| dc.contributor.advisor | 胡聯國 | zh_TW |
| dc.contributor.advisor | Hu, Len Kuo | en_US |
| dc.contributor.author (Authors) | 吳菊華 | zh_TW |
| dc.contributor.author (Authors) | Wu, Chu Hua | en_US |
| dc.creator (作者) | 吳菊華 | zh_TW |
| dc.creator (作者) | Wu, Chu Hua | en_US |
| dc.date (日期) | 2007 | en_US |
| dc.date.accessioned | 11-Sep-2009 17:09:47 (UTC+8) | - |
| dc.date.available | 11-Sep-2009 17:09:47 (UTC+8) | - |
| dc.date.issued (上傳時間) | 11-Sep-2009 17:09:47 (UTC+8) | - |
| dc.identifier (Other Identifiers) | G0913515021 | en_US |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/30067 | - |
| dc.description (描述) | 博士 | zh_TW |
| dc.description (描述) | 國立政治大學 | zh_TW |
| dc.description (描述) | 國際經營與貿易研究所 | zh_TW |
| dc.description (描述) | 91351502 | zh_TW |
| dc.description (描述) | 96 | zh_TW |
| dc.description.abstract (摘要) | . | zh_TW |
| dc.description.abstract (摘要) | Corporate acquisitions are classified as part of “the market for corporate control” in which management teams are facing constant competition from other management teams. If the team that currently controls a company is not maximizing the value of the company’s assets, then an acquisition will likely occur and increase the value of the company by replacing its poor managers with good managers. This dissertation focus on two issues on mergers, the first compares the strategy between mergers and joint ventures. The second investigate how much liquidity should the acquirer preserve and what is the equilibrium price of the acquired firm in considering the merger strategy. Drawing upon the incomplete contract theory, I examine the criterion of the strategic choice between joint ventures (JVs) and mergers when two firms contemplate vertical integration. The model reaches the following conclusions: (1) some ownership provision to the acquired company after the mergers may prove to be more lucrative to the acquirer than 100% takeover; (2) given the same equity share arrangement for JVs and mergers I conclude that these two firms should choose to merge or be merged rather than JVs; (3) I derive the optimal equity share arrangement in both JVs and mergers when ownership provision is considered as a strategic means. In addition, I also compare the welfare and effort of both companies in JVs and mergers under symmetric cost structures, and find that mergers would provide greater social efficiency and welfare than 50-50 JVs when the acquirer’s equity share is between 30% and 65%. Firms are concerned that they may in the future be deprived of the funds that would enable them to take advantage of exciting growth prospects, strengthen existing investments or simply stay alive. I specifically examine a firm’s liquidity need in order to grasp any future opportunity of mergers and acquisitions. However, a firm’s manager (borrower) can shed his interim wrongdoings (misbehavior) under the pretext of further financial need for mergers and acquisitions because he knows that he can easily raise sufficient cash from lenders to cover any adverse shock. My study derives the conditions that when this soft-budget-constraint (SBC) problem will occur. It happens when the interim income is small. Moreover, I analyze how the purchase price of acquisition is affected by this soft-budget-constraint syndrome. If there is SBC problem, the acquisition price will be raised by the investors when the interim income is small. Besides, a firm with severe moral hazard problem will be merely able to offer a smaller purchase price for the acquisition. On the contrast, a firm with a stronger balance sheet will be able to secure a greater credit line and offer a more attractive price for the acquisition. The empirical study of U.S. firms during 1988 to 2006 supports my conclusions. | en_US |
