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系統識別號 U0026-1607201016261800
論文名稱(中文) 分析師報導與公司併購後長期績效之影響
論文名稱(英文) The Impact of Analysts Coverage on Post-Merger Long-Run Performance
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 98
學期 2
出版年 99
研究生(中文) 許乃文
研究生(英文) Nai-Wen Hsu
學號 r8697108
學位類別 碩士
語文別 英文
論文頁數 39頁
口試委員 指導教授-邱正仁
口試委員-黎明淵
口試委員-陳政芳
口試委員-周庭楷
中文關鍵字 分析師報導  併購  資訊不對稱 
英文關鍵字 Analysts coverage  merger and acquisition  information asymmetry 
學科別分類
中文摘要 在此篇研究中,我們想要檢視股票分析師對於公司併購之後的長期績效,是否具有預測能力,於此篇研究中,我們對於以下的兩個問題提供了實證結果,首先,專門分析併購事件績效之股票分析師,是否具有選股之能力,且能夠預測公司於併購之後長期績效表現,再者,我們認為分析師報導內含資訊,能夠降低投資人與公司間的資訊不對稱,於實證結果中發現,有股票分析師報導的併購事件,其長期異常報酬顯著的大於沒有股票分析師報導的併購事件,所以,我們認為股票分析師對併購後的長期績效,是具有預測能力的,且當資訊不對稱的程度較低,公司併購後之長期績效較佳。我們使用分析師對公司併購後之長期預測的分散程度,來衡量資訊不對稱的程度,於實證結果中發現,分析師對公司併購後之長期預測的分散程度與公司併購後之長期績效無顯著之相關性。
英文摘要 In our study, we would like to examine whether the analysts have the forecast abilities for the long-term performance of the firms after the mergers and acquisitions events. We would provide empirical evidence from two subsequent questions. First, we would like to know whether the merger and acquisition analysts exactly have the selective power on firms’ future performance after mergers and acquisitions events. In addition, we also consider that the analysts coverage could reduce the information asymmetry between the firms and the investors. And we find that the abnormal returns of merge and acquiring firms with analysts coverage are higher than the firms without analysts coverage. As a consequence, we conclude that the merger and acquisition analysts really have the forecast abilities. As a consequence, we also consider that when the information asymmetry is low, then the firms would have higher post-merger performance. Second, we use the dispersion opinions as the proxy of information asymmetry to examine whether the information asymmetry would affect the long-term post-merger performance. We find that when the dispersion opinions of analysts are not significant related to the post-merger performance.
論文目次 Contents
ABSTRACT............................. I
摘要................................ II
1. Introduction............................ 1
2. Literatures............................ 8
3. Research Design, Data , and Variables........12
3.1 Data............................ 12
3.2 Variables........................... 13
3.3 Methodology......................... 13
3. 4 Research Design....................... 16
4. Empirical results......................... 19
4.1 Descriptive Statistic...................... 19
4.2 Univariate Test........................ 24
4.3 Regression Model....................... 31
5. Conclusions............................ 35
References............................. 36
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