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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/50826
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/50826

    Title: 併購對企業價值於危機時期之影響
    The wealth effect of merger activity in crisis periods
    Authors: 林芸霈
    Contributors: 李志宏
    Keywords: 危機時期
    Date: 2010
    Issue Date: 2011-09-29 16:47:48 (UTC+8)
    Abstract: 本文之研究目的旨在探究危機事件發生時,主併公司是否能夠藉由併購獲得撿便宜的機會,並且在過程中是否因為撿便宜而破壞公司價值,或是企業撿便宜的同時亦會兼顧長期發展利益;以及是否屬於持有現金較多的主併公司能夠在危機時期進行價值創造之併購活動。本文利用2000年到2010年美國三大證券交易所公開上市公司之主併公司及被併公司資料進行分析,研究結果顯示危機時期的併購溢酬並無顯著低於非危機時期的併購溢酬,主併公司在危機時期之併購沒有撿便宜之現象。而危機時期的主併公司宣告期間報酬較差,但股票長期超額報酬卻優於非危機時期進行併購的主併公司,顯示雖然市場對於危機時期宣告併購消息給予更負面的評價,但長期股東卻享有較高且正的超額報酬;最後,實證結果指出危機時期現金持有比率高的公司付出的併購溢酬較少、宣告效果較差,但長期股票超額報酬優於現金比例低的公司。
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    Description: 碩士
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0098357022
    Data Type: thesis
    Appears in Collections:[財務管理學系] 學位論文

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