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題名 政治連結對跨國併購的績效影響─以中國上市企業為例
Political connection and cross-border M&A: evidence from China listed companies
作者 謝昌歷
貢獻者 吳啟銘
謝昌歷
關鍵詞 政治連結
跨國併購
事件研究法
日期 2012
上傳時間 1-Mar-2013 09:24:45 (UTC+8)
摘要 隨著近年來西方經濟不振且中國經濟的起飛，跨國併購活動的版圖正在重新洗牌，中國企業正如火如荼地進行跨國併購活動。本論文利用事件研究法對2000年到2011年中國上市且有進行跨國併購的企業共47家做分析，藉由迴歸分析的結果去觀察政治連結與國外投資人對於併購績效的影響。本研究的立論在於，存在政治連結的企業受到中國政府的指示進行跨國併購活動，目的是滿足中國政府的自身考量而非投資人的利益，也因為跨國併購行為是由政府所主導、推動的，因此政府所採取的政策與作為，很可能是這些政治連結企業跨國併購之成敗的最主要因素。
而本論文主要的結果分為兩部分。 a.主併公司的跨國併購宣告效果在所有本論文選用的事件窗口皆不顯著，也就是併購事件對於公司股價並不會產生顯著的影響。 b. 政治連結與國外投資人都會對併購績效帶來負面的影響，尤其是這兩個同時存在的時候併購的績效負面的效果最為強烈。此外，國外投資人對於併購即期效果就有負面的影響，也就是在事件窗口(-1,+1)就會馬上產生負向關係，然而，可能因為併購消息提前走漏或是市場還沒有反應，政治連結對跨國併購的即時宣告效果並未產生任何顯著的影響。一直到了事件窗口(-5,+5)時這兩個解釋變數會同時相當顯著的對於併購績效造成負面的影響，而這個效果會隨著時間而遞減，但持續到併購宣告之後15個交易日，最後在併購交易之後30個交易日，可能是受到市場上其他事件或是公司本身有其他重大事件的干擾，導致負向的影響效果不再顯著了。
參考文獻 Amihud, Y., Lev, B. 1981. Risk reduction as a managerial motive for conglomerate mergers. Bell Journal of Economics, 12: 605-617.
Anusha, C., Paige, P. O., Linda, L. T., 2010. The Value of Control in Emerging Markets, Review of Finance Study,23(4):1741-1770.
Aw, M.S.B., Chatterjee, R.A., 2004. The performance of UK firms acquiring large cross-border and domestic takeover targets. Applied Financial Economics 14:337-349.
Aybar, B., Ficici, A., 2009. Cross-border acquisitions and firm value: an analysis of emerging-market multinationals. Journal of International Business Studies 40, 1317-1338.
Baik, B., Kang, J., Kim, J. 2010. Local institutional investors, information asymmetries, and equity returns. Journal of Financial Economics, 97(1): 81-106.
Beatty, C.A., 1994. Wanted: the Perfect Tiny Acquisition, Business Quarterly, 51-59.
Boateng, A., Qian, W., Tianle, Y., 2008. Cross-border M&As by Chinese firms: an analysis of strategic motives and performance. Thunderbird International Business Review 50, 259-270.
Buckley, P. L., Clegg, L. J., Cross, A. R., Liu, X., Voss, H., Zheng, P. 2007. The determinants of Chinese outward foreign direct investment. Journal of International Business Studies, 38: 499 - 518.
Campa, J. M. and Kedia, S., 2002. Explaining the Diversification Discount, Journal of Finance, 57(4): 1731-1762.
Caves, R. E. 1971. International corporations: The industrial economics of foreign investment. Economica, 38(149): 1-27.
Chan, K., Covrig, V., Ng, L. 2005. What determines the domestic bias and foreign bias? Evidence from mutual fund equity allocations worldwide. Journal of Finance, 60(3): 1495-1534.
Charumilind, C., R. Kali and Y. Wiwattanakantang, 2006. Connected Lending: Thailand before the Financial Crisis, Journal of Business, 79, 181-217.
