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系統識別號 U0026-1608201218112800
論文名稱(中文) 企業購併對購併公司代理成本之影響-以中國上市公司為例
論文名稱(英文) Impact of Mergers and Acquisitions on Acquirers’ Agency Costs-Evidence from Chinese Listed Companies
校院名稱 成功大學
系所名稱(中) 會計學系碩博士班
系所名稱(英) Department of Accountancy
學年度 100
學期 2
出版年 101
研究生(中文) 許威
研究生(英文) Wei Hsu
學號 r16981099
學位類別 碩士
語文別 英文
論文頁數 20頁
口試委員 指導教授-邱正仁
口試委員-陳政芳
口試委員-周庭楷
中文關鍵字 企業購併  代理成本 
英文關鍵字 Mergers and Acquisitions  Agency Cost 
學科別分類
中文摘要 早先研究顯示購併公司在進行購併後多表現不佳,箇中原因也相當多;本研究旨在:1.) 比較中國購併公司購併前、後之代理成本以及2.) 發掘代理成本與公司績效間之關係。本研究對於代理理論之貢獻在於將購併公司於購併後之低獲利能力與其代理成本作連結。本研究之購併資料來自於Securities Data Company (SDC),財務與公司治理資料則來自於中國經濟金融數據庫 (CCER)、Datastream與台灣經濟新報資料庫 (TEJ)。自1,200比樣本購併公司與規模類似之非購併公司資料中,本研究顯示出購併公司於購併後相對於非購併公司有增加之代理成本與降低之績效。
英文摘要 Prior literatures had reported acquirers’ poor post-merger performances. However, the reasons behind could be as many as possible. This paper is motivated to: 1.) compare pre- and post-merger agency costs of Chinese acquirers and 2.) discover the relationship between agency cost and firm performance. We contribute to agency theory by relating acquirer’s poor post-merger profitability to increased agency costs after merge. Our mergers and acquisitions data are from Securities Data Company (SDC), while data regarding financials and corporate governance are from the SINOFIN of China Center for Economic Research (CCER), Datastream, and Taiwan Economic Journal (TEJ). With 1,200 sample acquirers and similar-sized non-acquirers from China equity market, we evidenced increased agency cost and decreased performance of acquirers relative to similar-sized non-acquirers after merge.
論文目次 I.Introduction-The growing economy of China and its M&A market - 1 -

II.Literature review and hypotheses - 4 -

1.Agency theory - 4 -

2.Share classes and equity structure in China - 4 -

3.Prior literatures on M&A - 5 -

4.Agency cost - 7 -

5.Corporate governance - 7 -

III.Sample and methodology - 9 -

1.Data - 9 -

2.Research design - 9 -

2.1Dependent variable - 9 -

2.2Independent variables - 9 -

3.Descriptive statistics - 10 -

IV.Empirical result - 12 -

Regression analysis - 12 -

V.Conclusions - 13 -

Reference - 14 -

Appendix - 17 -
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