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系統識別號 U0026-2306201404441800
論文名稱(中文) 權益發行之現金保留與現金持有之代理問題
論文名稱(英文) Saving Cash from Share Issuance and Agency Problem of Free Cash Flow
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
學年度 102
學期 2
出版年 103
研究生(中文) 翁嘉祥
研究生(英文) Chia-Hsiang Weng
學號 R86001089
學位類別 碩士
語文別 英文
論文頁數 49頁
口試委員 召集委員-何耕宇
口試委員-黃炳勳
口試委員-柯冠成
指導教授-陳嬿如
中文關鍵字 現金持有  併購  代理問題  預防性動機  權益發行 
英文關鍵字 cash holdings  mergers and acquisitions  agency theory  precautionary motive  share issuance 
學科別分類
中文摘要 本研究之目的主要在探討,當高現金持有公司透過權益發行累積現金時,是否仍會投資在降低公司價值的併購案上。自由流量產生的代理問題可用來解釋高現金持有的公司會傾向進行不利於公司的投資。然而,透過權益融資所累積的現金,因交易成本較高並帶進外部投資者的監督力量,使得我們可以預期公司透過權益融資累積現金之行為,較有可能出於預防性動機,並用於有價值的投資上。透過檢驗權益發行累積現金與併購報酬之間的關係,本研究發現,透過權益發行累積愈多現金,公司進行併購的可能性愈高,且對主併公司併購宣告前後的股價報酬以及併購後的長期表現有愈正向的影響。
英文摘要 This paper examines whether cash-rich firms accumulating cash from share issuance are still likely to demonstrate agency problem by undertaking value-decreasing acquisitions. Agency problem of free cash flow predicts cash-rich acquirers to engage in value-decreasing acquisitions. However, as equity financing is costly and involves monitoring power from investors, the motives of accumulating cash from equity issuance is expected for funding valuable investment opportunities. By examining the relation between cash saving from equity issuance and acquisition returns, our findings show that cash savings from share issuance do encourage acquisition decisions, and are positively related to acquirers’ announcement returns and post-merger performance.
論文目次 摘要 I
ABSTRACT II
誌謝 III
CONTENTS IV
LIST OF FIGURES V
LIST OF TABLES V
Chapter 1 Introduction 1
1.1 Research Background and Motivation 1
1.2 Objectives and Major Findings 3
1.3 Importance of this Study 5
1.4 Organization of this Study 6
Chapter 2 Literature Review and Development of Hypotheses 7
2.1 Trade-off Theory and Agency Theory of Cash Holdings 7
2.2 Sources of Cash Holdings 11
2.3 Development of Hypotheses 13
Chapter 3 Data and Methodology 16
3.1 Data and Sample Selection 16
3.2 Identifying Cash-rich Firms and Estimating Excess Cash 18
3.3 Probit Model of Acquisition Decisions 20
3.4 Model to Test Announcement Returns 23
3.5 Model to Test Post-merger Performance 24
Chapter 4 Empirical Results and Discussion 28
4.1 The Effect of Saving Cash from Equity on Acquisition Decisions 28
4.2 Market Reaction to the Announcement of Acquisition 29
4.3 Post-merger Performance 31
4.3.1 Univariate Analysis 31
4.3.2 Multivariate Analysis 32
Chapter 5 Conclusion 35
REFERENCE 37
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