Chen, Y., Huang, Y. and Chen, C., 2009. Financing Constraints, Ownership Control, and Cross-border M&As: Evidence from Nine East Asian Economies, Corporate Governance: An International Review, 17(6), 665-680.
Chen, Y., Young, M., 2010. Cross-border mergers and acquisitions by Chinese listed companies: a principal-principal perspective. Asia Pacific Journal of Management 27, 523-539.
Corhay, A. and Rad, A. T., 2000. International Acquisitions and Shareholder Wealth Evidence form The Netherlands, International Review of Financial Analysis, 9(2), 163-174.
Coval, J., Moskowitz, T. 1999. Home bias at home: Local equity preference in domestic portfolios. Journal of Finance, 54(6): 2045-2073.
Denis, D. J., Denis, D. K. and Sarin, A., 1997. Agency Problems, Equity Ownership, and Corporate Diversification, Journal of Finance, 52(1):135-160.
Dolley, J.C., 1933, Characteristics and procedure of common stock split-ups, Harvard Business Review 11:316-326.
Dunning, J. H. 1977. Trade, location of economic activity and the MNE: A search for an eclectic approach. In B. Ohlin, P. O. Hesselborn P. M. Wijkmon (Eds.), The international location of economic activity: 395-418. London: Macmillan.
Dunning, J. H. 2006. Comment on dragon multinationals: New players in 21st century globalization. Asia Pacific Journal of Management, 23: 139-141.
Dyckman, T., Philbrick, D., Stephan, J. and Ricks, W. E., 1984. Comparison of Event Study Methodologies Using Daily Stock Returns: A Simulation Approach, Journal of Accounting Research, 22(1), 1-33.
Eckbo, B.E., Thorburn, K.S., 2000. Gains to bidder firms revisited: domestic and foreign acquisitions in Canada. Journal of Financial and Quantitative Analysis 35 (1), 1-25.
Faccio, M., 2006. Politically Connected Firms, American Economic Review, 96(1), 369-386.
Faccio, M., 2010. Differences between Politically-Connected Firms and Non-Connected Firms: A Cross Country Analysis, Financial Management, 39(3), 905-927.
Faccio, M., Masulis, R., McConnell, J., 2006. Political connections and corporate bailouts. J. Finance 61, 2597-2635.
Fan, J., Rui, O., Zhao, M., 2008. Public governance and corporate finance: evidence from corruption cases. J. Comp. Econ. 36, 343-364.
Fan, J.P.H., Wong, T.J., Zhang, Tianyu, 2007. Politically connected CEOs, corporate governance, and post-IPO performance of China`s newly partially privatized firms. Journal of Financial Economics 84, 330–357.
Fisman, R., 2001. Estimating the Value of Political Connections, American Economic Review, 91, 1095-1102.
Forbes, K. 2008. Why do foreigners invest in the United States?, NBER working paper No. 13908, National Bureau of Economic Research, Cambridge, MA.
Froot, Kenneth A., David S. Scharfstein and Jeremy, C. Stein, 1993, “Risk Management: Coordinating Corporate Investment and Financing Policies,” Journal of Finance 48, 1629-1658.
Ghosh, A. ,2001. Does operating performance really improve following corporate acquisitions?, Journal of Corporate Finance, 7: 151-178.
Gubbi, S., Aulakh, P., Ray, S., Sarkar, M.B., Chittoor, R., 2010. Do international acquisitions by emerging economy firms create shareholder value? The case of Indian firms. Journal of International Business Studies 41 (3), 397-418.
Healy, P., K.G. Palepu, and R.S. Ruback, 1992. Dose Corporate Performance Improve after Mergers? , Journal of Financial Economics, 31: 135-175.
Hymer, S. 1976. The international operations of national firms: A study of direct investment. Cambridge, MA: MIT Press.
Ivkovich, Z., Weisbenner, S. 2005. Local does as local is: Information content of the geography of individual investors’ common stock investments. Journal of Finance, 60(1): 267-306.
