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系統識別號 U0026-2306201716425000
論文名稱(中文) 董事年紀對於公司併購行為的影響
論文名稱(英文) The impact of director age on acquisition activity
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 105
學期 2
出版年 106
研究生(中文) 魏玓真
研究生(英文) Ti-Chen Wei
學號 R86034082
學位類別 碩士
語文別 英文
論文頁數 31頁
口試委員 指導教授-黃炳勳
口試委員-楊朝旭
口試委員-林囿成
中文關鍵字 董事  年紀  併購  風險趨避 
英文關鍵字 merger and acquisition  board of directors  risk aversion  age 
學科別分類
中文摘要 本篇論文研究董事年紀對於公司進行併購決定的影響。藉由研究董事會的平均年紀以及公司是否進行併購決定之間的相關性來探討董事的風險趨避程度對於公司併購決定的影響。研究發現當年紀大的董事相較於年紀輕的董事,並不會因為風險趨避程度較大的關係,而較不會同意公司進行併購的決定,此外,即使將併購型態進一步區分為以現金型態併購或是股權型態併購,或是主併公司和目標公司是否為同一產業型態的併購方式,年紀大的董事風險趨避的程度並不會更加明顯,此時年紀大的董事和年紀輕的董事,並不會因為年紀的關係,對於公司進行併購的決定而有所差異,說明了董事年紀對於公司併購的決定是不會有顯著影響的。
英文摘要 The objective of this paper is to examine the impact of director age on acquisition activity. I investigate the relationship between the average director age and a firm’s acquisition propensity. My results do not show that young directors are more likely to approve acquisition than old directors because old directors tend to be more risk averse. The impact of the average director age on acquisition is not significant if the merger is less risky, such as cash offer acquisition form or both the acquiring firm and target company are in the same industry. Old directors are not necessarily more willing to approve acquisition than young directors if the acquisition is regard as less risky. As a result, the average director age is not associated with a firm’s tendency to undertake acquisitions.
論文目次 1. INTRODUCTION...................1
2. LITERATURES REVIEW AND HYPOTHESIS......4
3. DATA AND METHODOLOGY.............7
3.1 Data collection...................7
3.2 Independent variables...............7
3.3 Control variables...................7
3.4 Dependent variables.................8
3.5 Methodology.....................9
4. EMPIRICAL RESULTS AND ANALYSES........12
5. CONCLUSIONS...................15
REFERENCE......................16
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