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題名 Collar條款與併購後長期績效之關聯性
Collar Agreements and Post-Merger Performance作者 陳品逢
Chen, Pin-Feng貢獻者 陳宇紳
陳品逢
Chen, Pin-Feng關鍵詞 Collar條款
併購效益
支付方式
企業併購
Collar agreement
post-merger performance
method of payment
mergers and acquisitions日期 2020 上傳時間 3-Aug-2020 17:26:51 (UTC+8) 摘要 當收購者選擇以股票為支付方式進行併購時，為避免股價波動過大影響被收購者被併購之意願，可能納入Collar條款降低股價波動對被收購者所獲對價之影響，以促成併購交易。過去僅少數文獻討論納入Collar條款與併購宣告日短期異常報酬之關聯性，且未有文獻探討該條款對併購後長期績效之影響。本研究以1992-2015年之美國併購案進行分析，探討企業併購時納入Collar條款與併購後長期績效之關聯性，實證結果顯示相對於無納入Collar條款之併購案，納入Collar條款之併購案之併購後長期績效較佳，證實Collar條款能兼顧不同支付方式的優點，可供未來併購實務做為參考。
Collar agreements are merger bids using stock as a method of payment that specify a range within which the bidder’s stock price can fluctuate. Using collar agreements, the bidder undertakes the risk of fluctuations in its stock price in order to facilitate mergers and acquisitions transactions. Using a sample of U.S. merger deals between 1992 and 2015, this paper examines the relations between collar agreements and long-run post-merger performance. Evidence shows that merger bids with the inclusion of collar agreements, compared with those with payment methods without collar agreements, are associated with higher return on assets in the post-merger periods. The findings suggest that collar agreements can mitigate detriment generated by using cash or stocks as a method of payment.參考文獻 Alexandridis, G., Mavrovitis, C. F., & Travlos, N. G. (2012). How have M&As changed? Evidence from the sixth merger wave. The European Journal of Finance, 18(8), 663-688. doi:10.1080/1351847x.2011.628401Amihud, Y., Lev, B., & Travlos, N. G. (1990). Corporate control and the choice of investment financing: The case of corporate acquisitions. The Journal of Finance, 45(2), 603-616.Asquith, P., Bruner, R. F., & Mullins Jr, D. W. (1983). The gains to bidding firms from merger. Journal of Financial Economics, 11(1-4), 121-139.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.Bradley, M., Desai, A., & Kim, E. H. (1988). Synergistic gains from corporate acquisitions and their division between the stockholders of target and acquiring firms. Journal of Financial Economics, 21(1), 3-40.Brown, D. T., & Ryngaert, M. D. (1991). The mode of acquisition in takeovers: Taxes and asymmetric information. The Journal of Finance, 46(2), 653-669.Chen, X., Harford, J., & Li, K. (2007). Monitoring: Which institutions matter? Journal of Financial Economics, 86(2), 279-305. doi:10.1016/j.jfineco.2006.09.005Davis, J. L., Fama, E. F., & French, K. R. (2000). Characteristics, covariances, and average returns: 1929 to 1997. The Journal of Finance, 55(1), 389-406.Devos, E., Kadapakkam, P.-R., & Krishnamurthy, S. (2009). How Do Mergers Create Value? A Comparison of Taxes, Market Power, and Efficiency Improvements as Explanations for Synergies. Review of Financial Studies, 22(3), 1179-1211. doi:10.1093/rfs/hhn019Fama, E. F., & French, K. R. (1992). The cross‐section of expected stock returns. The Journal of Finance, 47(2), 427-465.Fama, E. F., & French, K. R. (2000). Forecasting profitability and earnings. The Journal of Business, 73(2), 161-175.Fee, C. E., & Thomas, S. (2004). Sources of gains in horizontal mergers: evidence from customer, supplier, and rival firms. Journal of Financial Economics, 74(3), 423-460. doi:10.1016/j.jfineco.2003.10.002Fuller, K., Netter, J., & Stegemoller, M. (2002). What do returns to acquiring firms tell us? Evidence from firms that make many acquisitions. The Journal of Finance, 57(4), 1763-1793.Fuller, K. P. (2003). Why some firms use collar offers in mergers. Financial Review, 38(1), 127-150.Hansen, R. G. (1987). A theory for the choice of exchange medium in mergers and acquisitions. Journal of Business, 75-95.Hayn, C. (1989). Tax attributes as determinants of shareholder gains in corporate acquisitions. Journal of Financial Economics, 23(1), 121-153.Healy, P. M., Palepu, K. G., & Ruback, R. S. (1992). Does corporate performance improve after mergers? Journal of Financial Economics, 31(2), 135-175.Heron, R., & Lie, E. (2002). Operating performance and the method of payment in takeovers. Journal of Financial and Quantitative Analysis, 37(1), 137-155.Houston, J. F., James, C. M., & Ryngaert, M. D. (2001). Where do merger gains come from? Bank mergers from the perspective of insiders and outsiders. Journal of Financial Economics, 60(2-3), 285-331.Houston, J. F., & Ryngaert, M. D. (1997). Equity issuance and adverse selection: A direct test using conditional stock offers. The Journal of Finance, 52(1), 197-219.Jung, K., Kim, Y.