Johnson, S., Kaufmann, D., McMillan, J., Woodruff, C., 2000. Why do firms hide? Bribes and unofficial activity after communism. Journal of Political Economy 76, 495-520.
Kang, J., Kim, J. 2008. The geography of block acquisitions. Journal of Finance, 63(6): 2817-2858.
Kho, B., Stulz, R., Warnock, F. 2009. Financial globalization, governance, and the evolution of the home bias. Journal of Accounting Research, 47(2): 597-635.
Khwaja, A., Mian, A., 2005. Do lenders favor politically connected firms? Rent-seeking in an emerging financial market. Q. J. Econ. 120:1371-1411.
Lamout, O. and Polk, C., 2002. Does Diversification Destroy Value? Evidence from Industry Shocks, Journal of Financial Economics, 63:51-77.
Leuz, C., Lins, K., Warnock, F. 2009. Do foreigners invest less in poorly governed firms? Review of Financial Studies, 22(8): 3245-3285.
Leuz, C., Oberholzer-Gee, F., 2006. Political relationships, global financing, and corporate transparency. J. Financ. Econ. 81:411-439.
Linn, S.C. and Switzer, J.A., 2001. Are cash acquisitions associated with better post-combination operating performance than stock acquisitions? Journal of Banking and Finance, 6: 1113-1138.
Luo, Y., Tung, R. L. 2007. International expansion of emerging market enterprises: A springboard perspective. Journal of International Business Studies, 38: 481-498.
Mantecon, T., 2009. Mitigating risks in cross-border acquisitions. Journal of Banking and Finance 33, 640-651.
Markides, C.C., Ittner, C.D., 1994. Shareholder benefits from corporate international diversification: evidence from U.S. international acquisitions. Journal of International Business Studies 25 (2), 343-366.
McWilliams, A. and Siegel, D. 1999. Issues in the use of event study methodology: a critical analysis of corporate social responsibility studies, Organizational Research Methods, 2: 340-365.
Moeller, S.B., Schlingemann, F.P., Stulz, R.M., 2004. Firm size and the gains from acquisitions. Journal of Financial Economics 73, 201-228.
Peng, M. W. 2003. Institutional transitions and strategic choices. Academy of Management Review, 28(2): 275-296.
Performance of Acquiring Firms: A Re-examination of an Anomaly, Journal of Finance, 47:1605-1621.
Petersen, M., Rajan, R. 2002. Does distance still matter? The information revolution in small business lending. Journal of Finance, 57(6): 2533-2570.
Peterson, P. 1989. Event Studies: A Review of Issues and Methodology. Quarterly Journal of Business and Economics 28, 36-67.
Ren, B., Au, K., Birtch, T. 2009. China`s business network structure during institutional transitions. Asia Pacific Journal of Management, 26: 219-240.
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Rosenthal, L. and Sullivan, T. G., 1985. Some Estimates of the Impact of Corporate Diversification on the Valuation and Leverage of USA Firms: Estimates from 1972 Data, 12(2), 275-284.
Sapienza, P., 2004. The Effect of Government Ownership on Bank Lending, Journal of Financial Economics, 72(2), 357-384
Schulman, C. T., Thomas, D. W., Sellers, K. F. and Kennedy, D. B., 1996. Effects of Tax Integration and Capital Gains Tax on Corporate Leverage, National Tax Journal, 49(5): 31-54.
Seth, A.I., Song, P., Pettit, R.R., 2002. Value creation and destruction in cross-border acquisitions: an empirical analysis of foreign acquisitions of U.S. firms. Strategic Management Journal 23 (10), 921-940.
Shleifer, A., Vishny, R., 1994. Politicians and firms. Q. J. Econ. 109, 995-1025.
Shleifer, A., Vishny, R., 1998. The Grabbing Hand: Government Pathologies and Their Cures. Harvard University Press, Cambridge, MA.
Sun, M. and Chen, K. C., 2009. Corporate Asset Sales in Taiwan, Review of Pacific Basin Financial Markets and Policies (RPBFMP), 12(1), 87-102.
