1. NCCU Academic Hub
  2. 學術產出
  3. College of Commerce
  4. Theses
  5. Item

學術產出-Theses

Article View/Open

Publication Export

Google ScholarTM

政大圖書館

Citation Infomation

題名 企業偏離目標槓桿與被併購之關係
The relation between leverage deviation and the likelihood of being acquired
作者 鄭薇彤
Cheng, Wei-Tung
貢獻者 湛可南
Chan, Ko-Nan
鄭薇彤
Cheng, Wei-Tung
關鍵詞 兼併與收購
資本結構
目標槓桿
Mergers and Acquisitions
Capital Structure
Optimal Leverage
日期 2021
上傳時間 3-Jul-2021 00:43:26 (UTC+8)
摘要 本文研究企業偏離目標槓桿對於其被併購的影響。從實證結果發現偏離目標槓桿將會增加企業成為被併購對象的機率，同時，偏離目標槓桿較少的企業較容易以股票作為支付工具被收購。再者，基於被併方財務上的限制以及較高的破產風險，偏離目標槓桿越多的被併方在購併中獲得的購併溢價較少，對於併購宣告效果的影響也較為負面。本研究證實抵換理論中目標槓桿的存在，也推論被併方會以重新調整資本結構以及避免破產作為尋求併購的可能原因。
I examine the impact of leverage deviation on the likelihood of being acquired and the decision of mergers and acquisitions. My empirical results show that the leverage deviation of a firm increases the likelihood to become a target. Target firms with lower leverage deviation tend to receive more stocks in the offer. Moreover, firms with more leverage deviation often obtain lower acquisition premiums and lower announcement returns, possibly due to financial constraints and bankruptcy risk. Overall, my evidence validates the trade-off theory that supports the existence of optimal capital structure. My paper also suggests that target firms seek mergers to rebalance their capital structure and avoid bankruptcy.
參考文獻 Abel, Andrew B., 2018, Optimal debt and profitability in the trade‐off theory, Journal of Finance 73, 95-143.
Ahmed, Yousry, and Tamer Elshandidy, 2018, Why do over-deviated firms from target leverage undertake foreign acquisitions? International Business Review 27, 309-327.
Baker, Malcolm, and Jeffrey Wurgler, 2002, Market timing and capital structure, Journal of Finance 57, 1-32.
Bargeron, Leonce L., Frederik P. Schlingemann, René M. Stulz, and Chad J. Zutter, 2008, Why do private acquirers pay so little compared to public acquirers? Journal of Financial Economics 89, 375-390.
Bena, Jan, and Kai Li, 2014, Corporate innovations and mergers and acquisitions, Journal of Finance 69, 1923-1960.
Bradley, Michael, Gregg A. Jarrell, and E. Han Kim, 1984, On the existence of an optimal capital structure: Theory and evidence, Journal of Finance 39, 857-878.
Chirico, Francesco, Luis R. Gómez-Mejia, Karin Hellerstedt, Michael Withers, and Mattias Nordqvist, 2020, To merge, sell, or liquidate? Socioemotional wealth, family control, and the choice of business exit, Journal of Management 46, 1342-1379.
Cornett, Marcia Millon, Başak Tanyeri, and Hassan Tehranian, 2011, The effect of merger anticipation on bidder and target firm announcement period returns, Journal of Corporate Finance 17, 595-611.
DeAngelo, Harry, and Ronald W. Masulis, 1980, Optimal capital structure under corporate and personal taxation, Journal of Financial Economics 8, 3-29.
DeAngelo, Harry, Linda DeAngelo, and Toni M. Whited, 2011, Capital structure dynamics and transitory debt, Journal of Financial Economics 99, 235-261.
Eckbo, B. Espen, Tanakorn Makaew, and Karin S. Thorburn, 2018, Are stock-financed takeovers opportunistic? Journal of Financial Economics 128, 443-465.
Elshandidy, Tamer, Philip J. Shrives, Matt Bamber, and Santhosh Abraham, 2018, Risk reporting: A review of the literature and implications for future research, Journal of Accounting Literature 40, 54-82.
Erel, Isil, Yeejin Jang, and Michael S. Weisbach, 2015, Do acquisitions relieve target firms’ financial constraints? Journal of Finance 70, 289-328.
Faccio, Mara, and Ronald W. Masulis, 2002, The choice of payment method in European mergers and acquisitions, Journal of Finance 60, 1345-1388.
Fama, Eugene F., and Kenneth R. French, 1997, Industry costs of equity, Journal of Financial Economics 43, 153-193.
Fama, Eugene F., and Kenneth R. French, 2002, Testing trade-off and pecking order predictions about dividends and debt, Review of Financial Studies 15, 1-33.
Flannery, Mark J., and Kasturi P. Rangan, 2006, Partial adjustment toward target capital structures, Journal of Financial Economics 79, 469-506.
Fluck, Zsuzsanna, and Anthony W. Lynch, 1999, Why do firms merge and then divest? A theory of financial synergy, Journal of Business 72, 319-346.
