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題名:美國購併活動與總體環境之實證互動研究
書刊名:商學學報. 空大
作者:劉相誼
作者(外文):Liu, Hsiang-Yi
出版日期:2007
卷期:15
頁次:頁191-217
主題關鍵詞:購併總體經濟變數共積因果關係金融全球話網路新經濟Mergers and acquisitionsMacroeconomic variblesCo-integration testCausality testFinancial globalizationInternetNew economy
原始連結:連回原系統網址new window
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  • 點閱點閱:15
近年全球企業的購併浪潮隨著網路發展而更趨熱絡。本文利用多項時間序列實證研究方法,投入總體經濟變數:國民所得、股價、利率、單位勞動成本及購併數量,以探討美國購併趨勢與總體環境之互動。實證得出以上變數間均具有長期共移的關係;在共整檢定衝擊反應分析上,探討購併與國民所得及股價間的關係,而購併對單位勞動生產成本與國民所得間具有跨期性動態衝擊;另藉由Granger因果檢定領先及落後之循環指數,期於短期宣示效果成立下作限制性探討。 隨著全球化及金融自由化的新經濟來臨,購併熱潮由美洲與歐陸的跨洋合作逐漸襲捲亞洲,經由非經濟因素例如政策施行所造成反向預期趨勢及有效勞動綜效之衡量,亦值得日後加入探討。
期刊論文
1.(1999)。The Industry Effects Regarding the Probability of Takeovers。The Financial Review,34(3),1-17。  new window
2.Wright, J.(1994)。Co-integration Based Analysis of Irish Purchasing Power Parity Relationships Using the Johansen Procedure。Economic and Social Review,25(3),261-278。  new window
3.Ahtiala, P.(2000)。Conglomerate mergers as defense against the risk of relative price variability。The Review of Economics and Statistics,82(1),160-163。  new window
4.Andretsch, D. B.(1989)。The Determinants of Conglomerate Mergers。American Economist,33,52-60。  new window
5.Blonigen, Bruce A.、Tayor, Christopher T.(2000)。R&D Intensity and Acquisitions in High-Technology Industries: Evidence From the US Electronic and Electrical Equipment Industries。The Journal of Industrial Economics,48(1),47-70。  new window
6.Brady, Una、Feinberg, Robert M.(1998)。An Examination of stock-price Effects of EU Merger control Policy。International Journal of Industrial Organization,18,885-900。  new window
7.Chowdhury, Abdur R.(1993)。Univariate Time-Series Behaviour of Merger Activity and its Various components in the United States。Applied Financial Economics,3,61-66。  new window
8.Clark, R.、Christos, I.(1996)。On the the relationship between aggregate merger activity and the stock market: some further empirical evidence。Economics Letters,53,349-356。  new window
9.Fishman, M. J.(198903)。Preemptive Bidding & the Role of the Medium of Exchange in Acquisitions。The Journal of Finance,44,41-57。  new window
10.Haque, M.、Harnhirun, S.、Shapiro, D.(1995)。A Time Series Analysis of Causality Between Aggregate Merger and Stock Prices: The Case of Canada。Applied Economics,27,563-568。  new window
11.Reimers, H. E.(1992)。Comparison of Tests for Multivariate Cointegration。Statistics Paper,33(1),335-346。  new window
12.Song, Moon H.、Walkling, Ralph A.(2000)。Abnormal returns to rivals of acquisition targets: A Test of the 'acquisition probability hypothesis'。Journal of Financial Economics,55(2),143-171。  new window
13.Sorensen, Donald E.(2000)。Characteristics of Merging Firms。Journal of Economics and Business,52(5),423-433。  new window
14.Johansen, S.(1992)。Determination of Cointegration Rank in the Presence of a Linear Trend。Oxford Bulletin of Economics and Statistics,54(3),383-397。  new window
15.Johansen, Soren(1994)。The Role of the Constant and Linear Terms in Cointegration Analysis of Nonstationary Variables。Econometric Reviews,13(2),205-229。  new window
16.Nieh, C. C.、Lee, C. F.(2001)。Dynamic Relationship Between Stock Prices and Exchange Rates for G-7 Countries。Quarterly Review of Economics and Finance,41(4),477-490。  new window
17.Schwert, G. William(1989)。Tests for Unit Roots: A Monte Carlo Investigation。Journal of Business and Economic Statistics,7(2),147-159。  new window
18.Zhou, S.(1995)。The Response of Real Exchange Rates to Various Economic Shocks。Southern Economic Journal,61(4),936-954。  new window
19.Doldado, Juan J.、Jenkinson, Tim、Sosvilla-Rivero, Simon(1990)。Cointegration and Unit Roots。Journal of Economic Surveys,4,249-273。  new window
20.Franks, Julian、Harris, Robert、Titman, Sheridan(1991)。The Postmerger Share-Price Performance of Acquiring Firms。Journal of Financial Economics,29(1),81-96。  new window
21.Engle, Robert F.、Yoo, Byung Sam(1987)。Forecasting and Testing in Co-Integrated Systems。Journal of Econometrics,35(1),143-159。  new window
22.Dickey, David A.、Fuller, Wayne A.(1981)。Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root。Econometrica: journal of the Econometric Society,49(4),1057-1072。  new window
23.Johansen, Søren(1988)。Statistical Analysis of Cointegration Vectors。Journal of Economic Dynamics and Control,12(2/3),231-254。  new window
24.Johansen, Søren、Juselius, Katarina(1990)。Maximum Likelihood Estimation and Inference on Cointegration: with Applications to the Demand for Money。Oxford Bulletin of Economics and Statistics,52(2),169-210。  new window
25.Engle, Robert F.、Granger, Clive W. J.(1987)。Cointegration and Error Correction: Representation, Estimation, and Testing。Econometrica,55(2),251-276。  new window
26.Jensen, Michael C.(1986)。Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers。The American Economic Review,76(2),323-329。  new window
圖書
1.Green, Milford B.(1990)。Mergers and Acquisitions-Geographical and Spatial Perspectives。London:Routledge。  new window
2.Post, Alexandra M.(1994)。Anatomy of a Merger, The Causes and Effects of Mergers and Acquisitions。Englewood Cliffs, NJ:Prentice Hall, Inc.。  new window
3.Whittington, R.(1995)。What is Strategy and Does it Matter。New York:Routledge。  new window
 
 
 
 
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