| dc.description.tableofcontents | I.Introduction 1.1 Motives and Objectives on the Study of Joint Ventures vs.Mergers……………………………………………………………1 1.2 Motives and Objectives on the Study of Acquisition Pricing with the Consideration of Firm’s Liquidity Demand……………………3 1.3 Organization………………………………………………………6 II. Literatures Review 2.1 An Incomplete Contract Approach on JVs and Mergers……7 2.2 Liquidity Demand, Soft-Budget-Constraint Problem and Acquisition Pricing in M&A..............................11 2.3 Determinants of Acquisition Price……………………………12 III.Strategic Choice between Joint Ventures and Mergers 3.1 The Basic Model……………………………………………14 3.2 The Case of JVs……………………………………………16 3.3 The Case of Mergers………………………………………17 3.4 Welfare Analysis……………………………………………20 3.4.1 The same level of equity share ( ) for both cases of mergers and JVs……………………………………………………20 3.4.2 Optimal choice of equity share ( ) in both cases…21 3.4.3 Welfare analysis with different for mergers and fixed equity share for JVs……………………………………25 3.5 Conclusion…………………………………………………28 IV.Economic Impact of Liquidity Demand on Firm’s Acquisition Pricing 4.1 Basic Model…………………………………………………30 4.2 Solution and Discussion……………………………………37 4.3 Conclusion………………………………………………………43 V.Empirical Analysis on the Determinants of Acquisition Price 5.1 Hypotheses Setting………………………………………………45 5.2 Data Descriptions…………………………………………………47 5.3 Empirical Results…………………………………………………53 VI. Conclusions…………………………………………………………57 Appendix. Optimal Equity Share in the Case of Mergers for Asymmetric Cost ( )………………………………………62 References………………………………………………………………63 | zh_TW |
| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0913515021 | en_US |
| dc.subject (關鍵詞) | 合資 | zh_TW |
| dc.subject (關鍵詞) | 併購 | zh_TW |
| dc.subject (關鍵詞) | 非完全契約 | zh_TW |
| dc.subject (關鍵詞) | 股權結構 | zh_TW |
| dc.subject (關鍵詞) | 公司控制 | zh_TW |
| dc.subject (關鍵詞) | 流動性需求 | zh_TW |
| dc.subject (關鍵詞) | 併購價格 | zh_TW |
| dc.subject (關鍵詞) | 軟預算限制 | zh_TW |
| dc.subject (關鍵詞) | joint ventures | en_US |
| dc.subject (關鍵詞) | mergers | en_US |
| dc.subject (關鍵詞) | incomplete contract | en_US |
| dc.subject (關鍵詞) | stock ownership | en_US |
| dc.subject (關鍵詞) | corporate control | en_US |
| dc.subject (關鍵詞) | liquidity demand | en_US |
| dc.subject (關鍵詞) | acquisition price | en_US |
| dc.subject (關鍵詞) | soft budget constraint | en_US |
| dc.title (題名) | 合資與併購之策略選擇暨流動性需求對企業併購之影響 | zh_TW |
| dc.title (題名) | Studies on the Strategic Choice of Joint Ventures vs. Mergers and the Economic Impact of Liquidity Demand on Firm`s Acquisition Pricing | en_US |
| dc.type (資料類型) | thesis | en |
| dc.relation.reference (參考文獻) | Balakrishnan, S. and M. Koza, 1993, “Information Asymmetry, Adverse Selection and Joint Ventures: Theory and Evidence,” Journal of Economic Behavior and Organization, 20, 99-117. | zh_TW |
| dc.relation.reference (參考文獻) | Bebchuk, L.A., A. Cohen, 2005, “The Costs of Entrenched Boards,” Journal of Financial Economics, 78, 409-433. | zh_TW |
| dc.relation.reference (參考文獻) | Berger, P.G. and Ofek E., 1995, “Diversification`s Effect on Firm Value,” Journal of Financial Economics, 7, Iss. 1, 39-65. | zh_TW |
| dc.relation.reference (參考文獻) | Berglof, E. and E.L. von Thadden. 1994. “Short-term versus Long-term Interests: Capital Structure with Multiple Investors,” Quarterly Journal of Economics, 109: 1055-1085. | zh_TW |
| dc.relation.reference (參考文獻) | Chatterjee, S., 1986, “Types of Synergies and Economic Value: The Impact of Acquisitions on Merging and Rival Firms,” Strategic Management Journa, 7, 119-139. | zh_TW |
| dc.relation.reference (參考文獻) | Chiu, Y.S., 1998, “Noncooperative Bargaining, Hostages, and Optimal Asset Ownership,” The American Economic Review, 88, No. 4, Sep, 882-901. | zh_TW |
| dc.relation.reference (參考文獻) | Chen, Z. and Ross T.W., 2003, “Cooperating Upstream while Competing Downstream: A Theory of Input Joint Ventures,” International Journal of Industrial Organization, 21, 381-397. | zh_TW |
| dc.relation.reference (參考文獻) | Colangelo, G., 1995, “Vertical vs. Horizontal Integration: Pre-Emptive Merging,” Journal of Industrial Economics, 43, 323-337. | zh_TW |
