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| Title: | 企業內部現金多寡與其進行購併之關聯 |
| Authors: | 許筱梅 |
| Contributors: | 吳啟銘
許筱梅 |
| Keywords: | 購併
代理問題
閒餘資金 |
| Date: | 2004 |
| Issue Date: | 2009-09-14 09:05:39 (UTC+8) |
| Abstract: | 本研究將樣本期間（1992年到2004年）內金融保險以及證券業以外的公司分為“現金偏多”和“其他”兩類後，發現兩組樣本之間除公司規模外，其餘股票的市價淨值比、槓桿程度、現金存量以及自由現金流量之中位數皆存在統計上顯著之差異。從Probit迴歸模型之結果發現股價淨值比愈高的公司愈容易進行購併，現金偏離程度與進行購併之機率間呈正向之關係，經理人持股比率對於進行購併機率之關係為負向的。最後，本研究檢驗購併宣告時之CAR，發現不論是預期或非預期的購併，現金偏離程度愈大，購併之CAR便愈低。當購併樣本為非預期時，其對於CAR會有正向的影響。現金支付與購併之CAR有顯著正向之關係。股價淨值比與CAR之間成一負向之關係。
This paper studies the companies other than financials and securities during the period 1992 to 2004. These companies are categorized into two different groups, "Cash-rich firm" and "Other". The result shows that other than size, the medians of market-to-book ratio, leverage, cash/sales, cash/size and free cash flow all are significantly different. From the result of probit regression model, we can see that the higher market-to-book ratio exceeds, the more likely companies make acquisitions. Cash deviation has a positive relation to the probability of acquisition, and the relation between insider ownership and the probability of acquisition is negative. Finally, this study estimates regression with the announcement period bidder returns as the dependent variable, the result shows that whether the bid was expected or not, and larger cash deviation, the lower the CAR. When the bid is unexpected, it has a positive effect on CAR. All cash offer and merge of CAR have significantly positive relationship. Therefore, market-to-book ratio and CAR have opposite effects on each other. |
| Reference: | 一、英文部分
Amihud, Y. and B. Lev, 1981, ”Risk reduction as a managerial motive for conglomerate mergers,” Bell Journal of Economics 12, 605-617.
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Lang, Larry, René Stulz, and Ralph Walkling, 1989, Managerial performance, Tobin’s q, and the gains from successful tender offers, Journal of Financial Economics 24, 137–154.
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二、中文部分
邱琦倫，“公司融資方式選擇與成長機會之關係─多項式自我選擇模型”，國立台灣大學經濟學研究所碩士論文，民國90年。
洪振興，“購併事件對主併公司價值的影響：以多次購併公司為例”，銘傳大學財務金融學研究所碩士論文，民國92年。
許淑瑋，“台灣企業購併後績效衡量之實證研究”，國立臺灣大學財務金融學研究所碩士論文，民國91年。
陳錦堂，“購併動機之理論與實證：以美國與亞洲之購併歷史為例”，經濟情勢暨評論季刊，民國87年8月，第四卷第二期，30-59頁。
游中凱，“企業購併後經營績效及其影響因素之研究─以平衡計分卡觀點探討”，東吳大學會計學研究所碩士論文，民國93年。 |
| Description: | 碩士
國立政治大學
財務管理研究所
92357026
93 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0923570261 |
| Data Type: | thesis |
| Appears in Collections: | [Department of Finance] Theses
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