Fuller, Kathleen, Jeffry Netter, and Mike Stegemoller, 2002, What do returns to acquiring firms tell us? Evidence from firms that make many acquisitions, Journal of Finance 57, 1763-1793.
Harford, Jarrad, and Vahap B. Uysal, 2014, Bond market access and investment, Journal of Financial Economics 112, 147-163.
Harford, Jarrad, Sandy Klasa, and Nathan Walcott, 2009, Do firms have leverage targets? Evidence from acquisitions, Journal of Financial Economics 93, 1-14.
Hovakimian, Armen, 2004, The role of target leverage in security issues and repurchases, Journal of Business 77, 1041-1072.
Hovakimian, Armen, Tim Opler, and Sheridan Titman, 2001, The debt-equity choice, Journal of Financial and Quantitative Analysis, 1-24.
Jensen, Michael C., and William H. Meckling, 1976, Theory of the firm: Managerial behavior, agency costs and ownership structure, Journal of Financial Economics 3, 305-360.
Kayhan, Ayla, and Sheridan Titman, 2007, Firms’ histories and their capital structures, Journal of Financial Economics 83, 1-32.
Kester, W. Carl, 1986, Capital and ownership structure: A comparison of United States and Japanese manufacturing corporations, Financial Management, 5-16.
Leary, Mark T., and Michael R. Roberts, 2005, Do firms rebalance their capital structures? Journal of Finance 60, 2575-2619.
Lewellen, Wilbur G., 1971, A pure financial rationale for the conglomerate merger, Journal of Finance 26, 521-537.
Loughran, Tim, and Anand M. Vijh, 1997, Do long‐term shareholders benefit from corporate acquisitions? Journal of Finance 52, 1765-1790.
Martynova, Marina, and Luc Renneboog, 2009, What determines the financing decision in corporate takeovers: Cost of capital, agency problems, or the means of payment? Journal of Corporate Finance 15, 290-315.
Miller, Merton H., 1977, Debt and taxes, Journal of Finance 32, 261-275.
Modigliani, Franco, and Merton H. Miller, 1963, Corporate income taxes and the cost of capital: a correction, American Economic Review 53, 433-443.
Myers, Stewart C., and Nicholas S. Majluf, 1984, Corporate financing and investment decisions when firms have information that investors do not have, Journal of Financial Economics 13, 187-221.
Officer, Micah S., 2003, Termination fees in mergers and acquisitions, Journal of Financial Economics 69, 431-467.
Petersen, Mitchell A., 2009, Estimating standard errors in finance panel data sets: Comparing approaches, Review of Financial Studies 22, 435-480.
Rajan, Raghuram G., and Luigi Zingales, 1995, What do we know about capital structure? Some evidence from international data, Journal of Finance 50, 1421-1460.
Shleifer, Andrei, and Robert W. Vishny, 2003, Stock market driven acquisitions, Journal of Financial Economics 70, 295-311.
Titman, Sheridan, and Roberto Wessels, 1988, The determinants of capital structure choice, Journal of Finance 43, 1-19.
Uysal, Vahap B., 2011, Deviation from the target capital structure and acquisition choices, Journal of Financial Economics 102, 602-620.
Vermaelen, Theo, and Moqi Xu, 2014, Acquisition finance and market timing, Journal of Corporate Finance 25, 73-91.
Wong, Anson, Kui Yin Cheung, and T. Mun, 2009, The effects of merger and acquisition announcements on the security prices of bidding firms and target firms in Asia, International Journal of Economics and Finance 1, 274-283.
Wu, Szu-Yin Jennifer, and Kee H. Chung, 2019, Corporate innovation, likelihood to be acquired, and takeover premiums, Journal of Banking and Finance 108, 1-20.
描述 碩士
國立政治大學
財務管理學系
108357015
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0108357015
資料類型 thesis
dc.contributor.advisor 湛可南zh_TW
dc.contributor.advisor Chan, Ko-Nanen_US
dc.contributor.author (Authors) 鄭薇彤zh_TW
dc.contributor.author (Authors) Cheng, Wei-Tungen_US
dc.creator (作者) 鄭薇彤zh_TW
dc.creator (作者) Cheng, Wei-Tungen_US
dc.date (日期) 2021en_US
dc.date.accessioned 3-Jul-2021 00:43:26 (UTC+8)-
dc.date.available 3-Jul-2021 00:43:26 (UTC+8)-
dc.date.issued (上傳時間) 3-Jul-2021 00:43:26 (UTC+8)-
dc.identifier (Other Identifiers) G0108357015en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/136056-
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) 108357015zh_TW
