不同購併情境下支付方式選擇與市場報酬之關係

The study of the relationship between choices of payment method and market return under different M&A situations

周庭志(Ting-Gi Chou)

指導教授 ： 林昱成

國立暨南國際大學/管理學院/財務金融學系/碩士(2011年)

https://doi.org/10.6837/NCNU.2011.00125

摘要

雖然過去學者對於影響購併支付方式之原因探討文獻眾多，然在眾多文獻中其結論尚未有一致的答案，本文試圖將過去學者探討過的議題作一全面性瞭解。研究方法以決策樹分析所有可能影響購併支付方式之因子與情境，以影響購併支付方式因子的重要性作分類修正過去學者提出的假說情境，並檢定經理人面對不同情境下其選擇支付決策與主併公司績效之關係，以提供經理人作決策的最佳參考依據，且延用過去學者提出的邏輯斯迴歸模型驗證學者提出的假說，和決策樹的假設情境作一比較探討。研究結果顯示：1.決策樹和邏輯斯在成長機會情境下實證結果不一致。2.影響經理人購併支付選擇的最關鍵原因是購併型態符合Gilson(1995)的論點。3.經理人面對各種購併情境下符合過去學者提出現金為最佳支付決策的論點。4.經理人選擇的支付方式市場未必給予好的反應。

關鍵字

決策樹 ； 邏輯斯迴歸 ； 購併支付方式 ； 異常報酬

並列摘要

Although previous scholars have studied the impact of M&A payment methods for many reason,but the studies empirical results are inconsistent,so this article attempts to explore the past impact of M&A payment issues of research completely.The research methods apply decision tree to analyze all possible factors and situations in the impact of M&A payment methods.The decision tree classify and amend the previous scholars proposed the hypothesis situations,and test managers face different situations between the choice of payment methods and acquior’s return,and this article provides managers make decisions based on the best reference.This article continue to use the logistic model by past scholars to verify the previous hypothesis,and compared with decision tree empirical resuls to research and discussion.The results showed: 1.The decision tree and logistic empirical results are inconsistent in the growth opportunity situation. 2.Payment options affect the manager's most important factor because of M&A type consistent with Gilson(1995) arguments.3. Managers face a variety of merger scenarios consistent with the past scholars have proposed to pay cash for the best decision-making points. 4.The manager payment method selected may not meet the market's good reaction.

並列關鍵字

Decision trees ； Logistic regression ； The method of payment ； Abnormal return

參考文獻

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