| dc.relation.reference (參考文獻) | Cremers, Martijn K.J. and Vinay B. Nair, 2005, “Governance Mechanisms and Equity Prices,” Journal of Finance, 60, 2859-2894. | zh_TW |
| dc.relation.reference (參考文獻) | Daniel, J. and Kaufman, Jr. 1988, “Factors Affecting the Magnitude of Premiums Paid toTarget-firm Shareholders in Corporate Acquisitions,” The Financial Review, 23, No.4, 465-482. | zh_TW |
| dc.relation.reference (參考文獻) | Deneckere R. and Davidson C., 1985, “Incentives to Form Coalitions with Bertrand Competition,” Rand Journal of Economics, 16, 473-86. | zh_TW |
| dc.relation.reference (參考文獻) | Dewatripont, M. and E. Maskin. 1995. “Credit and Efficiency in Centralized and Decentralized Economics,” Review of Economic Studies, 62: 541-555. | zh_TW |
| dc.relation.reference (參考文獻) | Dewatripont, M. and J. Tirole. 1994. “A Theory of Debt and Equity: Diversity of Securities and Manager-shareholder Congruous,” Quarterly Journal of Economics, 109: 1027-1054. | zh_TW |
| dc.relation.reference (參考文獻) | Fan, Joseph P.H. and Goyal, Vidhan K., 2006, “On the Patterns and Wealth Effects of Vertical Mergers,” Journal of Business, 79, Iss. 2, 877-902. | zh_TW |
| dc.relation.reference (參考文獻) | Farrell J. and Shapiro C., 1990, “Horizontal Mergers: An Equilibrium Analysis,” The American Economic Review, 80, 107-126. | zh_TW |
| dc.relation.reference (參考文獻) | Fraser, J. and Kolari, J.W. 1988, “Pricing Small Bank Acquisitions,” Journal of Retail Banking, 10, No.4, 23-28. | zh_TW |
| dc.relation.reference (參考文獻) | Frieder, L.A. and Petty, P.N. 1991, “Determinants of Bank Acquisitions Premiums: Issues and Evidence,” Contemporary Policy Issues, 9, No.2, 13-24. | zh_TW |
| dc.relation.reference (參考文獻) | Gompers, P., Ishii, J. and Metrick, A., 2003, “Corporate Governance and Equity Prices,” Quarterly Journal of Economics, 118; iss. 1; 107-55. | zh_TW |
| dc.relation.reference (參考文獻) | Gorton, G.. and J. Kahn. 2000, “The Design of Bank Loan Contracts,” Review of Financial Studies, 13: 331-364. | zh_TW |
| dc.relation.reference (參考文獻) | Grossman S.J., and Hart O.D., 1986, “The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration,” The Journal of Political Economy, 94, No. 4, Aug., 691-719. | zh_TW |
| dc.relation.reference (參考文獻) | Hakes, D.R.; Brown, K.H.; Rappaport, A, 1997, “The Impact of State Deposit Caps on Bank Merger Premiums,” Southern Economic Journ,. 63; No. 3; 652-662. | zh_TW |
| dc.relation.reference (參考文獻) | Hannan, T.H. and Rhoades, S.A. 1987, “Acquisition Targets and Motives: The Case of the Banking Industry,” The Review of Economics and Statistics, 69, No.1, 67-74. | zh_TW |
| dc.relation.reference (參考文獻) | Harford, J. 1999. “Corporate Cash Reserves and Acquistions,” The Journal of Finance, 54, No.6: 1969-1997. | zh_TW |
| dc.relation.reference (參考文獻) | Hart O.D. and Moore J. 1990, “Property Rights and the Nature of the Firm,” The Journal of Political Economy, 98, No. 6, 1119-1158. | zh_TW |
| dc.relation.reference (參考文獻) | Hart O.D. 1995, Firms, Contracts, and Financial Structure (Oxford University Press: Oxford). | zh_TW |
| dc.relation.reference (參考文獻) | Harris, M., and A. Raviv, 1988, “Corporate Control Contests and Capital Structure,” Journal of Financial Economics, 20, 55-86. | zh_TW |
| dc.relation.reference (參考文獻) | Hennart, J.-F., 1988, “A transaction costs theory of equity joint ventures,” Strategic Management Journal, 9, Iss.4, 361-374. | zh_TW |
| dc.relation.reference (參考文獻) | Hennart, J.-F., and Reddy S., 1997, “The Choice between Mergers/Acquisitions and Joint Ventures: The Case of Japanese Investors in the United States,” Strategic Management Journal, 18, 1-12. | zh_TW |
| dc.relation.reference (參考文獻) | Holmstrom, B., and J. Tirole, 1989, The Theory of the Firm. Handbook of Industrial Organization, 1 (Amsterdam: North-Holland). | zh_TW |