-C., & Stulz, R. (1996). Timing, investment opportunities, managerial discretion, and the security issue decision. Journal of Financial Economics, 42(2), 159-185. doi:10.1016/0304-405x(96)00881-1Kim, E. H., & Singal, V. (1993). Mergers and market power: Evidence from the airline industry. The American Economic Review, 549-569.Kohers, N., & Kohers, T. (2019). The Value Creation Potential of High-Tech Mergers. Financial Analysts Journal, 56(3), 40-51. doi:10.2469/faj.v56.n3.2359Li, K., Qiu, B., & Shen, R. (2018). Organization Capital and Mergers and Acquisitions. Journal of Financial and Quantitative Analysis, 53(4), 1871-1909. doi:10.1017/s0022109018000145Loughran, T., & Vijh, A. M. (1997). Do long‐term shareholders benefit from corporate acquisitions? The Journal of Finance, 52(5), 1765-1790.Maloney, M. T., McCormick, R. E., & Mitchell, M. L. (1993). Managerial decision making and capital structure. Journal of Business, 189-217.Martin, K. J. (1996). The method of payment in corporate acquisitions, investment opportunities, and management ownership. The Journal of Finance, 51(4), 1227-1246.Moeller, S. B., Schlingemann, F. P., & Stulz, R. M. (2004). Firm size and the gains from acquisitions. Journal of Financial Economics, 73(2), 201-228. doi:10.1016/j.jfineco.2003.07.002Morck, R., Shleifer, A., & Vishny, R. W. (1990). Do managerial objectives drive bad acquisitions? The Journal of Finance, 45(1), 31-48.Myers, S. C. (1984). The capital structure puzzle. The Journal of Finance, 39(3), 574-592.Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have informationthat investors do not have (0898-2937). Retrieved fromOfficer, M. S. (2004). Collars and renegotiation in mergers and acquisitions. The Journal of Finance, 59(6), 2719-2743.Rau, P. R., & Vermaelen, T. (1998). Glamour, value and the post-acquisition performance of acquiring firms. Journal of Financial Economics, 49(2), 223-253.Ruback, R. S., & Jensen, M. C. (1983). The market for corporate control: The scientific evidence. Journal of Financial Economics, 11, 5-50.Sapienza, P. (2002). The effects of banking mergers on loan contracts. The Journal of Finance, 57(1), 329-367.Schwert, G. W. (2000). Hostility in takeovers: in the eyes of the beholder? The Journal of Finance, 55(6), 2599-2640.Shahrur, H. (2005). Industry structure and horizontal takeovers: Analysis of wealth effects on rivals, suppliers, and corporate customers. Journal of Financial Economics, 76(1), 61-98. doi:10.1016/j.jfineco.2004.01.001Travlos, N. G. (1987). Corporate takeover bids, methods of payment, and bidding firms` stock returns. The Journal of Finance, 42(4), 943-963.Wansley, J. W., Lane, W. R., & Yang, H. C. (1983). Abnormal returns to acquired firms by type of acquisition and method of payment. Financial management, 16-22. 描述 碩士
國立政治大學
會計學系
107353009資料來源 http://thesis.lib.nccu.edu.tw/record/#G0107353009 資料類型 thesis dc.contributor.advisor 陳宇紳 zh_TW dc.contributor.author (Authors) 陳品逢 zh_TW dc.contributor.author (Authors) Chen, Pin-Feng en_US dc.creator (作者) 陳品逢 zh_TW dc.creator (作者) Chen, Pin-Feng en_US dc.date (日期) 2020 en_US dc.date.accessioned 3-Aug-2020 17:26:51 (UTC+8) - dc.date.available 3-Aug-2020 17:26:51 (UTC+8) - dc.date.issued (上傳時間) 3-Aug-2020 17:26:51 (UTC+8) - dc.identifier (Other Identifiers) G0107353009 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/130926 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 會計學系 zh_TW dc.description (描述) 107353009 zh_TW dc.description.abstract (摘要) 當收購者選擇以股票為支付方式進行併購時，為避免股價波動過大影響被收購者被併購之意願，可能納入Collar條款降低股價波動對被收購者所獲對價之影響，以促成併購交易。