| dc.contributor.advisor | 張元晨 | zh_TW |
| dc.contributor.advisor | Chang ,Yuanchen | en_US |
| dc.contributor.author (作者) | 欒君儀 | zh_TW |
| dc.contributor.author (作者) | Luan, Chun-I | en_US |
| dc.creator (作者) | 欒君儀 | zh_TW |
| dc.creator (作者) | Luan, Chun-I | en_US |
| dc.date (日期) | 2004 | en_US |
| dc.date.accessioned | 17-九月-2009 19:25:45 (UTC+8) | - |
| dc.date.available | 17-九月-2009 19:25:45 (UTC+8) | - |
| dc.date.issued (上傳時間) | 17-九月-2009 19:25:45 (UTC+8) | - |
| dc.identifier (其他 識別碼) | G0923570031 | en_US |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/34086 | - |
| dc.description (描述) | 碩士 | zh_TW |
| dc.description (描述) | 國立政治大學 | zh_TW |
| dc.description (描述) | 財務管理研究所 | zh_TW |
| dc.description (描述) | 92357003 | zh_TW |
| dc.description (描述) | 93 | zh_TW |
| dc.description.abstract (摘要) | During the past five years, fourteen financial holding companies have been founded by stock for stock mergers corresponding to the policies and deregulations in Taiwan. Among these M&As transactions, the exchange ratio for each combination, which is determined by the reported earnings in both acquiring and acquired firms, affects the success of the merger most. Therefore, our research focuses on whether financial institutions manage their reported earnings in order to get more favorable price for maximizing their shareholders’ wealth.From empirical results in Taiwan’s banking industry, we find (1) that the degree of earnings management is much higher in the period prior to M&As announcements given financial institutions in Taiwan are used to manipulating earnings at usual times, (2) that those financial institutions with higher degree of earnings management indeed get more favorable exchange ratios within M&As transactions relative to those with lower degree of earnings management for both acquiring and acquired companies. We also make an investigation for investors’ reactions toward behaviors of earnings management. By focusing on the sample of Taiwan’s financial holding companies, empirical results show that market investors will not punish those financial institutions obtaining better exchange ratios by manipulating reported earnings in the market since they can’t see through managers’ tricks on reported earnings. | en_US |
| dc.description.tableofcontents | Abstract 1List of Tables 2Chapter 1 Introduction 41.1. Motivations of the study 41.2. Objectives of the study 51.3. Outlines of the study 6Chapter 2 Literature Review 72.1. The detects of earnings management 72.2. Exchange ratio used in M&As activities 11Chapter 3 Data Description and Research Methodology 153.1. Data Description 153.1.1. Financial and stock price data 153.1.2 Announcement date 153.2 Hypotheses 163.3. Research Methodology 173.3.1. The Detects of Earnings Management 173.3.2. The Determination of Exchange Ratios by Larson-Godenes model 183.3.3. Wealth effects of mergers and acquisitions 21Chapter 4 Empirical results 234.1. Evidence of Earnings Management 234.1.1. Descriptive statistics 244.1.2. The phenomenon of earnings management in Taiwan’s banking industry 274.1.3. The comparison of earnings management between acquiring and acquired financial institutions within a M&As activity 344.2. The Determination of Exchange Ratios by Larson-Godenes model 404.4. The Reactions of Stock Price after the Complete of M&As 69Chapter 5 Summary and Conclusion 725.1. Summary of the study 725.2. Suggestions for further research 73References 74 | zh_TW |
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| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0923570031 | en_US |
| dc.subject (關鍵詞) | Earnings Management | en_US |
| dc.subject (關鍵詞) | M&A | en_US |
| dc.subject (關鍵詞) | Financial Holding Company | en_US |
| dc.title (題名) | Earnings Management, M&A and Bank Stock Performance: Evidence From Taiwan | zh_TW |
| dc.type (資料類型) | thesis | en |
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