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題名 外資買賣超與主併公司長期營運績效之關聯
Foreign Financial Institutions Trading and Long-Term Operating Performance of Acquirers作者 林仕翰
Lin, Shih Han貢獻者 吳啟銘
Chiming Wu
林仕翰
Lin, Shih Han關鍵詞 購併
主併
營運績效
外資
買賣超
Merger and Acquisition
Acquirers
Operating Performance
Foreign Institutions
Trading日期 2013 上傳時間 6-八月-2014 11:40:59 (UTC+8) 摘要 綜觀過去的文獻多發現購併事件的宣告效果為負,其可歸因於企業錯誤的投 資決策、高估綜效價值或是過度投資。在資本市場甚具影響力的三大法人中,外國 機構投資人憑藉著其國際投資經驗、財務專業及資源,其交易行為經常被認定隱含 高度的資訊內含價值,故本研究希冀探討外資買賣超與台灣上市主併公司長期營 運績效之關聯,以探究外資機構投資人交易是否隱含對主併公司長期營運績效品 質具有認證價值。本論文以 2003 至 2011 年間進行購併的台灣上市企業為探討對象,排除金融 業的樣本,以外國機構投資人之累積買 (賣) 超股數占總流通在外股數做為交易指 標,並選用單位資本投入之經濟附加價值 (EVA/IC) 與單位資本投入之自由現金流 量 (FCF/IC) 做為長期營運績效指標,並首先以配對差異檢定進行分析。研究發現 外資機構投資人累積淨買超之主併公司的 EVA/IC 在購併後第二年顯著為負值,但 第三年有顯著之正值,在營益率未有起色時,投入資本週轉率有漸趨改善的表現; 與非購併同業相比較時,第三年有顯著之正值。FCF/IC 則於購併後第一年有顯著 負值,稅前淨營業利益的獲利表現較購併前顯著下降;與同業相比時,購併後第一 年有顯著正值,其投資支出較同業為低。其次,外資機構投資人累積淨賣超之主併 公司的 EVA/IC 則在 1~3 年均呈現顯著負值的表現,與同業相比時,均為不顯著之 負值;FCF/IC 在購併後第三年始出現顯著之正值。為加入控制變數之考量,以複迴歸模型的實證結果發現:外國機構投資人淨買 (賣) 超與主併公司購併長期績效呈現不顯著的正向關係;外國機構投資人淨買超 之主併公司的購併後長期營運績效較購併前三年平均呈現不顯著的正向差異;外 國機構投資人淨買超之主併公司的購併後長期營運績效較非購併同業表現呈現不 顯著的正向差異。
This study investigates the relationship between foreign institutional trading and the long-term operating performance of acquiring firms. The research is based on acquiring firms listed in Taiwan which announced merger and acquisition between 2003 and 2011. We use cumulative net buying of foreign institution to examine acquirer’s EVA/IC and FCF/IC as the indicator of the long-term operating performance in the three years period after the announcement of merger and acquisition. In the pair-t test, the results indicate that acquirers with net buy of foreign institution have significantly positive EVA/IC as compared to the premerger level and to the match firms in the third year, while exhibit significantly negative EVA/IC in the second year. The FCF/IC of the acquirers with net buy of foreign institutions have significantly negative value compared to the premerger level, but have significantly positive value compared to the match firms in the first year. 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Martin (1990). “Corporate acquisition by listed firms: The experienceof a comprehensive sample.” Financial management, 17-33.Michael E. Porter (1987). “From competitive advantage to corporate strategy`” HarvardBusiness School Pub, 17.Pound (1988). “Information, Ownership Structure, and Shareholder Voting: Evidencefrom Shareholder‐Sponsored Corporate Governance Proposals.” The Journal ofFinance, 48(2): 697-718Szewczyk, Tsetsekos (1992). “Institutional ownership and the liquidity of common stockofferings” Finance Review, 27(2):211-225.Sias, Richard W (1996). “Volatility and the institutional investor” Journal FinancialAnalysts, 13-20.Stern Stewart (1994). “EVA Roundtable” Journal of Applied Corporate Finance, 7(1):46~70.Schulman, Thomas et al. (1996). "Effects of tax integration and capital gains tax oncorporate leverage." National Tax Journal, 49: 31-54.Sudarsanam, Sudi, and Ashraf A. Mahate (2003). "Glamour Acquirers, Method ofPayment and Post‐acquisition Performance: The UK Evidence." Journal of BusinessFinance & Accounting 30.1‐2: 299-342.Yook (2004). “The measurement of post-acquisition performance using EVA”. QuarterlyJournal of Business & Economics, 42(3): 67-81. 描述 碩士
國立政治大學
財務管理研究所
101357036