過去僅少數文獻討論納入Collar條款與併購宣告日短期異常報酬之關聯性，且未有文獻探討該條款對併購後長期績效之影響。本研究以1992-2015年之美國併購案進行分析，探討企業併購時納入Collar條款與併購後長期績效之關聯性，實證結果顯示相對於無納入Collar條款之併購案，納入Collar條款之併購案之併購後長期績效較佳，證實Collar條款能兼顧不同支付方式的優點，可供未來併購實務做為參考。 zh_TW dc.description.abstract (摘要) Collar agreements are merger bids using stock as a method of payment that specify a range within which the bidder’s stock price can fluctuate. Using collar agreements, the bidder undertakes the risk of fluctuations in its stock price in order to facilitate mergers and acquisitions transactions. Using a sample of U.S. merger deals between 1992 and 2015, this paper examines the relations between collar agreements and long-run post-merger performance. Evidence shows that merger bids with the inclusion of collar agreements, compared with those with payment methods without collar agreements, are associated with higher return on assets in the post-merger periods. The findings suggest that collar agreements can mitigate detriment generated by using cash or stocks as a method of payment. en_US dc.description.tableofcontents 第壹章 緒論 1第一節 研究背景及動機 1第二節 研究問題 4第三節 研究貢獻 5第四節 研究架構 6第貳章 文獻探討 7第一節 企業併購之目的與效益 7第二節 不同支付方式對併購效益之影響 9第三節 Collar條款之意涵與目的 12第參章 研究假說與研究設計 19第一節 研究假說 19第二節 樣本選取與資料來源 20第三節 模型設計與變數定義 21第肆章 實證結果分析 26第一節 敘述統計分析 26第二節 相關係數分析 27第三節 迴歸分析 30第四節 進一步分析 34第五節 敏感性分析 45第伍章 結論與建議 49第一節 研究結論 49第二節 研究限制 50第三節 研究建議 51Appendix A.-高科技產業 52參考文獻 53 zh_TW dc.format.extent 3300473 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0107353009 en_US dc.subject (關鍵詞) Collar條款 zh_TW dc.subject (關鍵詞) 併購效益 zh_TW dc.subject (關鍵詞) 支付方式 zh_TW dc.subject (關鍵詞) 企業併購 zh_TW dc.subject (關鍵詞) Collar agreement en_US dc.subject (關鍵詞) post-merger performance en_US dc.subject (關鍵詞) method of payment en_US dc.subject (關鍵詞) mergers and acquisitions en_US dc.title (題名) Collar條款與併購後長期績效之關聯性 zh_TW dc.title (題名) Collar Agreements and Post-Merger Performance en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Alexandridis, G., Mavrovitis, C. F., & Travlos, N. G. (2012). How have M&As changed? Evidence from the sixth merger wave. The European Journal of Finance, 18(8), 663-688. doi:10.1080/1351847x.2011.628401Amihud, Y., Lev, B., & Travlos, N. G. (1990). Corporate control and the choice of investment financing: The case of corporate acquisitions. The Journal of Finance, 45(2), 603-616.Asquith, P., Bruner, R. F., & Mullins Jr, D. W. (1983). The gains to bidding firms from merger. Journal of Financial Economics, 11(1-4), 121-139.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.Bradley, M., Desai, A., & Kim, E. H. (1988). Synergistic gains from corporate acquisitions and their division between the stockholders of target and acquiring firms. Journal of Financial Economics, 21(1), 3-40.Brown, D. T., & Ryngaert, M. D. (1991). The mode of acquisition in takeovers: Taxes and asymmetric information. The Journal of Finance, 46(2), 653-669.Chen, X., Harford, J., & Li, K. (2007). Monitoring: Which institutions matter? Journal of Financial Economics, 86(2), 279-305. doi:10.1016/j.jfineco.2006.09.005Davis, J. L., Fama, E. F., & French, K. R. (2000). Characteristics, covariances, and average returns: 1929 to 1997. The Journal of Finance, 55(1), 389-406.Devos, E., Kadapakkam, P.-R., & Krishnamurthy, S. (2009). How Do Mergers Create Value? A Comparison of Taxes, Market Power, and Efficiency Improvements as Explanations for Synergies. Review of Financial Studies, 22(3), 1179-1211. doi:10.1093/rfs/hhn019Fama, E. F., & French, K. R. (1992). The cross‐section of expected stock returns. The Journal of Finance, 47(2), 427-465.Fama, E. F., & French, K. R. (2000). Forecasting profitability and earnings. The Journal of Business, 73(2), 161-175.Fee, C. E., & Thomas, S. (2004). Sources of gains in horizontal mergers: evidence from customer, supplier, and rival firms. Journal of Financial Economics, 74(3), 423-460. doi:10.1016/j.jfineco.2003.10.002Fuller, K., Netter, J., & Stegemoller, M. (2002). What do returns