完整後設資料紀錄
DC 欄位語言
dc.contributor.author陳曼瀅en_US
dc.contributor.authorChen, Man-Yingen_US
dc.contributor.author林建榮en_US
dc.contributor.authorLin, Jane-Raungen_US
dc.date.accessioned2014-12-12T02:32:56Z-
dc.date.available2014-12-12T02:32:56Z-
dc.date.issued2012en_US
dc.identifier.urihttp://140.113.39.130/cdrfb3/record/nctu/#GT070053923en_US
dc.identifier.urihttp://hdl.handle.net/11536/71600-
dc.description.abstract本研究的目的為探討影響併購成功與否的重要因素與併購事件中併購雙方公司的資訊不對稱程度對使用可轉證券作為支付工具的影響,其實證結果發現在公司治理方面主併公司若存在較高的外部董事比例將能提高成功機率,但主併公司的經理人持股比例提高卻會減少併購成功的可能,目標公司的經理人持股比例提高則會增加併購成功的可能;在公司財務狀況方面,主併公司的規模及自營運活動而來的現金流量對併購成功有顯著正向的影響而目標公司的規模及自營運活動而來的現金流量與併購成功有顯著負相關;併購雙方公司存在資訊不對稱的程度與併購成功顯著負相關,代表存在資訊不對稱可能降低併購成功的可能;在使用可轉換證券為支付工具方面,無法證實使用可轉換證券對併購成功機率有顯著影響;併購宣佈前取得的股數、併購的態度是否為善意及交易金額都與併購成功有顯著正向關係。 在併購事件中併購雙方公司的資訊不對稱程度對使用可轉證券作為支付工具的影響方面,其實證結果為主併公司的資訊不對稱程度與使用可轉換證券為支付工具為正向關係,主併公司存在嚴重的資訊不對稱時會提高對可轉換證券的使用但目標公司的資訊不對稱程度則與使用可轉換證券當作支付工具的關係不顯著。zh_TW
dc.description.abstractThis paper is to examine the factors that affect the outcome of merger and whether asymmetric information affects the usage of convertible securities as medium of exchange in merger.As for corporate governance factors,outside board ratio of bidder firm has positive effect on the probability of merger success.The results in this paper show that a negative relationship between the level of managerial ownership in bidder firm and the likelihood of takeover success.As for corporate financial ratios, company size and cash flows from operating activities of the bidder has positive effect on the merger success probability.However, there is no evidence that usage of convertible securities will influence the likelihood of takeover success. When bidder and target firm has asymmetric information, probability of merger success will decrease. Finally, bidder’s asymmetric information increases usage of convertible securities, but target’s asymmetric information doesn’t.en_US
dc.language.isozh_TWen_US
dc.subject資訊不對稱zh_TW
dc.subject併購交易zh_TW
dc.subjectAsymmetric informationen_US
dc.subjectMerger Transactionsen_US
dc.title資訊不對稱對併購交易成敗的影響zh_TW
dc.titleDoes Asymmetric information affect the Merger Transactions?en_US
dc.typeThesisen_US
dc.contributor.department財務金融研究所zh_TW
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