dc.description.abstract (摘要) 本文研究企業偏離目標槓桿對於其被併購的影響。從實證結果發現偏離目標槓桿將會增加企業成為被併購對象的機率，同時，偏離目標槓桿較少的企業較容易以股票作為支付工具被收購。再者，基於被併方財務上的限制以及較高的破產風險，偏離目標槓桿越多的被併方在購併中獲得的購併溢價較少，對於併購宣告效果的影響也較為負面。本研究證實抵換理論中目標槓桿的存在，也推論被併方會以重新調整資本結構以及避免破產作為尋求併購的可能原因。zh_TW
dc.description.abstract (摘要) I examine the impact of leverage deviation on the likelihood of being acquired and the decision of mergers and acquisitions. My empirical results show that the leverage deviation of a firm increases the likelihood to become a target. Target firms with lower leverage deviation tend to receive more stocks in the offer. Moreover, firms with more leverage deviation often obtain lower acquisition premiums and lower announcement returns, possibly due to financial constraints and bankruptcy risk. Overall, my evidence validates the trade-off theory that supports the existence of optimal capital structure. My paper also suggests that target firms seek mergers to rebalance their capital structure and avoid bankruptcy.en_US
dc.description.tableofcontents I.Introduction 1
II.Literature Review 4
A.Trade-off theory 4
B.Optimal leverage and corporate decisions 5
C.Literature of target firms 7
D.Research focus 7
III.Sampling and Data Collection 9
IV.Empirical Result 10
A.Determinant of Optimal Leverage 11
B.Hypothesis 1: Leverage deviation increases the likelihood of being acquired 13
C.Hypothesis 2: Leverage deviation decreases the possibility for target firms to be acquired with stock 15
D.Hypothesis 3: Leverage deviation decreases the acquisition premiums obtained by the target firms 16
E.Hypothesis 4: Leverage deviation decreases the CAR of the target firms. 17
V.Conclusion 18
Reference 20
Appendix 22		zh_TW
dc.format.extent 540373 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0108357015en_US
dc.subject (關鍵詞) 兼併與收購zh_TW
dc.subject (關鍵詞) 資本結構zh_TW
dc.subject (關鍵詞) 目標槓桿zh_TW
dc.subject (關鍵詞) Mergers and Acquisitionsen_US
dc.subject (關鍵詞) Capital Structureen_US
dc.subject (關鍵詞) Optimal Leverageen_US
dc.title (題名) 企業偏離目標槓桿與被併購之關係zh_TW
dc.title (題名) The relation between leverage deviation and the likelihood of being acquireden_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Abel, Andrew B., 2018, Optimal debt and profitability in the trade‐off theory, Journal of Finance 73, 95-143.
Ahmed, Yousry, and Tamer Elshandidy, 2018, Why do over-deviated firms from target leverage undertake foreign acquisitions? International Business Review 27, 309-327.
Baker, Malcolm, and Jeffrey Wurgler, 2002, Market timing and capital structure, Journal of Finance 57, 1-32.
Bargeron, Leonce L., Frederik P. Schlingemann, René M. Stulz, and Chad J. Zutter, 2008, Why do private acquirers pay so little compared to public acquirers? Journal of Financial Economics 89, 375-390.
Bena, Jan, and Kai Li, 2014, Corporate innovations and mergers and acquisitions, Journal of Finance 69, 1923-1960.
Bradley, Michael, Gregg A. Jarrell, and E. Han Kim, 1984, On the existence of an optimal capital structure: Theory and evidence, Journal of Finance 39, 857-878.
Chirico, Francesco, Luis R. Gómez-Mejia, Karin Hellerstedt, Michael Withers, and Mattias Nordqvist, 2020, To merge, sell, or liquidate? Socioemotional wealth, family control, and the choice of business exit, Journal of Management 46, 1342-1379.
Cornett, Marcia Millon, Başak Tanyeri, and Hassan Tehranian, 2011, The effect of merger anticipation on bidder and target firm announcement period returns, Journal of Corporate Finance 17, 595-611.
DeAngelo, Harry, and Ronald W. Masulis, 1980, Optimal capital structure under corporate and personal taxation, Journal of Financial Economics 8, 3-29.
DeAngelo, Harry, Linda DeAngelo, and Toni M. Whited, 2011, Capital structure dynamics and transitory debt, Journal of Financial Economics 99, 235-261.
Eckbo, B. Espen, Tanakorn Makaew, and Karin S. Thorburn, 2018, Are stock-financed takeovers opportunistic? Journal of Financial Economics 128, 443-465.
Elshandidy, Tamer, Philip J. Shrives, Matt Bamber, and Santhosh Abraham, 2018, Risk reporting: A review of the literature and implications for future research, Journal of Accounting Literature 40, 54-82.
Erel, Isil, Yeejin Jang, and Michael S. Weisbach, 2015, Do acquisitions relieve target firms’ financial constraints? Journal of Finance 70, 289-328.
