從代理人問題探討影響併購成敗之因素

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從代理人問題探討影響併購成敗之因素

The Effect of Agency Problem on the Result of Merger and Acquisition

朱貞蓁 , Masters　　Advisor：盧秋玲　　

繁體中文

併購；代理人問題；傲慢假說； Merger and Acquisition ； Agency Problem ； Hubris Hypothesis

Abstract │ Reference (26) │ Altmetrics

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Many literatures argue that most of the M&A cases failed due to the deficient due diligence process, manager’s immature decisions, or poor integration of the two businesses. Some even argue the wrong assessment methods lead to the wrong conclusion of the result of M&A. However, many scandals and legal issues occurred recently rings our bells of the importance of corporate governance. Therefore, this paper emphasizes on the “Agency Problem” on the M&A transaction.
Through the empirical evidences of this paper, we find out that the TSEC listed companies have higher stock premium than the OTC traded companies; and in the second year after M&A, the stock premium of TSEC listed companies occurred and performed better gradually; the more shares the managers of the acquiring firms owned, the less stock premium the acquiring firms would have after the M&A, and this conclusion proves the hubris hypothesis; and the final observation is the higher cost of capital the acquiring firm has, the more careful the manager will be while making his decision, and therefore lead to a more successful M&A result, and vice versa.

Reference ( 26 ) 〈TOP〉

吳青松，國際企業管理－理論與實務，致勝文化，民國88年，328。
連結：
李文欣，“國際策略聯盟長期績效之研究”，國立成功大學國際企業研究所碩士論文，民國九十二年六月。
連結：
鄭帝允，“併購動機之實證研究”，國立政治大學國際貿易學系研究所碩士論文，民國九十六年六月。
連結：
Amihud, Yakov and Baruch Lev, 1981, “Risk Reduction as a Managerial Motive for Conglomerate Mergers,” The Bell Journal of Economics, 605-617
連結：
Barber, B.M and J. D. Lyon, 1997, "Detecting long-run abnormal stock returns: The Empirical power and specification of test-statistics," Journal of Financial Economics 43, 341-372
連結：

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