淡江大學覺生紀念圖書館 (TKU Library)
進階搜尋


  查詢圖書館館藏目錄
系統識別號 U0002-2407200710100400
中文論文名稱 企業併購支付方式的影響因素-從併購法令變更後探討-
英文論文名稱 The Determinants of Payment Method in Business Mergers and Acquisitions-Post Era of New M&A Law
校院名稱 淡江大學
系所名稱(中) 國際貿易學系國際企業學碩士在職專班
系所名稱(英) Department of International Trade
學年度 95
學期 2
出版年 96
研究生中文姓名 林淑禎
研究生英文姓名 Shu-Chen Lin
學號 793480293
學位類別 碩士
語文別 中文
口試日期 2007-06-12
論文頁數 111頁
口試委員 指導教授-潘玉葉
委員-張清福
委員-黃振豊
中文關鍵字 併購支付  企業併購法  公司治理 
英文關鍵字 method of payment  corporate M&A Law  corporate governance 
學科別分類 學科別社會科學商學
中文摘要 國內自2001年11月修改了公司法、2002年1月公佈了企業併購法後,提供國內企業進行併購有更充份的法源依據及2005年、2006年陸續適用的35號、37號對於併購的會計處理有了新的規定,此皆為影響企業在進行併購時選擇何種支付的考量因素,亦為國內較早期研究該主題的學者所無法考量到的因素;另外,在公司治理議題方面也為近年來國內相當關注的議題,本文則加強該部份的探討。
本研究以2002年至2006年底之台灣上市櫃公司共計165件併購有效樣本為研究範圍,並採用變異數分析、T檢定、卡方檢定、Binary Logit等統計方法,探討企業併購支付方式的影響因素。
研究結果顯示標的盈虧、抵押擔保、相對規模、國內機構法人持股、集團型、跨國型等共計六項對於支付方式有顯著影響性。其中標的盈虧、抵押擔保及跨國型與支付方式成正向關係(傾向採用現金支付);併購規模、國內機構法人持股越高則傾向換股支付。本文也探討併購時影響支付的因素是否也將影響日後併購後績效。經採Least Squares迴歸分析後發現到,以支付方式、標的盈虧、內部人持股、相對規模及跨國型併購為影響併購後績效的主要原因。

