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系統識別號 U0026-0812200915241758
論文名稱(中文) 目標公司的融資限制、成長性對於併購之影響
論文名稱(英文) Financial Constraints, Growth and M&As: The Target Firms
校院名稱 成功大學
系所名稱(中) 財務金融研究所
系所名稱(英) Graduate Institute of Finance & Banking
學年度 97
學期 2
出版年 98
研究生(中文) 陳柏璋
研究生(英文) Bo-Chang Chen
電子信箱 r8696406@mail.ncku.edu.tw
學號 r8696406
學位類別 碩士
語文別 英文
論文頁數 60頁
口試委員 口試委員-林軒竹
口試委員-黃炳勳
指導教授-陳嬿如
中文關鍵字 目標公司  成長機會  融資限制  併購 
英文關鍵字 Target Firm  Growth  Merger and Acquisition  Financial Constraint 
學科別分類
中文摘要 由於市場中存在著資訊不對稱,公司的投資決策與未來表現受到公司內部財務狀況的影響很深。而成長型的公司為了要維持其競爭優勢,在有高度投資需求的情況下,公司勢必向外尋求財務資源。本研究試圖了解公司的成長性、融資限制對於成為被併對象的可能性之影響,並且同時檢視對於主併公司併購後長期的營業表現之影響。實證結果發現,在高融資限制公司的樣本中,高成長型的公司較低成長型的公司更易成為被併的目標;在高成長型公司的樣本當中,沒有融資限制的公司比有融資限制的公司較易成為被併的對象。本研究亦發現,當被併公司同時為高成長與高融資限制時,主併公司併購後長期的營業表現有顯著的改善,然而這樣的改善並未反映在主併公司長期的股價表現上。本研究的結果支持併購一間高成長與高融資限制的公司可以創造價值,同時提高了公司被併購的可能性;然而,本研究發現,因併購產生的財務綜效,卻無法有效的促使主併公司選擇併購有融資限制的公司。
英文摘要 Due to the imperfection of the market, financial condition plays an important role in determining firm’s investment decision and future operating performance. In order to maintain competitive advantage, the high demand of investment motives growing firms to seek out financial resources from other firms. We examine the effect of firm’s growth and financial constraints on the likelihood of being acquired. Our results find that among financially constrained firms, firms with higher growth are more likely to become target firms than firms with lower growth. In addition, among the growing firms, firms without financial constraint are more likely to be acquired than firms with financial constraint. The test of postmerger performance exhibits that acquiring growing firms with high growth benefits bidder’s long-term postmerger performance. However the operating performance improvement does not reflect on the long-term stock returns for bidder. Our finding supports that acquiring target firms with growth-resources mismatch create value. The synergies increase the likelihood of high growth and financially constrained firms to be acquired, but the financial synergies cannot motive bidders to acquire financially constrained firms effectively.
論文目次 ABSTRACT I
CONTENTS IV
TABLE OF CONTENTS V
Chapter 1 Introduction 1
1-1. Research Background and Motivation 1
1-2. Objectives and Major Findings 3
1-3. Importance of the Study 5
Chapter 2 Literature Reviews 7
2-1. Market Imperfection for Growing Firms 7
2-2. Synergies of Acquisition 13
Chapter 3 Hypothesis 16
Chapter 4 Methodology 25
4-1. Financial Constraint 25
4-2. Growth 27
4-3. Predict Target 28
4-4. Postmerger Performance 30
4-5. Data 32
4-6. Statistics Description 33
Chapter 5 Empirical results 36
5-1. Likelihood of Being Target 36
5-2. Postmerger Operating Performance 38
5-3. Further test 41
Chapter 6 Conclusion 43
Appendix 60
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