| dc.relation.reference (參考文獻) | Holmstrom, B. and Tirole, J. 2000, “Liquidity and Risk Management,” Journal of Money, Credit and Banking, 32, No.3:295-319. | zh_TW |
| dc.relation.reference (參考文獻) | Jackson, R.; Gart, A., 1999, “Determinants and Non-Determinants of Bank Merger Premiums,” The Mid-Atlantic journal of Business, 35; No. 4; 149-157. | zh_TW |
| dc.relation.reference (參考文獻) | Jemison, D.B. and S.B. Sitkin, 1986, “Corporate Acquisition: A process perspective,” Academy of Management Review, 11, 145-163. | zh_TW |
| dc.relation.reference (參考文獻) | Jensen, M.C., and R.S. Ruback, 1983, “The Market for Corporate Control: The Scientific Evidence,” Journal of Financial Economics, 11, 5-50. | zh_TW |
| dc.relation.reference (參考文獻) | John B. Kusewitt Jr., 1985, “An Exploratory Study of Strategic Acquisition Factors Relating to Performance,” Strategic Management Journal, 6; Iss. 2; 151 – 169. | zh_TW |
| dc.relation.reference (參考文獻) | Johnson, Shane A. and Houston, Mark B., 2000, “A Reexamination of the Motives and Gains in Joint Ventures,” Journal of Financial and Quantitative Analysis, 35, Iss. 1, 67-85. | zh_TW |
| dc.relation.reference (參考文獻) | Kay, N., J.-P. Robe and P. Zagnoli, 1987, “An Approach to the Analysis of Joint Ventures,” working paper, European University Institute. | zh_TW |
| dc.relation.reference (參考文獻) | Klein, Benjamin, Crawford, Robert G., and Alchian, Armen A., 1978, “Vertical Integration, Appropriable Rents, and the Competitive Contracting Process,” Journal of Law and Economics, 21, 297-326. | zh_TW |
| dc.relation.reference (參考文獻) | Kogut, B. and H. Singh, 1988, “The Effect of National Culture on the Choice of Entry Mode,” Journal of International Business Studies, 19, 411-432. | zh_TW |
| dc.relation.reference (參考文獻) | Konings J. and Vandenbussche H., 2004, “The Adjustment of Financial Ratios in the Presence of Soft Budget Constraints: Evidence from Bulgaria,” European Accounting Review, 13, 131-159. | zh_TW |
| dc.relation.reference (參考文獻) | Kornai, J. 1979, “Resource-Constraint versus Demand-Constraint Systems,” Econometrica, 47, iss. 4, 801-820. | zh_TW |
| dc.relation.reference (參考文獻) | Kornai, J. 1980. Economics of Shortage. New York: North-Holland. | zh_TW |
| dc.relation.reference (參考文獻) | Laffont J.J., 2000, Incentives and Political Economy (Oxford University Press: New York). | zh_TW |
| dc.relation.reference (參考文獻) | Lee, S.Y. Tom and Lim, K.S., 2006, “The Impact of M&A and Joint Ventures on the Value of IT and Non-IT Firms,” Review of Quantitative Finance and Accounting, 27, Iss. 2, 111-123. | zh_TW |
| dc.relation.reference (參考文獻) | Lightfoot, R., 1992, “Note on Corporate Governance Systems: The United States, Japan and Germany,” Harvard Business School note 9-292-012. | zh_TW |
| dc.relation.reference (參考文獻) | McConnell, J.J. and Nantell T.J., 1985, “Corporate Combinations and Common Stock Returns: The Case of Joint Ventures,” The Journal of Finance, 40, No 2, 519-536. | zh_TW |
| dc.relation.reference (參考文獻) | Melnik, A. and Plaut, S., 1986, “Loan Commitment Contracts, Terms of Lending, and Credit Allocation,” Journal of Financ, 41; iss. 2; 425-35. | zh_TW |
| dc.relation.reference (參考文獻) | Officer, Micah S. 2007, “The Price of Corporate Liquidity: Acquisition Discounts for Unlisted Targets,” Journal of Financial Economics, 83, iss. 3, 571-98. | zh_TW |
| dc.relation.reference (參考文獻) | Opler Tim, Lee Pinkowitz, Rene Stulz, and Rohan Williamson, 1999, “The Determinants and Implications of Corporate Holdings of Liquid Assets,” Journal of Financial Economics, 52, No.1:3-46. | zh_TW |
| dc.relation.reference (參考文獻) | Palia, D. 1993, “The Managerial, Regulatory, and Financial Determinants of Bank Merger Premiums,” The Journal of Industrial Economics, March, 41, No.1, 91-102. | zh_TW |
| dc.relation.reference (參考文獻) | Perry, M. K. and Porter, R. H., 1985, “Oligopoly and the Incentives for Horizontal Merger,” The American Economic Review, 75, 219-27. | zh_TW |