英文摘要 Company Law was amended in 2001 and in the Jan. of 2002, Corporate M&A Law was launched. These amendments provide new solution of M&A activity. Furthermore, GAAP released new regulation in No.35 and No.37 in 2005 and 2006 and make substantial influence on payment choice in M&A. Different to former studies, our study are base on the updated regulatory environment and introduce the issue of corporate governance for the determinants of payment choice of M&A.
We include 165 sample from listed companies during 2002 and 2006 by applying the following methodologies: variance analysis, t-test,χ2, and Logit regression to study the payment choice in M&A. Empirical evidences show that target loss or gain, level of leverage and pledge, group-background, and cross-merger have significant positive relationship with payment choice. However, related scale and institution owner have significant negative relationship with payment choice. As to the performance after M&A by different payment choice, we evidence that method of payment, target loss or gain, related size, and board-merger are significant determinants.
論文目次 目 錄
第一章 緒論.................................................................................................1
1.1 研究動機與目的............................................................................1
1.2 研究流程........................................................................................4
1.3 研究架構........................................................................................5
1.4 研究限制..........................................................................................5
第二章 文獻回顧.......................................................................................6
2.1 併購支付相關的國外實證文獻回顧............................................6
2.2 國內併購支付相關的實證文獻探討..........................................23
2.3 企業併購相關租稅措施及會計處理..........................................34
2.4 併購支付方式及決定因素..........................................................39
2.5 本章小結......................................................................................44
第三章 研究設計.....................................................................................47
3.1 資料來源及樣本說明.................................................................47
3.2 衡量變數......................................................................................48
3.3 研究假說......................................................................................50
3.4 研究方法......................................................................................55
第四章 實證結果分析..............................................................................57
4.1 樣本敍述性統計..........................................................................57
4.2 衡量變數統計分析......................................................................78
4.3 影響併購支付選擇的因素..........................................................90
4.4 併購後績效影響的因素..............................................................94
第五章 結論與建議..................................................................................99
5.1 研究結論......................................................................................99
5.2 建議............................................................................................ 100
參考文獻................................................................................................... 101
V
表 目 錄
表一 國外實證文獻整理............................................................................... 19
表二 國內實證文獻整理............................................................................... 30
表三 公司法、促產條例與企併法比較....................................................... 35
表四 併購支付方式....................................................................................... 39
表五 國外學者衡量變數............................................................................... 45
表六 國內學者衡量變數............................................................................... 46
表七 研究期間樣本分配及支付方式分配表............................................... 48
表八 虛擬變數表........................................................................................... 50
表九 各衡量變數代表之意義....................................................................... 56
表十 樣本公司產業分佈............................................................................... 57
表十一 樣本公司特質敍述統計................................................................... 60
表十二 樣本公司特質分群檢定................................................................... 62
表十三 併購型態分析................................................................................... 63
表十四 樣本公司按支付分群敍述統計....................................................... 65
表十五 樣本公司按支付分群檢定............................................................... 67
表十六 併購後績效分群敍述性統計........................................................... 70
表十七 樣本績效高低群檢定....................................................................... 72
表十八 衡量變數相關係數........................................................................... 74
表十九 樣本公司特質按資訊揭露檢定....................................................... 75
表二十 樣本公司特質按標的盈虧檢定....................................................... 76
表二十一 樣本公司特質按關係性否檢定................................................... 77
表二十二 整體樣本基本資料統計表........................................................... 80
表二十三 電子業樣本基本資料統計表....................................................... 81
表二十四 非電子業樣本基本資料統計表................................................... 82
表二十五 樣本公司衡量變數按產業分群檢定........................................... 83
表二十六 樣本公司衡量變數按支付分群檢定....................................... 84
表二十七 樣本公司衡量變數按併購類型分群檢定................................... 85
表二十八 樣本公司衡量變數按資訊揭露分群檢定................................... 86
表二十九 樣本公司衡量變數按資訊揭露分群檢定................................... 87
表 三十 樣本公司衡量變數按相關性分群檢定......................................... 88
表三十一 產業別與自變數之變異數分析................................................... 89
表三十二 併購支付方式影響因素迴歸分析............................................... 92
表三十三 不同併購型態的績效T 檢定...................................................... 94
表三十四 產業與支付方式績效T 檢定...................................................... 95
表三十五 併購後績效影響迴歸................................................................... 97
圖 目 錄
圖一 2002~2006 年國內併購案件數及金額................................................. 1
圖二 研究流程................................................................................................. 4
圖三 總上市與電子業上市家數、電子業產值比....................................... 58