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Yiu, D. W., Lau, C. M., Bruton, G. D. 2007. International venturing by emerging economy firms: The effects of firm capabilities, home country networks, and corporate entrepreneurship. Journal of International Business Studies, 38: 519-540.
Young, M. N., Peng, M. W., Ahlstrom, D., Bruton, G. D., & Jiang, Y. 2008. Corporate governance in emerging economies: A review of the principal-principal perspective. Journal of Management Studies, 45(1): 196-220.
Zhu, P. C., Malhotra, S. 2008. Announcement Effect and Price Pressure: An Empirical Study of Cross-Border Acquisitions by Indian Firms. International Research Journal of Finance and Economics, Issue 13.
描述 碩士
國立政治大學
財務管理研究所
100357026
101
資料來源 http://thesis.lib.nccu.edu.tw/record/#G1003570261
資料類型 thesis
dc.contributor.advisor 吳啟銘zh_TW
dc.contributor.author (Authors) 謝昌歷zh_TW
dc.creator (作者) 謝昌歷zh_TW
dc.date (日期) 2012en_US
dc.date.accessioned 1-Mar-2013 09:24:45 (UTC+8)-
dc.date.available 1-Mar-2013 09:24:45 (UTC+8)-
dc.date.issued (上傳時間) 1-Mar-2013 09:24:45 (UTC+8)-
dc.identifier (Other Identifiers) G1003570261en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/57043-
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) 100357026zh_TW
dc.description (描述) 101zh_TW
dc.description.abstract (摘要) 隨著近年來西方經濟不振且中國經濟的起飛，跨國併購活動的版圖正在重新洗牌，中國企業正如火如荼地進行跨國併購活動。本論文利用事件研究法對2000年到2011年中國上市且有進行跨國併購的企業共47家做分析，藉由迴歸分析的結果去觀察政治連結與國外投資人對於併購績效的影響。本研究的立論在於，存在政治連結的企業受到中國政府的指示進行跨國併購活動，目的是滿足中國政府的自身考量而非投資人的利益，也因為跨國併購行為是由政府所主導、推動的，因此政府所採取的政策與作為，很可能是這些政治連結企業跨國併購之成敗的最主要因素。
而本論文主要的結果分為兩部分。 a.主併公司的跨國併購宣告效果在所有本論文選用的事件窗口皆不顯著，也就是併購事件對於公司股價並不會產生顯著的影響。 b. 政治連結與國外投資人都會對併購績效帶來負面的影響，尤其是這兩個同時存在的時候併購的績效負面的效果最為強烈。此外，國外投資人對於併購即期效果就有負面的影響，也就是在事件窗口(-1,+1)就會馬上產生負向關係，然而，可能因為併購消息提前走漏或是市場還沒有反應，政治連結對跨國併購的即時宣告效果並未產生任何顯著的影響。一直到了事件窗口(-5,+5)時這兩個解釋變數會同時相當顯著的對於併購績效造成負面的影響，而這個效果會隨著時間而遞減，但持續到併購宣告之後15個交易日，最後在併購交易之後30個交易日，可能是受到市場上其他事件或是公司本身有其他重大事件的干擾，導致負向的影響效果不再顯著了。		zh_TW
dc.description.tableofcontents 第一章 緒論 1
1.1 研究背景及動機 1
1.2 研究問題 2
1.3 研究目的與貢獻 3
1.4 研究設計與方法 3
1.5 研究架構 3
第二章 文獻回顧 5
2.1 政治連結與企業價值的關係 5
2.2 政治連結對企業投資決策的影響 6
2.3 企業進行跨國併購的誘因與績效 7
2.4 影響跨國併購宣告效果的因素 9
第三章 研究設計 13
3.1 資料來源 13
3.2 樣本選取標準 13
3.3 事件研究法 17
3.4 變數定義 19
3.5 複迴歸分析 25
第四章 實證結果 27
4.1. 累積異常報酬率統計檢定 27
4.2. 複迴歸模型 28
第五章 結論與建議 41
5.1. 研究結論 41
5.2. 研究限制 42
5.3. 後續研究建議 42
參考文獻 43
附表 47		zh_TW
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G1003570261en_US
dc.subject (關鍵詞) 政治連結zh_TW
dc.subject (關鍵詞) 跨國併購zh_TW
dc.subject (關鍵詞) 事件研究法zh_TW
dc.title (題名) 政治連結對跨國併購的績效影響─以中國上市企業為例zh_TW
dc.title (題名) Political connection and cross-border M&A: evidence from China listed companiesen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) Amihud, Y., Lev, B. 1981. Risk reduction as a managerial motive for conglomerate mergers. Bell Journal of Economics, 12: 605-617.