Faccio, Mara, and Ronald W. Masulis, 2002, The choice of payment method in European mergers and acquisitions, Journal of Finance 60, 1345-1388.
Fama, Eugene F., and Kenneth R. French, 1997, Industry costs of equity, Journal of Financial Economics 43, 153-193.
Fama, Eugene F., and Kenneth R. French, 2002, Testing trade-off and pecking order predictions about dividends and debt, Review of Financial Studies 15, 1-33.
Flannery, Mark J., and Kasturi P. Rangan, 2006, Partial adjustment toward target capital structures, Journal of Financial Economics 79, 469-506.
Fluck, Zsuzsanna, and Anthony W. Lynch, 1999, Why do firms merge and then divest? A theory of financial synergy, Journal of Business 72, 319-346.
Fuller, Kathleen, Jeffry Netter, and Mike Stegemoller, 2002, What do returns to acquiring firms tell us? Evidence from firms that make many acquisitions, Journal of Finance 57, 1763-1793.
Harford, Jarrad, and Vahap B. Uysal, 2014, Bond market access and investment, Journal of Financial Economics 112, 147-163.
Harford, Jarrad, Sandy Klasa, and Nathan Walcott, 2009, Do firms have leverage targets? Evidence from acquisitions, Journal of Financial Economics 93, 1-14.
Hovakimian, Armen, 2004, The role of target leverage in security issues and repurchases, Journal of Business 77, 1041-1072.
Hovakimian, Armen, Tim Opler, and Sheridan Titman, 2001, The debt-equity choice, Journal of Financial and Quantitative Analysis, 1-24.
Jensen, Michael C., and William H. Meckling, 1976, Theory of the firm: Managerial behavior, agency costs and ownership structure, Journal of Financial Economics 3, 305-360.
Kayhan, Ayla, and Sheridan Titman, 2007, Firms’ histories and their capital structures, Journal of Financial Economics 83, 1-32.
Kester, W. Carl, 1986, Capital and ownership structure: A comparison of United States and Japanese manufacturing corporations, Financial Management, 5-16.
Leary, Mark T., and Michael R. Roberts, 2005, Do firms rebalance their capital structures? Journal of Finance 60, 2575-2619.
Lewellen, Wilbur G., 1971, A pure financial rationale for the conglomerate merger, Journal of Finance 26, 521-537.
Loughran, Tim, and Anand M. Vijh, 1997, Do long‐term shareholders benefit from corporate acquisitions? Journal of Finance 52, 1765-1790.
Martynova, Marina, and Luc Renneboog, 2009, What determines the financing decision in corporate takeovers: Cost of capital, agency problems, or the means of payment? Journal of Corporate Finance 15, 290-315.
Miller, Merton H., 1977, Debt and taxes, Journal of Finance 32, 261-275.
Modigliani, Franco, and Merton H. Miller, 1963, Corporate income taxes and the cost of capital: a correction, American Economic Review 53, 433-443.
Myers, Stewart C., and Nicholas S. Majluf, 1984, Corporate financing and investment decisions when firms have information that investors do not have, Journal of Financial Economics 13, 187-221.
Officer, Micah S., 2003, Termination fees in mergers and acquisitions, Journal of Financial Economics 69, 431-467.
Petersen, Mitchell A., 2009, Estimating standard errors in finance panel data sets: Comparing approaches, Review of Financial Studies 22, 435-480.
Rajan, Raghuram G., and Luigi Zingales, 1995, What do we know about capital structure? Some evidence from international data, Journal of Finance 50, 1421-1460.
Shleifer, Andrei, and Robert W. Vishny, 2003, Stock market driven acquisitions, Journal of Financial Economics 70, 295-311.
Titman, Sheridan, and Roberto Wessels, 1988, The determinants of capital structure choice, Journal of Finance 43, 1-19.
Uysal, Vahap B., 2011, Deviation from the target capital structure and acquisition choices, Journal of Financial Economics 102, 602-620.
Vermaelen, Theo, and Moqi Xu, 2014, Acquisition finance and market timing, Journal of Corporate Finance 25, 73-91.
Wong, Anson, Kui Yin Cheung, and T. Mun, 2009, The effects of merger and acquisition announcements on the security prices of bidding firms and target firms in Asia, International Journal of Economics and Finance 1, 274-283.
Wu, Szu-Yin Jennifer, and Kee H. Chung, 2019, Corporate innovation, likelihood to be acquired, and takeover premiums, Journal of Banking and Finance 108, 1-20.		zh_TW
dc.identifier.doi (DOI) 10.6814/NCCU202100557en_US