參考文獻 《中文部份》

1 杜紫軍,2005,「從財務會計準則第35號公報談起」,今日會計,第99期,頁1~5。
2 林存政,2006,「台灣公司併購交易媒介之選擇」,國立清華大學經濟學研究所碩士論文。
3 林有志、廖宜鋒,2006,「提前採用資產減損公報之公司特性及盈餘管理動機」,文大商管學報,第11期第1卷,頁11~28。
4 林毓明,2004,「國內企業購併的租稅優惠研究」,義守大學管理研究所碩士論文。
5 馬嘉應、余景仁,2006,「企業併購之會計處理及相關租稅措施探討」,財稅研究 第38輯第4期,頁1~21。
6 高文宏、廖烈龍,2002,「跨國併購風潮下的租稅問題」,http://friends.pwcglobal.com.tw/type03_2002_0804.htm 。
7 康惠如,2005,「企業重組與併購~兼論台灣近五年十大併購案之併購行為與績效」,國立台灣大學國際企業研究所碩士論文。
8 張書瑋,2006,「商譽之會計處理及實務」研討會報導,會計研究月刊,第245期,頁120~126。
9 梁秀芳,2005,「論企業併購之會計及租稅處理」,證交資料,頁2~38。
10 連育德,2001,「併購支付方式對股價行為之影響」,國立中正大學企業管理研究所碩士論文。
11 陳弘榮,2003,「企業併購支付方式的決定因素與股價反應」,國立中正大學財務金融研究所碩士論文。
12 楊雅惠、龍嘯天,2004,「資本市場發展與台灣企業籌資之分析」,中華經濟研究院。
13 楊維君,1993,「台灣企業併購支付與財務特質關係之實證研究」,國立中央大學企業管理研究所碩士論文。
14 潘隆政,1997,「併購支付方式影響因素之研究--臺灣上市主併公司之實證」,淡江大學國際貿易學系碩士論文。
15 蔡鐘慶,2004,「投資銀行業務-企業融資收購之簡介」,證券暨期貨月刊,第廿二卷第二期。
16 顏信輝、丁緯,2006,「卅五號公報對企業年度報表之影響-由九十三年年報分析」(上)(下),會計研究月刊,第242、243期,頁98~104、頁86~91。
17 羅素良,1991,「併購支付方式之理論探討與實證研究」,國立成功大學企業管理研究所碩士論文。



《網站部份》
1.經濟部商業司,2005, http://w2kdmz1.moea.gov.tw/user/news/detail-1.asp?kind=&id=9703
2.證券暨期貨法令判解查詢系統,2005,公司法、企業併購法,http://www.selaw.com.tw/Scripts/Query1A.asp?no=1J0080096&K1=併購
3.孔王會計師咨詢網,2005,http://www.license.com.tw/cpa/news/9507-9508/950728.htm
4.行政院主計處 國民所得統計
5.元大京華證券承銷部,2007,http://www2.gretai.org.tw/prints/doc/119/%E4%B8%BB%E9%A1%8C-4.pdf