Anusha, C., Paige, P. O., Linda, L. T., 2010. The Value of Control in Emerging Markets, Review of Finance Study,23(4):1741-1770.
Aw, M.S.B., Chatterjee, R.A., 2004. The performance of UK firms acquiring large cross-border and domestic takeover targets. Applied Financial Economics 14:337-349.
Aybar, B., Ficici, A., 2009. Cross-border acquisitions and firm value: an analysis of emerging-market multinationals. Journal of International Business Studies 40, 1317-1338.
Baik, B., Kang, J., Kim, J. 2010. Local institutional investors, information asymmetries, and equity returns. Journal of Financial Economics, 97(1): 81-106.
Beatty, C.A., 1994. Wanted: the Perfect Tiny Acquisition, Business Quarterly, 51-59.
Boateng, A., Qian, W., Tianle, Y., 2008. Cross-border M&As by Chinese firms: an analysis of strategic motives and performance. Thunderbird International Business Review 50, 259-270.
Buckley, P. L., Clegg, L. J., Cross, A. R., Liu, X., Voss, H., Zheng, P. 2007. The determinants of Chinese outward foreign direct investment. Journal of International Business Studies, 38: 499 - 518.
Campa, J. M. and Kedia, S., 2002. Explaining the Diversification Discount, Journal of Finance, 57(4): 1731-1762.
Caves, R. E. 1971. International corporations: The industrial economics of foreign investment. Economica, 38(149): 1-27.
Chan, K., Covrig, V., Ng, L. 2005. What determines the domestic bias and foreign bias? Evidence from mutual fund equity allocations worldwide. Journal of Finance, 60(3): 1495-1534.
Charumilind, C., R. Kali and Y. Wiwattanakantang, 2006. Connected Lending: Thailand before the Financial Crisis, Journal of Business, 79, 181-217.
Chen, Y., Huang, Y. and Chen, C., 2009. Financing Constraints, Ownership Control, and Cross-border M&As: Evidence from Nine East Asian Economies, Corporate Governance: An International Review, 17(6), 665-680.
Chen, Y., Young, M., 2010. Cross-border mergers and acquisitions by Chinese listed companies: a principal-principal perspective. Asia Pacific Journal of Management 27, 523-539.
Corhay, A. and Rad, A. T., 2000. International Acquisitions and Shareholder Wealth Evidence form The Netherlands, International Review of Financial Analysis, 9(2), 163-174.
Coval, J., Moskowitz, T. 1999. Home bias at home: Local equity preference in domestic portfolios. Journal of Finance, 54(6): 2045-2073.
Denis, D. J., Denis, D. K. and Sarin, A., 1997. Agency Problems, Equity Ownership, and Corporate Diversification, Journal of Finance, 52(1):135-160.
Dolley, J.C., 1933, Characteristics and procedure of common stock split-ups, Harvard Business Review 11:316-326.
Dunning, J. H. 1977. Trade, location of economic activity and the MNE: A search for an eclectic approach. In B. Ohlin, P. O. Hesselborn P. M. Wijkmon (Eds.), The international location of economic activity: 395-418. London: Macmillan.
Dunning, J. H. 2006. Comment on dragon multinationals: New players in 21st century globalization. Asia Pacific Journal of Management, 23: 139-141.