| dc.relation.reference (參考文獻) | Pettway R.H and Yamada T., 1986, “Mergers in Japan and Their Impacts upon Stockholders` Wealth,” Financial Management, 15; No. 4; 43-52. | zh_TW |
| dc.relation.reference (參考文獻) | Salanie, B., 1998, The Economics of Contracts (The MIT Press: Cambridge). | zh_TW |
| dc.relation.reference (參考文獻) | Rhoades, S.A. 1987, “Determinants of Premiums Paid in Bank Acquisitions,” Atlantic Economics Journal, March, 20-30. | zh_TW |
| dc.relation.reference (參考文獻) | Rossi, S. and Volpin, P. F., 2004, “Cross-Country Determinants of Mergers and Acquisitions,” Journal of Financial Economics, 74; iss. 2; 277-304. | zh_TW |
| dc.relation.reference (參考文獻) | Salant S., Switzer S. and Reynolds R., 1983, “Losses Due to Merger: The Effects of an Exogenous Change in Industry Structure on Cournot-Nash Equilibrium,” Quarterly Journal of Economics, 98, 185-199. | zh_TW |
| dc.relation.reference (參考文獻) | Shapley, L. S., 1951b, “Notes on the n-person game, II: The value of an n-person game,” Rand Publication, RM-670. | zh_TW |
| dc.relation.reference (參考文獻) | Scanlon K., Tarifts, J. and Pettway R.H., 1989, “Impacts of Relative Size and Industrial Relatedness on Returns to Shareholders of Acquiring Firms,” Journal of Financial Research, 12; 103-112. | zh_TW |
| dc.relation.reference (參考文獻) | Schaffer M. E., 1998, “Do Firms in Transition Economics Have Soft Budget Constraints? A Reconsideration of Concepts and Evidence,” Journal of Comparative Economics, 26, 80-103. | zh_TW |
| dc.relation.reference (參考文獻) | Shan, W., 1988, “Technological Change and Strategic Cooperation: Evidence from the Commercialization of Biotechnology,” Ph.D. dissertation, University of California at Berkeley. | zh_TW |
| dc.relation.reference (參考文獻) | Siebert, R. and Gugler, K. 2004, “Market Power versus Efficiency Effects of Mergers and Research Joint Ventures: Evidence from the Semiconductor Industry,” National Bureau of Economic Research, Inc, NBER Working Papers: 10323. | zh_TW |
| dc.relation.reference (參考文獻) | Slusky, A.R. and Caves, R.E. 1991, “Synergy, Agency, and the Determinants of Premia Paid in Mergers,” The Journal of Industrial Economics, March, 39, No.3, 277-296. | zh_TW |
| dc.relation.reference (參考文獻) | Stulz, R., 1988, “Managerial Control of Voting Rights: Financial Policies and the Market for Corporate Control,” Journal of Financial Economics, 20, 25-54. | zh_TW |
| dc.relation.reference (參考文獻) | Tirole, J. 2006. The Theory of Corporate Finance. Princeton University Press. | zh_TW |
| dc.relation.reference (參考文獻) | Varaiya, N.P. 1987, “Determinants of Premiums in Acquisition Transanctions,” Managerial and Decision Economics, 8, 175-184. | zh_TW |
| dc.relation.reference (參考文獻) | Vijay, B.G., Sant R.R. and Ferris, S.P. 2004, “The Price of Corporate Acquisition: Determinants of Cash Takeover Premia,” Applied Economics Letters, 11, 735-739. | zh_TW |
| dc.relation.reference (參考文獻) | Williamson, Oliver E., 1975. Markets and Hierarchies: Analysis and Antitrust Implications (New York: The Free Press). | zh_TW |
| dc.relation.reference (參考文獻) | Williamson, Oliver E., 1979. “Transaction Cost Economics: The Governance of Contractual Relations,” Journal of Law and Economics, 233-261. | zh_TW |
| dc.relation.reference (參考文獻) | Williamson, Oliver E., 1985, The Economic Institutions of Capitalism (New York: The Free Press). | zh_TW |
| dc.relation.reference (參考文獻) | Walking, R. and Edmister, R. 1985, “Determinants of Tender Offer Premiums,” Financial Analysts Journal, 27, 30-37. | zh_TW |
| dc.relation.reference (參考文獻) | White, H., 1980, “A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity,” Econometrica, 48; iss. 4; 817-38. | zh_TW |
| dc.relation.reference (參考文獻) | Worthington, A.C. 2004, “Determinants of merger and acquisitions activity in Australian cooperative deposit-taking institutions,” Journal of Business Research, 57, No.1, 47-57. | zh_TW |
