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系統識別號 U0026-0107201014272500
論文名稱(中文) 主併者的盈餘管理行為及傾聽市場效應
論文名稱(英文) Earnings Management and Listening to the Market effect of Acquirers
校院名稱 成功大學
系所名稱(中) 國際企業研究所碩博士班
系所名稱(英) Institute of International Business
學年度 98
學期 2
出版年 99
研究生(中文) 陳慧玲
研究生(英文) Hui-Ling Chen
學號 r6697109
學位類別 碩士
語文別 英文
論文頁數 26頁
口試委員 指導教授-張紹基
口試委員-康信鴻
口試委員-許永明
中文關鍵字 盈餘管理  購併  學習效果  資訊不對稱 
英文關鍵字 Earnings Management  Merger  Acquisition  Learning  Information Uncertainty 
學科別分類
中文摘要 過去有些文獻探討主併公司會將購併案宣布時的市場反應納入是否購併案要繼續進行的考量因素。主併公司會觀察市場反應了解投資者認為此購併案是否值得。管理者會從市場學習並修正此購併案未來的決策。若投資人對此購併案的市場反應是正向的,則管理者了解投資者認為這是可進行的投資案便會順利進行;但若市場反應是負向的,則管理者會受到壓力,傾向於取消此一購併案。在本研究中我們進一步思考管理者意識到市場反應會造成決策的重大影響時,而為了讓購併案能順利進行,管理者有動機進行盈餘管理影響市場的股價反應呈現正向。此研究中也會以迴規模型分析盈餘管理與購併案最終完成與否的關係,以藉此更直接證明兩者的關係。本研究亦會探討完成的購併案在購併宣布後的長期表現,並分析在資訊不對稱程度不同的環境下所造成的影響。
本研究的實證結果顯示購併案宣布的前後主併者盈餘管理的確會增加,且也進一步分析出盈餘管理的程度與購併案完成與否成顯著的正向關係。當市場反應越好,購併案能順利推行的機率越高。此結果顯示了管理者會為讓購併案順利推行而進行盈餘管理。然而在長期表現得實證結果卻不如原先預期,結果顯示在資訊環境不對稱性程度不同的狀況下其長期表現並無顯著的不同。
英文摘要 Previous literatures indicated that acquirers learn from the market in making the mergers and acquisitions decisions. The managers observe the market reaction to their announcement of mergers and acquisitions to understand whether the market views the deal as value-enhancing or value-reducing. They showed the positive market reaction lead to higher probability of deal accomplishment while the unfavorable market reactions lower the probability of accomplishment. In our research, we discuss whether the acquirers manage the earnings around the announcement of mergers and acquisitions to make the deal completed. Furthermore, we test the long-run performance after deal announcement under different information uncertainty.
From our empirical results, we find the acquirers increase the earnings management around announcement of mergers and acquisition. The results also show that the amount of earnings management has significantly positive effect on deal completion. The higher level of earnings management leads to higher probability of deal completion. The results indicate that acquirers manage the earnings upward to make the deal completed. However, the results of long-run performance are not support our hypothesis. Long-run performance has no significant difference between different information uncertainty environments.
論文目次 1. Introduction 1
2. Literature Review and Hypotheses 3
2.1 Earnings management around announcement of mergers and acquisitions 3
2.2 Long-run stock performance after deal completed under different information uncertainty environment 5
3. Data and Methodology 7
3.1 Data 7
3.2 Measurement 9
3.2.1 Discretionary current accruals 9
3.2.2 Control variables in logistic model on deal status 11
3.2.3 Long-run buy-and-hold abnormal returns 12
4. Empirical Results 13
4.1 Earnings management around announcement of mergers and acquisitions 13
4.2 Earnings management and deal status 18
4.3 Long-run stock performance after deal completed under different information uncertainty environment 21
5. Conclusion 23
5.1 Discussion 23
5.2 Limitations and Further research 24
Reference 25
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