財務限制,併購支付工具,以及主併公司的長期股價表現

Financial Constraints, Method of Payment, and Acquirer’s Long-term Stock Performance

黃茹苓(Ru-Ling Huang)

指導教授 ： 鄭揚耀 ； 陳安行

國立中正大學/管理學院/財務金融學系/碩士(2015年)

摘要

本篇論文主要是在探討財務限制是否會對併購時所使用的支付工具，以及主併公司的股價表現造成影響，而實證結果發現，財務限制公司相較於非財務限制公司更可能使用股票做為併購的支付工具，以及會有較差的長期股價表現，而我們也為財務限制公司為何進行併購，即使這些併購並不會增加股東財富，提供了一個解釋，就是經理人的過度自信。

關鍵字

股價績效 ； 支付工具 ； 財務限制

並列摘要

This study investigates whether financial constraints have influence on method of payments and stock performance. We find that financially constrained firms are more likely to use stock as consideration and exhibit poorer stock performance following mergers and acquisitions (M&A) than financially unconstrained firms. A possible explanation constrained firms conduct mergers and acquisitions, even if the trade does not improve the acquirers’ return, is managerial hubris.

並列關鍵字

Method of payment ； Financial constraints ； Stock performance

參考文獻

Abdullah A. Alshwer,ValeriySibilkov,NataliyaZaiats, 2011,Financial constraints and the method of payment in mergers andacquisitions, Working paper.

Almeida, H., Campello, M., Weisbach, M. S., 2004,The cash flow sensitivity of cash,Journal of Finance59, 1777-1804.

Amihud, Yakov, Baruch Lev, and Nickolaos G. Travlos, 1990, Corporate control and the choice ofinvestment financing: The case of corporate acquisitions, Journal of Finance 45, 603–616.

Asquith, Paul, Robert F. Bruner, and David W. Mullins, 1983, The gains to bidding firms frommerger, Journal of Financial Economics11, 121–139.

Billett, M. and M. Ryngaert, 1997, Capital Structure, Asset Structure and Equity Takeover premiums in cash tender offers, Journal of Corporate Finance 3, 141-165.