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合併收购主併公司之分析

【中文摘要】:这篇文章主要在测试併购对于主併公司的影响,以及影响主併公司进行併购的因素。我们发现主併公司的管理阶层会因为本身负债比率偏高,以及股市大盘有较好的表现时,倾向进行股票併购。此外在衡量异常报酬方面,发现使用股票併购的主併公司会有正的异常报酬产生,而且有资讯外溢的情形出现。进一步研究股票併购,我们发现主併公司的资讯不对称程度越高,股票併购产生的异常报酬会越少;被错误定价程度越高的主併公司,使用股票併购会有越高的异常报酬产生。
【英文摘要】:This thesis analyzes the factors which affect acquirers’ decisions to take over target companies. We find that acquirers are more likely to use stock offers when the liquidity increases and the stock market is booming. In addition, bidders in stock offers experience a positive abnormal return, and the information spill-over occurs in these mergers. Furthermore, acquirers’ abnormal returns decrease as a proxy for information asymmetry increases. Finally, acquirers are more likely to use stock offers if the mis-valuation of acquirers’ stock is more severe.
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  • 来源:中山大学;作者:刘普清
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