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題名:購併活動對主併公司影響之實證研究--以我國證券業為例
書刊名:臺灣銀行季刊
作者:彭素君 引用關係
出版日期:2004
卷期:55:1
頁次:頁286-306
主題關鍵詞:購併主併公司證券商績效綜效股東財富宣告效果
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(2) 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:2
  • 共同引用共同引用:5
  • 點閱點閱:29
本文主要探討購併活動如何影響主併券商的財務狀況、經營成果與股東財富。本研究之樣本取自民國80年至民國87年間從事購併活動之主併券商,在購併績效與綜效方面共計31件,股價行為方面共計9件。實證結果顯示,購併活動對整體主併券商會產生睡併綜效,但購併績效並無顯著差異。其中,購併績效會隨著購併型態與券商規模之不同有所差異,購併綜效則隨著上櫃與否與券商業務型態不同有所差異;而投資人視券商之購併宣告為一好消息,股東財富會因此一宣告而增加;此外,本研究亦發現購併宣告時之股價報酬與購併後之營運綜效有顯著負相關存在。
期刊論文
1.Dodd, P.(1980)。Mergers proposals, management discretion and stockholder wealth。Journal of Financial Economics,8(2),105-138。  new window
2.Houston, Joel F.、Ryngaert, Michael D.(1994)。The Overall Gains from Large Bank Mergers。Journal of Banking and Finance,18(6),1155-1176。  new window
3.Pilloff, Steven J.(1996)。Performance Changes and Shareholder Wealth: Creation Associated with Mergers of Publicly. Traded Banking Institutions。Journal of Money, Credit and Banking,28(3),294-310。  new window
4.Beattie, D. L.(1980)。Conglomerate Diversification and Performance: A Survey and Time Series Analysis。Applied Economics,12(3),251-273。  new window
5.Kim, E. Han、McConnell, John J.(1977)。Corporate Mergers and the Co-Insurance of Corporate Debt。The Journal of Finance,32(2),349-365。  new window
6.Trautwein, F.(1990)。Merger motives and merger prescriptions。Strategic Management Journal,11(4),283-295。  new window
7.Weston, J. F.、Chung, K. S.(1983)。Do Mergers Make Money?。Mergers and Acquisitions,18(3),40-48。  new window
8.Lubatkin, Michael(1983)。Mergers and the Performance of the Acquiring Firm。Academy of Management Review,8(2),218-225。  new window
9.Kitching, John(1967)。Why do mergers miscarry?。Harvard Business Review,45(6),84-101。  new window
10.Mueller, Dennis C.(1985)。Mergers and Market Share。The Review of Economics and Statistics,67,259-267。  new window
11.Bradley, M.、Desai, A.、Kim, E.(1988)。Synergistic gains from corporate acquisitions and their division between the stock-holders of target and acquiring firm。Journal of Financial Economics,21,3-40。  new window
12.Demsetz, H.(1973)。The Market Concentration Doctrine。AEI Hoover Policy Studies,16,10。  new window
13.Fluck, Zsuzsanna、Lynch, Anthony W.(1999)。Why do firms merger and divest? a theory of financial synergy。Journal of Business,72,319-346。  new window
14.Rhoades, Stephen(1983)。A efficiency effects of horizontal (in-market) bank mergers。Journal of Banking & Finance,17(23),411-422。  new window
15.Roll, R.(1986)。The hurbis hypothesis of corporate takeovers。Journal of Business,59,197-216。  new window
16.Weston, J. Fred、Mansinghka, Surenda K.(1971)。Tests of the efficiency performance of conglomerate。Journal of Finance,26,919-939。  new window
17.Fama, Eugene F.、Jensen, Michael C.(1983)。Separation of ownership and control。The Journal of Law & Economics,26(2),301-325。  new window
18.Lewellen, Wilbur G.(1971)。A Pure Financial Rationale for the Conglomerate Merger。The Journal of Finance,26(2),521-537。  new window
19.Jensen, Michael C.、Meckling, William H.(1976)。Theory of the firm: Managerial behavior, agency costs and ownership structure。Journal of Financial Economics,3(4),305-360。  new window
20.Cornett, Marcia Millon、Tehranian, Hassan(1992)。Changes in Corporate Performance Associated with Bank Acquisitions。Journal of Financial Economics,31,211-234。  new window
研究報告
1.Becher, D. A.(1999)。The valuation effects of bank mergers。  new window
2.Spindt, P. A.、Tarhan, V.(1992)。Are there synergies in bank mergers?。  new window
學位論文
1.陳志光(1991)。我國企業購併前後營運績效之比較研究(碩士論文)。國立政治大學。  延伸查詢new window
2.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(碩士論文)。東吳大學,臺北。  延伸查詢new window
3.楊維君(1993)。臺灣企業購併支付方式與財務特質關係之實證研究(碩士論文)。國立中央大學。  延伸查詢new window
4.郭峻權(1997)。證券商購併策略與財務績效關係之研究(碩士論文)。國立政治大學。  延伸查詢new window
5.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(博士論文)。國立政治大學。new window  延伸查詢new window
6.鄭至宏(1995)。從內部化理論與代理理論探討臺灣企業併購活動之股價效果(碩士論文)。輔仁大學。  延伸查詢new window
7.呂佩君(2001)。主併券商購併績效之研究(碩士論文)。國立中央大學。  延伸查詢new window
8.林永隆(1998)。企業購併綜效在財務上之探討(碩士論文)。國立中興大學。  延伸查詢new window
9.林佩蓉(2001)。網路企業購併消息之宣告對主併公司股價影響之研究--以美國網路企業為例(碩士論文)。國立臺灣科技大學。  延伸查詢new window
10.林喜淳(2001)。購併宣告對股價的影響之研究--資訊電子為例(碩士論文)。國立政治大學。  延伸查詢new window
11.黃明琦(2000)。臺灣金融機構購併前後績效與綜效之研究(碩士論文)。國立成功大學。  延伸查詢new window
12.邱淑枝(1994)。我國證券業經營策略之研究:從購併角度分析(碩士論文)。國立中央大學。  延伸查詢new window
13.林坤正(1990)。我國企業收購合併之策略分析與績效評估(碩士論文)。中國文化大學。  延伸查詢new window
14.葉秋美(1993)。臺灣企業購併宣告對股東財富之影響(碩士論文)。國立政治大學。  延伸查詢new window
圖書
1.Igor, Ansoff H.、Brandenburg, Richard G.、Portner, Fred E.、Radosevich, Raymond(1971)。Acquisition Behavior of U. S. Manufacturing Firms。Nashville, Tennessee:Vanclerbilt University Press。  new window
2.Rhoades, S. A.(1994)。A summary of merger performance studies in banking, 1980-93, and an assessment of the "Operating Performance" and "Event Study" methodologies。Washington, DC:Board of Governors of the Federal Reserve System。  new window
3.Watts, Ross L.、Zimmerman, Jerold L.(1986)。Positive Accounting Theory。Prentice-Hall, Inc.。  new window
圖書論文
1.Berger, A. N.(1997)。The efficiency effects of bank mergers and acquisitions: a preliminary look at the 1990s data。Mergers of Financial Institutions。Homewood, IL:Business One-Irwin。  new window
 
 
 
 
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