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題名:臺灣地區上市公司從事購併活動對經營績效影響之研究
書刊名:中山管理評論
作者:孫梅瑞 引用關係陳隆麒
作者(外文):Sun, Mei-juiChen, Long-chie
出版日期:2002
卷期:10:1
頁次:頁155-184
主題關鍵詞:購併與合併公司控制經營績效Mergers and acquisitionsCorporate controlCorporate performance
原始連結:連回原系統網址new window
相關次數:
  • 被引用次數被引用次數:期刊(21) 博士論文(2) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:16
  • 共同引用共同引用:10
  • 點閱點閱:123
本研究探討台灣地區上市公司從事購併活動對經營績效的影響。特別是購併雙方資訊不對稱、購併綜效的發揮與上市公司裡潛在的代理成本對購併後的經營績效所產生的影響。本研究針對民國76年至86年間138個購併宣告樣本進行事件研究與統計檢定,其中以股票報酬率代表短期續效,而以財務指標代表長期經營績效。有關宣告異常報酬率的衡量部份,分別使用一般最小平方法(簡稱OLS法),以及在有異質變異效果(簡稱ARCH效果)時,使用一般化自身迴歸異質條件變異數法(簡稱GARCH法)來估計市場模式參數。而在評估財務績效指標影響的部份,則加入樣本對照組的研究設計,以排除干擾變數對研究結果可能的影響。此外,本研究也剖析影響購併公司經營績效的重要因素,並透過實證瞭解這些因素如何影響國內上市公司在從事購併活動的經營績效表現。
This study investigates the impact on the performance of Taiwan's listedacquiring firms and the factors affecting the performance of Mergers and Acquisitions activities. How information asymmetry between acquiring and target firms, the expected synergy and the agency cost produced by M&As affect the corporate performance. We examine the performance of Taiwan's Jisted acquiring firms for the 138 Mergers and Acquisitions announcements during the period 1987- 1997. The proxy variables of corporate performance are stock abnormal returns as performance measures for the short run and financial ratios and β value as performance measures for the long run. We also compare the performance of acquiring firms via a control group design.
期刊論文
1.林嬋娟、吳安妮(19920400)。臺灣企業併購綜效及績效之實證研究。會計評論,26,1-23。new window  延伸查詢new window
2.Dodd, P.(1980)。Mergers proposals, management discretion and stockholder wealth。Journal of Financial Economics,8(2),105-138。  new window
3.Kitching, J.(1967)。Why do mergers miscarry?。Harvard Business Review,45(6),84-101。  new window
4.Lang, Larry H. P.、Stulz, René M.、Walkling, Ralph A.(1991)。A Test of the Free Cash Flow Hypothesis: The Case of Bidder Returns。Journal of Financial Economics,29(2),315-335。  new window
5.Healy, Paul M.、Palepu, Krishna G.、Ruback, Richard S.(1992)。Does Corporate Performance Improve after Mergers?。Journal of Financial Economics,31(2),135-175。  new window
6.Lubatkin, Michael(1983)。Mergers and the Performance of the Acquiring Firm。Academy of Management Review,8(2),218-225。  new window
7.Jarrell, Gregg A.、Brickley, James A.、Netter, Jeffry M.(1988)。The market for corporate control : the empirical evidence since 1980。Journal of Economic Perspectives,2(1),49-68。  new window
8.Boehmer, E.、Musumeci, J.、Poulsen, A. B.(1991)。Event-study Methodology under Conditions of Event-Induced Variance。Journal of Financial Economics,30(2),253-272。  new window
9.Bettis, R. A.、Mahajan, V.(1985)。Risk/Return Performance of Diversified Firms。Management Science,31(7),785-799。  new window
10.Hansen, Robert G.(1987)。A theory for the choice of exchange medium in mergers and acquisitions。Journal of Business,60(1),75-95。  new window
11.Bradley, M.、Desai, A.、Kim, E. H.(1988)。Synergistic Gains from Corporate Acquisitions and Their Division between the Stockholders of Target and Acquiring Firms。Journal of Financial Economics,21(1),3-40。  new window
12.Morck, Randall、Shleifer, Andrei、Vishny, Robert W.(1988)。Management Ownership and Market Valuation: An Empirical Analysis。Journal of Financial Economics,20(1/2),293-315。  new window
