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題名:公司治理觀點之企業併購理論
書刊名:華人經濟研究
作者:周賢榮 引用關係李崑進 引用關係
作者(外文):Chou, Shyan-rongLee, Kun-chin
出版日期:2013
卷期:11:2
頁次:頁105-121
主題關鍵詞:公司治理併購支付方式Corporate governanceMerger & acquisitionPayment method
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(1) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:1
  • 共同引用共同引用:0
  • 點閱點閱:20
本文提出以公司治理觀點詮釋企業併購的新理論。理論模型證明,若主併公司之治理品質為較佳者,則併購案的最佳選擇為現金支付方式;相對的,若主併公司之治理品質較差,則最佳的選擇為換股支付方式。本文認為,公司治理在企業併購過程中,扮演著相當重要的角色。
This paper presents a new theory of business merger and acquisition (M&A) under corporate governance perspective. The results show that if the quality of corporate governance of acquiring corporate is better, the optimal payment of acquisition is by cash; relatively, if the quality is worse, the optimal payment is by exchanging stocks. This paper believes that corporate governance plays an important role in the process of M&A.
期刊論文
1.La Porta, R.、Lopez-de-Silanes, F.、Shleifer, A.(2006)。What Works in Securities Laws?。Journal of Finance,61(1),1-32。  new window
2.Carleton, W. T.、D. K. Gilkey、R. S. Harris、J. F. Stewart(1983)。An Empirical Analysis of the Role of the Medium of Exchange in Merger。Journal of Finance,38(3),918-826。  new window
3.Chang, S.、E. Mais(2000)。Managerial Motives and Merger。Financing, The Financial Review,35(4),139-152。  new window
4.Core, J.、Guay, W.、Rusticus, T.(2006)。Does Weak Governance Cause Weak Stock Returns? An Examination of Firm Operating Performance and Investors' Expectations。Journal of Finance,61(2),655-687。  new window
5.Giannetti, M.、Simonov, A.(2006)。Which Investors Fear Expropriation? Evidence from Investors Portfolio Choices。Journal of Finance,61(3),1507-1547。  new window
6.Schoar, A. S.(2002)。Effects of Corporate Diversification on Productivity。Journal of Finance,57(6),2379-2403。  new window
7.Mitton, Todd(2002)。A Cross-firm Analysis of the Impact of Corporate Governance on the East Asian Financial Crisis。Journal of Financial Economics,64(2),215-241。  new window
8.Stulz, René M.(1990)。Managerial Discretion and Optimal Financing Policies。Journal of Financial Economics,26(1),3-27。  new window
9.Yermack, D.(2006)。Flights of Fancy: Corporate Jets, CEO Perquisites and Inferior Shareholder Returns。Journal of Financial Economics,80(1),211-242。  new window
10.Martin, Kenneth J.(1996)。The Method of Payment in Corporate Acquisitions, Investment Opportunities, and Management Ownership。The Journal of Finance,51(4),1227-1246。  new window
11.Sudarsanam, Sudi、Mahate, Ashraf A.(2003)。Glamour Acquirers, Method of Payment and Post-acquisition Performance: The UK Evidence。Journal of Business Finance & Accounting,30(1/2),299-341。  new window
12.La Porta, Rafael、López-de-Silanes, Florencio、Shleifer, Andrei、Vishny, Robert W.(1997)。Legal Determinants of External Finance。Journal of Finance,52(3),1131-1150。  new window
13.Claessens, Stijn、Djankov, Simeon、Fan, Joseph P. H.、Lang, Larry H. P.(2002)。Disentangling the Incentive and Entrenchment Effects of Large Shareholdings。The Journal of Finance,57(6),2741-2771。  new window
14.La Porta, Rafael、López-de-Silanes, Florencio、Shleifer, Andrei、Vishny, Robert W.(1998)。Law and Finance。Journal of Political Economy,106(6),1113-1155。  new window
15.Baek, Jae-Seung、Kang, Jun-Koo、Park, K. S.(2004)。Corporate Governance and Firm Value: Evidence from the Korean Financial Crisis。Journal of Financial Economics,71(2),265-313。  new window
16.Gomes, Joao、Livdan, Dmitry(2004)。Optimal Diversification: Reconciling Theory and Evidence。Journal of Finance,59(2),507-535。  new window
17.López-de-Silanes, Florencio、La Porta, Rafael、Vishny, Robert W.、Shleifer, Andrei(2000)。Investor Protection and Corporate Governance。Journal of Financial Economics,58(1/2),3-27。  new window
18.La Porta, Rafael、López-de-Silanes, Florencio、Shleifer, Andrei、Vishny, Robert W.(2002)。Investor protection and corporate valuation。The Journal of Finance,57(3),1147-1170。  new window
19.Lewellen, Wilbur G.(1971)。A Pure Financial Rationale for the Conglomerate Merger。The Journal of Finance,26(2),521-537。  new window
20.Montgomery, Cynthia A.(1994)。Corporate Diversification。Journal of Economic Perspectives,8(3),163-178。  new window
21.Myers, Stewart C.、Majluf, Nicholas S.(1984)。Corporate Financing and Investment Decisions When Firms Have Information That Investor Do Not Have。Journal of Financial Economics,13(2),187-221。  new window
研究報告
1.Cheng, D.、Wu, Y. Y.(2006)。Evolving Corporate Governance and Equity Prices: The Recent Evidence。Institutional Shareholder Services。  new window
單篇論文
1.Villalonga, B.(2000)。An Empirical Analysis of Diversification Motives,Anderson Graduate School of Management, University of California, Los Angeles。  new window
 
 
 
 
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