102資料來源 http://thesis.lib.nccu.edu.tw/record/#G1013570364 資料類型 thesis dc.contributor.advisor 吳啟銘 zh_TW dc.contributor.advisor Chiming Wu en_US dc.contributor.author (作者) 林仕翰 zh_TW dc.contributor.author (作者) Lin, Shih Han en_US dc.creator (作者) 林仕翰 zh_TW dc.creator (作者) Lin, Shih Han en_US dc.date (日期) 2013 en_US dc.date.accessioned 6-八月-2014 11:40:59 (UTC+8) - dc.date.available 6-八月-2014 11:40:59 (UTC+8) - dc.date.issued (上傳時間) 6-八月-2014 11:40:59 (UTC+8) - dc.identifier (其他 識別碼) G1013570364 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/68234 - 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) 101357036 zh_TW dc.description (描述) 102 zh_TW dc.description.abstract (摘要) 綜觀過去的文獻多發現購併事件的宣告效果為負,其可歸因於企業錯誤的投 資決策、高估綜效價值或是過度投資。在資本市場甚具影響力的三大法人中,外國 機構投資人憑藉著其國際投資經驗、財務專業及資源,其交易行為經常被認定隱含 高度的資訊內含價值,故本研究希冀探討外資買賣超與台灣上市主併公司長期營 運績效之關聯,以探究外資機構投資人交易是否隱含對主併公司長期營運績效品 質具有認證價值。本論文以 2003 至 2011 年間進行購併的台灣上市企業為探討對象,排除金融 業的樣本,以外國機構投資人之累積買 (賣) 超股數占總流通在外股數做為交易指 標,並選用單位資本投入之經濟附加價值 (EVA/IC) 與單位資本投入之自由現金流 量 (FCF/IC) 做為長期營運績效指標,並首先以配對差異檢定進行分析。研究發現 外資機構投資人累積淨買超之主併公司的 EVA/IC 在購併後第二年顯著為負值,但 第三年有顯著之正值,在營益率未有起色時,投入資本週轉率有漸趨改善的表現; 與非購併同業相比較時,第三年有顯著之正值。FCF/IC 則於購併後第一年有顯著 負值,稅前淨營業利益的獲利表現較購併前顯著下降;與同業相比時,購併後第一 年有顯著正值,其投資支出較同業為低。其次,外資機構投資人累積淨賣超之主併 公司的 EVA/IC 則在 1~3 年均呈現顯著負值的表現,與同業相比時,均為不顯著之 負值;FCF/IC 在購併後第三年始出現顯著之正值。為加入控制變數之考量,以複迴歸模型的實證結果發現:外國機構投資人淨買 (賣) 超與主併公司購併長期績效呈現不顯著的正向關係;外國機構投資人淨買超 之主併公司的購併後長期營運績效較購併前三年平均呈現不顯著的正向差異;外 國機構投資人淨買超之主併公司的購併後長期營運績效較非購併同業表現呈現不 顯著的正向差異。 zh_TW dc.description.abstract (摘要) This study investigates the relationship between foreign institutional trading and the long-term operating performance of acquiring firms. The research is based on acquiring firms listed in Taiwan which announced merger and acquisition between 2003 and 2011. We use cumulative net buying of foreign institution to examine acquirer’s EVA/IC and FCF/IC as the indicator of the long-term operating performance in the three years period after the announcement of merger and acquisition. In the pair-t test, the results indicate that acquirers with net buy of foreign institution have significantly positive EVA/IC as compared to the premerger level and to the match firms in the third year, while exhibit significantly negative EVA/IC in the second year. The FCF/IC of the acquirers with net buy of foreign institutions have significantly negative value compared to the premerger level, but have significantly positive value compared to the match firms in the first year. In the regression analysis, the results indicate a near-all insignificant positive EVA/IC and FCF/IC in the three year period after merger and acquisition. en_US dc.description.tableofcontents 摘要 ................................................................................................................................... i ABSTRACT .................................................................................................................... ii目錄 ................................................................................................................................. iii 圖目錄 ............................................................................................................................. iv 表目錄 ...............................................................................................................................v第一章第一節 第二節 第三節第二章第一節第二節第三章 第一節 第二節 第三節 第四節 第五節第四章第一節第二節第五章第一節第二節緒論 .................................................................................................................6 研究背景與動機...........................................................................................6 研究目的與貢獻...........................................................................................8 研究架構.......................................................................................................9文獻回顧與假說建立 ...................................................................................10 