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題名 地區制度與產業相關性對購併宣告效果的影響-以中國上市公司為例
The impact of Local Institution and Industrial Relatedness on M&A performance: Evidence from China’s listed companies作者 何惠婷
Ho, Hui-Ting貢獻者 譚丹琪
Tan, Dan-Chi
何惠婷
Ho, Hui-Ting關鍵詞 異常報酬
產業相關性
中國市場化指數
制度
Abnormal return
Industrial relatedness
Marketization index of China’s provinces
Institution日期 2020 上傳時間 3-Aug-2020 17:22:34 (UTC+8) 摘要 近年以來大陸地區經濟成長快速，在全球經濟體系中占據了重要的地位，由於大陸經濟市場熱絡，相較於台灣，大陸地區每年發生的購併案數量眾多，已然是台灣的好幾倍以上，因此對於研究購併來說，數據資料來源充足且資料間有足夠的差異性能作為研究討論。本研究採用事件研究法，探討購併時主併企業與被併企業兩者的產業相關性及主併企業位在的地區制度發展程度是否對購併的報酬造成影響，採用2015~2019年間中國上市公司的購併案件為樣本，其中需已完成收購程序且收購後主併企業持股需達50%以上，代表此收購事件發生後主併方可取得相當程度控制權，並刪除同一企業於同一天有多筆購併的樣本避免不同事件間產生交互影響，最終採用樣本數共131筆，購併的報酬以企業的累積平均異常報酬為指標，地區制度則採中國市場化指數。研究設計主要分成三個階段進行，首先觀察CAR在不同期間觀察窗口(購併宣告日前後一、三、五、十、十五天)的變化，之後進行T檢定，最後進行多元迴歸分析。觀察累積平均異常報酬，發現非相關購併CAR在五種觀察窗口下均較相關購併高且在前後十、十五天兩個窗口呈顯著。在制度方面發現得分位於中間的省分之CAR較高，差異隨觀察區間越長越明顯，最後進行迴歸分析，發現在宣告日前後十天之累積平均異常報酬與產業相關性呈顯著及負相關、與制度得分呈顯著且為倒U型關係。
Because of rapid economic growth in China in recent years, China plays an important role in the global economy. Cases of mergers and acquisitions (M&As) happen in China more frequently than Taiwan, so its rich data resources provide researchers sufficient information to conduct a research study. This thesis examines the impact of targets’ relatedness and local institutions on acquirers’ values in China. Empirical findings based on a sample of M&A cases of China’s publicly traded companies from 2015 to 2019, indicates that industry unrelated acquisitions get higher CARs than industry related acquisitions. I also find that the provinces which get the middle scores at marketization index get the highest CAR. Regression analysis further confirms there is an inverted U shaped relationship between marketization scores and acquirers’ values.參考文獻 一、中文資料王坤煌 (1997) 。改革開放後中國大陸企業會計制度之研究-制度變遷理論之運用 (未出版之碩士論文) 。國立政治大學東亞研究所，台北市。王擎、謝濤、歐兵、石中學 (1998) 。企業購併原理與經典案例。北京︰中國城市出版社。王小魯、樊綱、余靜文 (2017) 。中國分省份市場化指數報告(2016)。社會科學文獻出版社。伍忠賢 (1998) 。企業購併聖經。一版。遠流出版事業股份有限公司。李翠紅 (2006) 。企業併購方式的比較與選擇。內蒙古科技與經濟。第20期。吳宜頻 (2013) 。已開發國家食品產業跨國購併宣告效果之研究 (未出版之碩士論文) 。國立政治大學企業管理研究所。林柏兆 (2002) 。分稅制下中央與省級的財政互動：委託-代理體制的轉變 (未出版之碩士論文) 。國立政治大學東亞研究所，台北市。林佳蓉 (2008) 。台灣跨國購併與非跨國購併績效之研究 (未出版之碩士論文) 。國立政治大學會計研究所，台北市。胡文宗 (1997) 。大陸企業收購之研究— 台資觀點 (未出版之碩士論文) 。國立中山大學大陸研究所，高雄市。侯俊吉 (2001) 。中共國家公務員培訓制度與組織之研究 (未出版之碩士論文) 。國立政治大學公共行政學系，台北市。洪宏達 (2002) 。購併活動對主併公司經營績效之影響-以臺灣上市公司為例 (未出版之碩士論文)。國立中山大學財務管理學系研究所，高雄市。陳月端 (1996) 。