Financial Intermediation I, 195-214.6. Billett, M. T., Flannery, M. J. and Garfinkel, J. A., 1995, “The Effect of Lender Identity on a Borrowing Firm`s Equity Return”, The Journal of Finance, 50(2), 699-718.7. Bowers, Helen M., Norman H. Moore, and K.S. Maurice Tse, 2000, “Signaling, financial slack and corporate acquisitions”, Review of Quantitative Finance and Accounting, 15, 195—216.8. Bradley et al., 1984, “On the Existence of an Optimal Capital Structure”, The Journal of Finance 39(3), 857-789. Brealey, R.A., Myers, S.C., 1991, “Principles of Corporate Finance”, McGraw-Hill, New York, NY.10. Brigham and Houston, 2007, “Essential Of Financial Management”, Singapore: Cengage Learning Asia Pte Ltd.11. Byoun, 2007, “Financial Flexibility, Firm Size and Capital Structure”.12. Cheung K.Y., 2009, “The Effect of Merger and Acquisition Announcement on the Security Price of Bidding Firms and Target Firms in Asia.”, International Journal of Economics and Finance, 274-283.13. Cooney, J. W. and Kalay, A., 1993, “Positive Information from Equity Issue Announcements”, Journal of Financial Economics, 33(2), 149-172.14. Diamond, D., 1991, “Monitoring and Reputation: The Choice between Bank Loans and Directly Placed Debt”, Journal of Political Economy, 99(4), 688- 721.15. Eckbo, B. Espen, Ronald M. Giammarino and Robert L. Heinkel, 1990, “Asymmetric information and the medium of exchange in takeovers: theory and tests”, Review of Financial Studies, 3, 654-675.16. Fama, Eugene F., and Kenneth R. French, 2000, “Testing tradeoff and pecking order predictions about dividends and debt”, The Center for Research in Security prices, Working Paper No. 506.17. Feng Gu and Baruch Lev, 2011, “Overpriced Shares, Ill-Advised Acquisitions, and Goodwill Impairment”, The Accounting Review, Vol. 86, 1995-2022.18. Fischer, O. E., Heinkel, R., Zechner, J., 1989, “Dynamic capital structure choice: theory and tests”. Journal of Finance,Vol.44, 19-40.19. Ghosh, Aloke, and Prem C. Jain, 2000, “Financial leverage changes associated with corporate mergers”, Journal of Corporate Finance 6, 377-402.20. Graham, J. R., 1996, “Debt and the marginal tax rate”, Journal of Financial Economics41, 41-73.21. Hackbarth, Dirk, 2007, “Managerial traits and capital structure decisions”, Journal of Financial and Quantitative Studies forthcoming.22. Hansen, Robert G., 1987, “A theory for the choice of exchange medium in mergers and acquisitions”, Journal of Business, 60, 75-95.23. Helwege, J. and N. Li ang, 1996, “Is there a pecking order? Evidence from a panel of IPO firms”, Journal of Financial Economics 40, 429-458.24. Henri Servaes, 1991, “Tobin`s Q and the Gains from Takeovers”, The Journal of Finance, Vol. 46, 409-419.25. Hongbo Duan, Xiaojie Han ad Hongbo Yang, 2009, “An Analysis of Causes for SMEs Financing Difficulty”, International Journal of Business and Management, 73-75.26. James W. Wansley, William R. Lane and Ho C. 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