文獻回顧.....................................................................................................10 假說建立.....................................................................................................17研究方法 .......................................................................................................19 資料來源.....................................................................................................19 樣本選取標準、分類及分布.....................................................................20 樣本敘述統計.............................................................................................21 差異檢定之建立.........................................................................................23 複迴歸模型之建立.....................................................................................24實證結果 .......................................................................................................34 差異檢定分析.............................................................................................34 複迴歸分析.................................................................................................36結論與建議 ...................................................................................................42 研究結論.....................................................................................................42 研究限制與後續研究建議.........................................................................43參考文獻 .........................................................................................................................45 zh_TW dc.format.extent 951715 bytes - dc.format.mimetype application/pdf - dc.language.iso en_US - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G1013570364 en_US dc.subject (關鍵詞) 購併 zh_TW dc.subject (關鍵詞) 主併 zh_TW dc.subject (關鍵詞) 營運績效 zh_TW dc.subject (關鍵詞) 外資 zh_TW dc.subject (關鍵詞) 買賣超 zh_TW dc.subject (關鍵詞) Merger and Acquisition en_US dc.subject (關鍵詞) Acquirers en_US dc.subject (關鍵詞) Operating Performance en_US dc.subject (關鍵詞) Foreign Institutions en_US dc.subject (關鍵詞) Trading en_US dc.title (題名) 外資買賣超與主併公司長期營運績效之關聯 zh_TW dc.title (題名) Foreign Financial Institutions Trading and Long-Term Operating Performance of Acquirers en_US dc.type (資料類型) thesis en dc.relation.reference (參考文獻) (一) 國內文獻 丁秀儀(2004),上市公司公司治理,經營績效與機構投資人投資行為關聯性之研究,國立政治大學企業管理研究所碩士論文。王月玲 (2002),外資對台灣股市的影響,國立政治大學金融研究所。李麗虹 (2011),機構投資人持股變化與主併公司績效之研究,國立台灣大學財務金融研究所論文。吳志偉 (2004),台灣股市外資與投信投資策略,國立東華大學國際經濟研究所論文。林嬋娟及吳安妮 (1992),台灣企業併購綜效及績效之實證研究,會計評論,26 期:1~23。林瑞堂 (1999),外資及國內法人交易行為對台灣股市的波動與操作績效之探討,輔仁大學經濟研究所論文。施皓文 (2007),從公司治理角度看機構投資人對併購事件之影響,國立中正大學財務金融所碩士論文。孫梅瑞 (2000),國內上市公司從事公司購併活動對經營績效影響之研究,政治大學企業管理研究所博士論文。郭珊女 (2002),購併公司統理機制與其購併績效之研究,國立中正大學企業管理研究所未出版碩士論文。張仲岳、邱士宗 (2001),經濟附加價值與公司股價之關聯性研究,東吳經濟商學學報,第 32 期。 許淑瑋(2001),臺灣企業購併績效衡量之實證研究,臺灣大學財務金融學系研究所。 陳夢茹(2002),由經濟附加價值(EVA)檢視產業間價值驅動因子之差異性,國立政治大學會計所碩士論文。 惠珉(2014),機構投資人交易與主併公司購併宣告效果之關聯,國立政治大學財務管理學系未出版碩士論文。黃金蓮 (2000),台灣上市(櫃)企業財務績效與外資持股比例之關聯性研究,中原大學會計研究所論文。傅志偉 (1999),收購與合併對公司營運績效影響之分析,國立中山大學財務管理 研究所未出版碩士論文。劉建宏(2005)。企業購併經營績效評估-經濟附加價值與市場績效觀點,私立東吳 大學會計研究所碩士論文。劉正田 (2001),研發支出資本化之會計基礎股票評價,會計評論,第 33 期,1-27。 廖怡婷 (2004),我國上市(櫃)公司合併後長期績效之探討,中國文化大學會計研究所未出版碩士論文。管玉儷 (2003),經濟附加價值、異常盈餘和異常現金流量與公司權益價值之關聯性研究,中原大學會計學系未出版碩士論文。蔡奇勝 (2003),營運績效與多角化策略對企業併購短中期股價報酬率影響之研究,私立真理大學管理科學研究所未出版碩士論文。鄭至宏 (1995),從內部化理論與代理理論探討臺灣企業購併活動之股價效果,私立輔仁大學管理科學研究所碩士論文。蕭惠元 (1996),購併活動對股價行為與會計資訊之影響--以上市公司為例,私立東吳大學會計研究所碩士論文。(二) 國外文獻Agrawal, Jaffe, and Mandelker (1992). “The postmerger performance of acquiring firms” Journal of Finance, 47: 1605–1621.Andre, Kooli and L’Her (2004). “New evidence and perspectives on mergers” The Journal of Economic Perspectives, 15(2): 103-102.Almazan, Hartzell et al. 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