to acquiring firms tell us? Evidence from firms that make many acquisitions. The Journal of Finance, 57(4), 1763-1793.Fuller, K. P. (2003). Why some firms use collar offers in mergers. Financial Review, 38(1), 127-150.Hansen, R. G. (1987). A theory for the choice of exchange medium in mergers and acquisitions. Journal of Business, 75-95.Hayn, C. (1989). Tax attributes as determinants of shareholder gains in corporate acquisitions. Journal of Financial Economics, 23(1), 121-153.Healy, P. M., Palepu, K. G., & Ruback, R. S. (1992). Does corporate performance improve after mergers? Journal of Financial Economics, 31(2), 135-175.Heron, R., & Lie, E. (2002). Operating performance and the method of payment in takeovers. Journal of Financial and Quantitative Analysis, 37(1), 137-155.Houston, J. F., James, C. M., & Ryngaert, M. D. (2001). Where do merger gains come from? Bank mergers from the perspective of insiders and outsiders. Journal of Financial Economics, 60(2-3), 285-331.Houston, J. F., & Ryngaert, M. D. (1997). Equity issuance and adverse selection: A direct test using conditional stock offers. The Journal of Finance, 52(1), 197-219.Jung, K., Kim, Y.-C., & Stulz, R. (1996). Timing, investment opportunities, managerial discretion, and the security issue decision. Journal of Financial Economics, 42(2), 159-185. doi:10.1016/0304-405x(96)00881-1Kim, E. H., & Singal, V. (1993). Mergers and market power: Evidence from the airline industry. The American Economic Review, 549-569.Kohers, N., & Kohers, T. (2019). The Value Creation Potential of High-Tech Mergers. Financial Analysts Journal, 56(3), 40-51. doi:10.2469/faj.v56.n3.2359Li, K., Qiu, B., & Shen, R. (2018). Organization Capital and Mergers and Acquisitions. Journal of Financial and Quantitative Analysis, 53(4), 1871-1909. doi:10.1017/s0022109018000145Loughran, T., & Vijh, A. M. (1997). Do long‐term shareholders benefit from corporate acquisitions? The Journal of Finance, 52(5), 1765-1790.Maloney, M. T., McCormick, R. E., & Mitchell, M. L. (1993). Managerial decision making and capital structure. Journal of Business, 189-217.Martin, K. J. (1996). The method of payment in corporate acquisitions, investment opportunities, and management ownership. The Journal of Finance, 51(4), 1227-1246.Moeller, S. B., Schlingemann, F. P., & Stulz, R. M. (2004). Firm size and the gains from acquisitions. Journal of Financial Economics, 73(2), 201-228. doi:10.1016/j.jfineco.2003.07.002Morck, R., Shleifer, A., & Vishny, R. W. (1990). Do managerial objectives drive bad acquisitions? The Journal of Finance, 45(1), 31-48.Myers, S. C. (1984). The capital structure puzzle. The Journal of Finance, 39(3), 574-592.Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have informationthat investors do not have (0898-2937). Retrieved fromOfficer, M. S. (2004). Collars and renegotiation in mergers and acquisitions. The Journal of Finance, 59(6), 2719-2743.Rau, P. R., & Vermaelen, T. (1998). Glamour, value and the post-acquisition performance of acquiring firms. Journal of Financial Economics, 49(2), 223-253.Ruback, R. S., & Jensen, M. C. (1983). The market for corporate control: The scientific evidence. Journal of Financial Economics, 11, 5-50.Sapienza, P. (2002). The effects of banking mergers on loan contracts. The Journal of Finance, 57(1), 329-367.Schwert, G. W. (2000). Hostility in takeovers: in the eyes of the beholder? The Journal of Finance, 55(6), 2599-2640.Shahrur, H. (2005). Industry structure and horizontal takeovers: Analysis of wealth effects on rivals, suppliers, and corporate customers. Journal of Financial Economics, 76(1), 61-98. doi:10.1016/j.jfineco.2004.01.001Travlos, N. G. (1987). Corporate takeover bids, methods of payment, and bidding firms` stock returns. The Journal of Finance, 42(4), 943-963.Wansley, J. W., Lane, W. R., & Yang, H. C. (1983). Abnormal returns to acquired firms by type of acquisition and method of payment. Financial management, 16-22. zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202001008 en_US