《英文部份》

1 Alfred, R. and Sirower. M. L., 1999, Stock or cash? The trade-offs for byers and sellers in mergers and acquisitions. Harvard business review, P 147-158.
2 Ashbaugh, H., Lafond, R., Mayhew, B., 2003, Do non-audit services compromise auditor independence? Further evidence, Accounting Review 78,P 611-639.
3 Baker, M., & Savasoglu, S., 2002, Limited arbitrage in mergers and acquisitions. Journal of Financial Economics, 64, P 91-115.
4 Baker, M., Wurgler, J., 2002, Market timing and capital structure, Journal of Finance 57 (1), P 1-32.
5 Barber, B.M., and Lyon, J.D., 1996, Detecting Abnormal Operating Performance: The Empirical Power and Specification of Test Statistics, Journal of Financial Economics, Vol 41.
6 Bebchuk, L., Cohen, A., 2005, The costs of entrenched boards, Journal of Financial Economics 78, P 409-433.
7 Bebchuk, L., Cohen, A., Ferrell, A., 2005, What’s matters in corporate governance? Working Paper, Harvard Law School.
8 Bebchuk, L., Fried, J., 2004, Pay Without Performance. Harvard University Press.
9 Berkovitch, E., Narayanan, M.P., 1990, Competition and the medium of exchange in takeovers, The Review of Financial Studies 3, P 153-174.
10 Bhagat, S., Black, B., 2002, The non-correlation between board independence and long-term firm performance, Journal of Corporation Law 27, P 231-274.
11 Boehme, R.D. and Sorescu, S.M., 2002, The Long-Run Performance following Dividend Initiations and Resumptions: Underreaction or Product of Change, Journal of Finance, Vol 57.
12 Branch, B. and Yang, T., 2006, A test of risk arbitrage profitability, International Review of Financial Analysis, Vol. 15(1), P 39-56.
13 Brown, L. D. and Caylor, M. L., 2006, Corporate governance and firm valuation, Journal of Accounting and Public Policy, Vol.25(4), P 409-434.
14 Carhart, M. (1997), On Persistence in Mutual Fund Performance, Journal of Finance, Vol 52.
15 Chang, S., 1998, Takeovers of privately held targets, method of payment, and bidder returns, Journal of Finance, vol. 53, no. 2, P 773-84.
16 Cremers, K.J.M., Nair, V.B., 2005, Governance mechanisms and equity prices, Journal of Finance 60, P 2859-2894.
17 Dittmar, A., Smith, J. M. and Servases, H., 2003, International corporate goernance and corporate cash holdings, Journal of Financial and Quantitative analysis,Vol.38(1), P 111~133.
18 Dube,S. and Glascock, J.L., 2006, Effects of the method of payment and the mode of acquisition on performance and risk metrics, International journal of managerial finance,Vol.2(3), P 176~195.
19 Dyck, A., Zingales, L., 2004, Private benefits of control: an international comparison, Journal of Finance 59, P 537-600.
20 Eakins, S., 1993, Institutional investor support of managers: An invstigation of tender offer, Quarterly Journal of Business and Economics, 32, P 75-84.
21 Faccio, M. and Masulis, R. W., 2005, The Choice of Payment Method in European Mergers and Acquisitions, the journal of finance,Vol lx(3), P 1345~1388.
22 Fama, E.F., and French, K.R., 1992, The Cross Section of Expected Stock Returns, Journal of Finance, vol 47, P 427-465.
23 Fama, E.F., and French, K., 1993, Common Risk Factors in Returns on Stocks and Bonds, Journal of Financial Economics, Vol 33, P .3-56.
24 Fishman, M.J., 1989, Preemptive bidding and the role of the medium of exchange in acquisitions, Journal of Finance 44, P 41-57.
25 Ghosh, A., and Ruland, W., 1998, Managerial ownership, the method of payment for acquisitions, and executive job retention, Journal of Finance of Finance 53, P 785-798.
26 Gompers, P., Ishii, J., Metrick, A., 2003, Corporate governance and equity prices, Quarterly Journal of Economics 118, P 107-155.
27 Hansen, Robert G., 1987, A theory for the choice of exchange medium in mergers and acquisitions, Journal of Business 60, P 75-95.
28 Hou, K., Robinson, D.T., and Olsson, P., 2000, Do Takeovers Increase Stockholder Value?, University of Chicago, Working Paper.
29 Hovakimian, A., Opler, T., Titman, S., 2001, The debt-equity choice, Journal of Finance and Quantitative Analysis 36 (1), P 1-24.
30 Jensen, M., 1993, The modern industrial revolution, exit, and the failure of internal control systems, Journal of Finance 48, P 831-880.
31 Jindra, J., & Walkling, R., 2001, Speculation spreads and market pricing of proposed acquisitions, Working paper, Ohio State University.