Dyckman, T., Philbrick, D., Stephan, J. and Ricks, W. E., 1984. Comparison of Event Study Methodologies Using Daily Stock Returns: A Simulation Approach, Journal of Accounting Research, 22(1), 1-33.
Eckbo, B.E., Thorburn, K.S., 2000. Gains to bidder firms revisited: domestic and foreign acquisitions in Canada. Journal of Financial and Quantitative Analysis 35 (1), 1-25.
Faccio, M., 2006. Politically Connected Firms, American Economic Review, 96(1), 369-386.
Faccio, M., 2010. Differences between Politically-Connected Firms and Non-Connected Firms: A Cross Country Analysis, Financial Management, 39(3), 905-927.
Faccio, M., Masulis, R., McConnell, J., 2006. Political connections and corporate bailouts. J. Finance 61, 2597-2635.
Fan, J., Rui, O., Zhao, M., 2008. Public governance and corporate finance: evidence from corruption cases. J. Comp. Econ. 36, 343-364.
Fan, J.P.H., Wong, T.J., Zhang, Tianyu, 2007. Politically connected CEOs, corporate governance, and post-IPO performance of China`s newly partially privatized firms. Journal of Financial Economics 84, 330–357.
Fisman, R., 2001. Estimating the Value of Political Connections, American Economic Review, 91, 1095-1102.
Forbes, K. 2008. Why do foreigners invest in the United States?, NBER working paper No. 13908, National Bureau of Economic Research, Cambridge, MA.
Froot, Kenneth A., David S. Scharfstein and Jeremy, C. Stein, 1993, “Risk Management: Coordinating Corporate Investment and Financing Policies,” Journal of Finance 48, 1629-1658.
Ghosh, A. ,2001. Does operating performance really improve following corporate acquisitions?, Journal of Corporate Finance, 7: 151-178.
Gubbi, S., Aulakh, P., Ray, S., Sarkar, M.B., Chittoor, R., 2010. Do international acquisitions by emerging economy firms create shareholder value? The case of Indian firms. Journal of International Business Studies 41 (3), 397-418.
Healy, P., K.G. Palepu, and R.S. Ruback, 1992. Dose Corporate Performance Improve after Mergers? , Journal of Financial Economics, 31: 135-175.
Hymer, S. 1976. The international operations of national firms: A study of direct investment. Cambridge, MA: MIT Press.
Ivkovich, Z., Weisbenner, S. 2005. Local does as local is: Information content of the geography of individual investors’ common stock investments. Journal of Finance, 60(1): 267-306.
Johnson, S., Kaufmann, D., McMillan, J., Woodruff, C., 2000. Why do firms hide? Bribes and unofficial activity after communism. Journal of Political Economy 76, 495-520.
Kang, J., Kim, J. 2008. The geography of block acquisitions. Journal of Finance, 63(6): 2817-2858.
Kho, B., Stulz, R., Warnock, F. 2009. Financial globalization, governance, and the evolution of the home bias. Journal of Accounting Research, 47(2): 597-635.
Khwaja, A., Mian, A., 2005. Do lenders favor politically connected firms? Rent-seeking in an emerging financial market. Q. J. Econ. 120:1371-1411.
Lamout, O. and Polk, C., 2002. Does Diversification Destroy Value? Evidence from Industry Shocks, Journal of Financial Economics, 63:51-77.
Leuz, C., Lins, K., Warnock, F. 2009. Do foreigners invest less in poorly governed firms? Review of Financial Studies, 22(8): 3245-3285.
Leuz, C., Oberholzer-Gee, F., 2006. Political relationships, global financing, and corporate transparency. J. Financ. Econ. 81:411-439.
Linn, S.C. and Switzer, J.A., 2001. Are cash acquisitions associated with better post-combination operating performance than stock acquisitions? Journal of Banking and Finance, 6: 1113-1138.
Luo, Y., Tung, R. L. 2007. International expansion of emerging market enterprises: A springboard perspective. Journal of International Business Studies, 38: 481-498.
Mantecon, T., 2009. Mitigating risks in cross-border acquisitions. Journal of Banking and Finance 33, 640-651.
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