中國大陸國有企業產權制度之研究 (未出版之碩士論文) 。國立政治大學法律學研究所，台北市。曹海濤、柯朝斌 (2011) 。中國大陸國有企業改革的路徑選擇─基於賽局理論的分析。東亞研究。第42卷第2期。1-37頁。黃財尉 (2003) 。共同因素分析與主成份分析之比較。彰師大輔導學報。第25期。63-86頁。曾偉峰 (2006) 。當中國遇見市場：有關市場轉型、經濟成就、發展失衡的制度理論 (未出版之碩士論文) 。政治大學東亞研究所，台北市。楊曉維 (1996) 。關於制度變遷的經濟學理論:誘致性變遷與強制性變遷。財產權利與制度變遷:產權學派與新制度學派譯文集。397-403。楊雅惠 (2001) 。大陸金融體制之沿革與問題。台灣金融財務季刊。2(1)。1-16。楊詠清 (2015) 。相關與非相關購併對股價之影響 (未出版之碩士論文) 。國立政治大學國際經營與貿易學系，台北市。蔡慧珊 (2008) 。企業併購虧損公司對股東財富影響之研究 (未出版之碩士論文) 。國立交通大學管理科學系所，新竹市。二、英文資料Brealey, R. 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Evidence from China. The Journal of International Trade & Economic Development, 27(7), 792-805. 描述 碩士
國立政治大學
國際經營與貿易學系
103351040資料來源 http://thesis.lib.nccu.edu.tw/record/#G0103351040 資料類型 thesis dc.contributor.advisor 譚丹琪 zh_TW dc.contributor.advisor Tan, Dan-Chi en_US dc.contributor.author (Authors) 何惠婷 zh_TW dc.contributor.author (Authors) Ho, Hui-Ting en_US dc.creator (作者) 何惠婷 zh_TW dc.creator (作者) Ho, Hui-Ting en_US dc.date (日期) 2020 en_US dc.date.accessioned 3-Aug-2020 17:22:34 (UTC+8) - dc.date.available 3-Aug-2020 17:22:34 (UTC+8) - dc.date.issued (上傳時間) 3-Aug-2020 17:22:34 (UTC+8) - dc.identifier (Other Identifiers) G0103351040 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/130902 - 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) 103351040 zh_TW dc.description.abstract (摘要) 近年以來大陸地區經濟成長快速，在全球經濟體系中占據了重要的地位，由於大陸經濟市場熱絡，相較於台灣，大陸地區每年發生的購併案數量眾多，已然是台灣的好幾倍以上，因此對於研究購併來說，數據資料來源充足且資料間有足夠的差異性能作為研究討論。本研究採用事件研究法，探討購併時主併企業與被併企業兩者的產業相關性及主併企業位在的地區制度發展程度是否對購併的報酬造成影響，採用2015~2019年間中國上市公司的購併案件為樣本，其中需已完成收購程序且收購後主併企業持股需達50%以上，代表此收購事件發生後主併方可取得相當程度控制權，並刪除同一企業於同一天有多筆購併的樣本避免不同事件間產生交互影響，最終採用樣本數共131筆，購併的報酬以企業的累積平均異常報酬為指標，地區制度則採中國市場化指數。研究設計主要分成三個階段進行，首先觀察CAR在不同期間觀察窗口(購併宣告日前後一、三、五、十、十五天)的變化，之後進行T檢定，最後進行多元迴歸分析。觀察累積平均異常報酬，發現非相關購併CAR在五種觀察窗口下均較相關購併高且在前後十、十五天兩個窗口呈顯著。在制度方面發現得分位於中間的省分之CAR較高，差異隨觀察區間越長越明顯，最後進行迴歸分析，發現在宣告日前後十天之累積平均異常報酬與產業相關性呈顯著及負相關、與制度得分呈顯著且為倒U型關係。 zh_TW dc.description.abstract (摘要) Because of rapid economic growth in China in recent years, China plays an important role in the global economy. Cases of mergers and acquisitions (M&As) happen in China more frequently than Taiwan, so its rich data resources provide researchers sufficient information to conduct a research study. This thesis examines the impact of targets’ relatedness and local institutions on acquirers’ values in China. Empirical findings based on a sample of M&A cases of China’s publicly traded companies from 2015 to 2019, indicates that