美國網通產業購併溢價之研究探討

Discussing The Premiums Of Mergers and Acquisitions In U.S. Internet and Telecommunication Industries.

連彥博(Yen-Po Lien)

指導教授 ： 邱顯比

國立臺灣大學/管理學院/財務金融學研究所/碩士(2004年)

https://doi.org/10.6342/NTU.2004.10190

摘要

無資料

關鍵字

購併 ； 網路 ； 通訊 ； 溢價

並列摘要

The main purpose of this empirical study is to look for the factors meddling with the premiums of mergers and acquisitions in U.S. Telecom and Internet industries. Through reviewing the papers relative to this subject, they provided some ideas that included several significant variables and helpful models but these papers just emphasized the bank industry or overall sectors.
As this empirical research was virtually completed, there was something interesting and the conclusion was emerging. First, it indeed existed that some variables would significantly affect the premiums of mergers and acquisitions in U.S. Telecom and Internet industries. The variables are ROE of the acquirers, long- term debt to common stock of acquirers, sales of target firms, types of merger and the stock market condition. Besides, according to these variables, a model is constructed to predict the reasonable premiums and the justification of premiums is able to be accomplished. However, it is a little wondered if there is any relationship between the difference of actual and expected premiums and the acquirers’ stock performances. Finally, the compelling results are described that the stock performances of firms with good deals are better than the others with bad deals in the long run averagely, especially during the first quarter following the announcement date.

並列關鍵字

telecom ； internet ； acquisition ； merger ； premium

參考文獻

*Anonymous,” Stock Price Premiums: A Market Phenomenon”, Mergers and Acquisitions Philadelphia Volume: 26 Issue:4 56-61 (Jan/Feb 1992)

* Eckbo, B. Epsen; “Horizontal Mergers, Collusion and Stockholder Wealth,” Journal of Financial Economics 11, no. 1(Apr. 1983):241-273.

* Benston, George J.; Hunter, William C. and Wall, Larry D.; ’Motivations for Bank Mergers and Acquisitions: Enhancing the Deposit Insurance Put Option versus Earnings Diversification’, Journal of Money, Credit and Banking, Volume 27, Issue 3(Aug., 1995), 777-788.

* Nielsen, James F.; Melicher, Ronald W., “A financial analysis of acquisition and merger premiums.”, Journal of Financial and Quantitative Analysis, Vol. 8 No. 2 (Mar., 1973), 139-148.

* Gaughan, Patrick A., “Mergers, Acquisitions, and Corporate Restructurings”, 1st ed., John Wiley & Sons, Inc., 1996, 465~469.