32 Jung, Kooyul, Kim, Y. C., and Stulz, R. M., 1996, Timing, investment opportunities, managerial discretion, and the security issue decision, Journal of Financial Economics 42, P 159-185.
33 Klein, A., 1998, Firm performance and board committee structures, Journal of Law and Economics 41, P 275-303.
34 Kohers, N., Kohers, G. and Kohers, T., 2006, Glamour, value, and the form of takeover, Journal of Economics and Business, vol. 59(1), P 74-87.
35 Koskela, S., 2002, Mergers and the choice of payment method, Department of Account & Finance,Kandidaatintutkielma BSc research paper.
36 La Porta, R.; Lopez-de-Silanes, F., Shleifer ; A., and Vishny, R.W, 1997, Legal Determinants of External Finance, Journal of Finance, 52, P 1131-1150.
37 La Porta, R., Lopez-de-Silanes, F., Shleifer, A., Vishny, R., 1998, Law and finance, Journal of Political Economy 101, P 678-709.
38 La Porta, R., Lopez-de-Silanes, F., Shleifer, A., Vishny, R., 2000b, Agency problems and dividend policies around the world, Journal of Finance 55, P 1-33.
39 Lakonishok J., Shleifer, A., and Vishny, R.W., 1994, Contrarian Investment Extrapolation and Risk, Journal of Finance, vol 49, P 1541-1578.
40 Lang, L.H.P., Stulz, R.M., Walkling, R.A., 1991, A test of free cash flow hypothesis: the case of bidder returns, Journal of Financial Economics 29 (2), P 315-336.
41 Larcker, D., Richardson, S., 2004, Fees paid to audit firms, accrual choices, and corporate governance, Journal of Accounting Research 42, P 625-658.
42 Lehn, K., Poulsen, A., 1989, Free cash flow and stockholder gains in going private transactions, Journal of Finance 44, P 771-787.
43 Limmack, R.J., 1991, Corporate mergers and shareholder wealth effects: 1977-1986, Accounting and Business Research, vol. 21, no. 83, P 239-51.
44 Linn, S. C., and Switzer, J. A., 2001, Are cash acquisitions associated with better post-combination operating performance than stock acquisitions, Journal of Banking&Finance, Vol.25, P 1113-1118.
46 Loughran, T., Vijh, A.M., 1997, Do long-term shareholders benefit from corporate acquisitions? Journal of Finances 52, P 1765-1790.
47 Martin, K., 1996, The method of payment in corporate acquisitions, investment opportunities, and management ownership, Journal of Finance 51, P 1227-1246.
48 Meltzer, A. H., 1993, The Demand for Money: A Cross-Section Study of Business Firms. Quarterly Journal of Economics 77, P 405-422.
50 Mitchell, M. L., and Stafford, E., 2000, Managerial Decisions and Long-Term Stock Price Performance, Journal of Business, Vol 73 No 3.
51 Mitchell, M., & Pulvino, T., 2001, Characteristics of risk in risk arbitrage. Journal of Finance 56, P 2135-2175.
52 Mulligan, C. B.,1997, Scale Economies, the Value of Time, and the Demand for Money: Longitudinal Evidence from Firms, Journal of Political Economy 105, P 1061-1079.
53 Nenova, T., 2003, The value of corporate voting rights and control: a cross-country analysis, Journal of Financial Economics 68, P 325-351.
54 Rau, P.R., and Vermaelen, T., 1998, Glamour, Value and the Post-Acquisition Performance of Acquiring Firms, Journal of Financial Economics, vol 49,
P 223-253.
55 Rosa, R. S., Limmack, R., Supriadi, and Woodliff, D., 2004, The equity wealth effects of method of payment in takeover bids for privately held firms Australian, Journal of management 29 ABI/Inform Global,P 93.
56 Rossi, S. and Volpin, P. F., 2004, Cross-country determinants of mergers and acquisitions, Journal of Financial Economics , Vol.74, P 277-304.
57 Schlingemann, F. P., 2004, Financing decisions and bidder gains, Journal of corporate finance, Vol.10,P 683-701.
58 Sirower, M. L., 1997, Synergy Trap: How Companies Lose the Acquisition Game?, Free Press.
60 Sudarsanam, S., 2003, Creating Value from Mergers & Acquisitions, rentice Hal(financial times)l.
61 Sudarsanam, S., Mahate, A. A., and Freeman, A., 2001, Glamour acquirers, method of payment and post-acquisition performance: the UK evidence, annual meeting of the European financial management association, EFMA 2001 Lugano Meetings.
62 Weston, J. F., Mitchell, M. L., & Mulherin, J. H., 2004, Takeovers, Restructuring and Corporate Governance (4th ed.), Upper Saddle River, NJ: Pearson Education, Inc.
63 Zhang, P., 2003, What really determines the payment methods in M&A deals, Working paper, Manchester School of Management, http://papers.ssrn.com/sol3/papers.cfm?abstract_id=284770.


論文使用權限
  • 同意紙本無償授權給館內讀者為學術之目的重製使用,於2008-07-24公開。
  • 不同意授權瀏覽/列印電子全文服務。


  • 若您有任何疑問,請與我們聯絡!
    圖書館: 請來電 (02)2621-5656 轉 2281 或 來信