Business Counterparties' Information Asymmetry and Acquirers' Bondholders' Wealth in Mergers

合併活動中主併公司商業交易對手的資訊不對稱對其債權人財富影響之研究

陳宗岡(Tsung-Kang Chen) ； 廖咸興(Hsien-Hsing Liao) ； 郭慧如(Hui-Ju Kuo) ； 高銘陽(Ming-Yang Kao)

《財務金融學刊》 23卷4期 (2015/12) Pp. 40-69

https://doi.org/10.6545/JFS.2015.23(4).2

摘要

本文探討公司合併活動前後其資訊不對稱的變化，及主併公司與上下游商業對手之資訊不對稱的改變對公司債權人財富的影響。實證結果顯示，公司在合併宣告前，其資訊不對稱程度會降低，使債權人財富增加（資訊溢酬效果），而合併宣告後，公司資訊不對稱程度降低會提高上下游交易對手的相對資訊優勢，此對債權人造成負面影響。

關鍵字

資訊不對稱 ； 企業商業交易關係 ； 債權人財富 ； 合併 ； 上下游

並列摘要

In this study, we investigate a change in acquirers' information asymmetry during mergers and the effects of changes in acquirers' and their suppliers' and customers' information asymmetry on their bondholders' wealth by using American market data from 2001 to 2006. We find that acquirers' information asymmetry declines significantly before merger announcement dates, which benefits acquirers' bondholders (i.e., the information premium effect). Additionally, we find that the relative information advantage effect is more essential in the post-announcement period (i.e., increases in suppliers' and customers' information asymmetry negatively affect acquirers' bondholders' wealth).

並列關鍵字

Information asymmetry ； business relationship ； bondholder wealth ； mergers ； suppliers and customers

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