industry unrelated acquisitions get higher CARs than industry related acquisitions. I also find that the provinces which get the middle scores at marketization index get the highest CAR. Regression analysis further confirms there is an inverted U shaped relationship between marketization scores and acquirers’ values. en_US dc.description.tableofcontents 摘要 2目錄 4表目錄 5圖目錄 6第一章 緒論 7第一節 研究背景與動機 7第二節 研究問題 8第二章 文獻探討 9第一節 購併定義 9第二節 購併的好處與壞處 10第三節 購併績效與衡量方法 15第四節 國內外研究彙整 15第五節 制度理論 17第六節 產業相關性與購併 20第三章 假說發展及研究設計 21第一節 研究假說 21第二節 資料來源與選樣標準 23第三節 研究方法 24第四章 實證結果與分析 34第一節 樣本特性介紹 34第二節 購併宣告異常報酬分析 39第三節 T檢定 41第四節 迴歸分析 50第五章 結論與建議 53第一節 結論 53第二節 研究限制 54第三節 本研究對管理的意涵 55參考文獻 57 zh_TW dc.format.extent 2656026 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0103351040 en_US dc.subject (關鍵詞) 異常報酬 zh_TW dc.subject (關鍵詞) 產業相關性 zh_TW dc.subject (關鍵詞) 中國市場化指數 zh_TW dc.subject (關鍵詞) 制度 zh_TW dc.subject (關鍵詞) Abnormal return en_US dc.subject (關鍵詞) Industrial relatedness en_US dc.subject (關鍵詞) Marketization index of China’s provinces en_US dc.subject (關鍵詞) Institution en_US dc.title (題名) 地區制度與產業相關性對購併宣告效果的影響-以中國上市公司為例 zh_TW dc.title (題名) The impact of Local Institution and Industrial Relatedness on M&A performance: Evidence from China’s listed companies en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 一、中文資料王坤煌 (1997) 。改革開放後中國大陸企業會計制度之研究-制度變遷理論之運用 (未出版之碩士論文) 。國立政治大學東亞研究所，台北市。王擎、謝濤、歐兵、石中學 (1998) 。企業購併原理與經典案例。北京︰中國城市出版社。王小魯、樊綱、余靜文 (2017) 。中國分省份市場化指數報告(2016)。社會科學文獻出版社。伍忠賢 (1998) 。企業購併聖經。一版。遠流出版事業股份有限公司。李翠紅 (2006) 。企業併購方式的比較與選擇。內蒙古科技與經濟。第20期。吳宜頻 (2013) 。已開發國家食品產業跨國購併宣告效果之研究 (未出版之碩士論文) 。國立政治大學企業管理研究所。林柏兆 (2002) 。分稅制下中央與省級的財政互動：委託-代理體制的轉變 (未出版之碩士論文) 。國立政治大學東亞研究所，台北市。林佳蓉 (2008) 。台灣跨國購併與非跨國購併績效之研究 (未出版之碩士論文) 。國立政治大學會計研究所，台北市。胡文宗 (1997) 。大陸企業收購之研究— 台資觀點 (未出版之碩士論文) 。國立中山大學大陸研究所，高雄市。侯俊吉 (2001) 。中共國家公務員培訓制度與組織之研究 (未出版之碩士論文) 。國立政治大學公共行政學系，台北市。洪宏達 (2002) 。購併活動對主併公司經營績效之影響-以臺灣上市公司為例 (未出版之碩士論文)。國立中山大學財務管理學系研究所，高雄市。陳月端 (1996) 。中國大陸國有企業產權制度之研究 (未出版之碩士論文) 。國立政治大學法律學研究所，台北市。曹海濤、柯朝斌 (2011) 。中國大陸國有企業改革的路徑選擇─基於賽局理論的分析。東亞研究。第42卷第2期。1-37頁。黃財尉 (2003) 。共同因素分析與主成份分析之比較。彰師大輔導學報。第25期。63-86頁。曾偉峰 (2006) 。當中國遇見市場：有關市場轉型、經濟成就、發展失衡的制度理論 (未出版之碩士論文) 。政治大學東亞研究所，台北市。楊曉維 (1996) 。關於制度變遷的經濟學理論:誘致性變遷與強制性變遷。財產權利與制度變遷:產權學派與新制度學派譯文集。397-403。楊雅惠 (2001) 。大陸金融體制之沿革與問題。台灣金融財務季刊。2(1)。1-16。楊詠清 (2015) 。相關與非相關購併對股價之影響 (未出版之碩士論文) 。國立政治大學國際經營與貿易學系，台北市。蔡慧珊 (2008) 。企業併購虧損公司對股東財富影響之研究 (未出版之碩士論文) 。國立交通大學管理科學系所，新竹市。二、英文資料Brealey, R. 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