13.Denis, David J.、Denis, Diane K.、Sarin, Atulya(1997)。Agency Problems, Equity Ownership, and Corporate Diversification。The Journal of Finance,52(1),135-160。  new window
14.Stulz, René M.(1988)。Managerial control of voting rights: Financing policies and the market for corporate control。Journal of Financial Economics,20(1/2),25-54。  new window
15.Fama, Eugene F.(1980)。Agency Problems and the Theory of the Firm。Journal of Political Economy,88(2),288-307。  new window
16.Jensen, Michael C.、Ruback, Richard S.(1983)。The market for corporate control: The scientific evidence。Journal of Financial Economics,11(1-4),5-50。  new window
17.Jensen, Michael C.(1986)。Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers。The American Economic Review,76(2),323-329。  new window
18.May, Don O.(1995)。Do managerial motives influence firm risk reduction strategies?。Journal of Finance,50(4),1291-1308。  new window
19.Amihud, Yakov、Lev, Baruch(1981)。Risk Reduction as a Managerial Motive for Conglomerate Mergers。Bell Journal of Economics,12(2),605-617。  new window
20.Avery, C.、Chevalier, J. A.、Schaefer, S.(1998)。Why do managers undertake acquisitions? An analysis of internal and external rewards for acquisitiveness。The Journal of Law, Economics, & Organization,14(1),24-43。  new window
21.Fowler, K. L.、Schmidt, D. R.(1988)。Tender offers, acquisition, and subsequent performance in manufacturing firms。The Academy of Management Journal,31(4),962-974。  new window
22.Hoshino, Y.(1982)。The performance of corporate mergers in Japan。Journal of Business Finance & Accounting,9(2),153-165。  new window
23.Langetieg, T. C.(1978)。An application of a three-factor performance index to measure stockholder gains from merger。Journal of Financial Economics,6(4),365-383。  new window
24.Mueller, D. C.(1985)。Merger and market share。The Review of Economics and Statistics,67(2),259-267。  new window
25.Ravenscraft, J. D.、Scherer, F. M.(1989)。The profitability of merger。International Journal of Industry Organization,7(1),101-116。  new window
26.Shelton, L.(1988)。Strategic business fits and corporate acquisition: Empirical Evidence。Strategic Management Journal,9(3),279-288。  new window
27.Zivney, Terry L.、Bertin, William J.、Torabzadeh, Khalil M.(1996)。Overreaction to takeover speculation。Quarterly Review of Economics and Finance,36(1),89-115。  new window
學位論文
1.蕭惠元(1996)。購併活動對股價行為與會計資訊之影響-以臺灣上市公司為例,0。  延伸查詢new window
2.洪麗惠(1995)。購併宣告對股東財富的影響:Jensen閒餘現金流量與Tobin's Q兩假說之驗證(碩士論文)。東吳大學。  延伸查詢new window
3.黃蘭霙(1994)。管理決策與資本結構關係之研究--負債監督理論運用於臺灣地區上市公司合併之實證分析(碩士論文)。東吳大學。  延伸查詢new window
4.陳匯中(1995)。上市公司購併宣告對股東財富影響之研究(碩士論文)。國立政治大學。  延伸查詢new window
5.顏秀玲(1991)。企業合併與財務績效關係間之研究,0。  延伸查詢new window
6.羅明敏(1998)。從代理問題探討臺灣上市公司購併宣告對股東財富之影響,0。  延伸查詢new window
7.林永隆(1998)。企業購併綜效在財務上之探討,0。  延伸查詢new window
圖書
1.Ansoff, H. Igor、Brandenburg, Richard G.、Portner, Fred E.、Radosevich, Raymond(1971)。Acquisition behavior of U. S. manufacturing firms: 1946-1965。Vanclerbilt University Press。  new window
2.Scherer, F. M.(1980)。Industrial Market Structure and Economic Performance。Chicago, Illinois:Rand McNally College Publishing。  new window
3.陳隆麒(1998)。現代財務管理-理論與應用。現代財務管理-理論與應用。臺北市。  延伸查詢new window
 
 
 
 
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