頁籤選單縮合
題 名 | 企業購併支付方式影響因素之研究=The Determinants of Payment Method in Mergers and Acquisitions |
---|---|
作 者 | 潘玉葉; 潘隆政; | 書刊名 | 淡江人文社會學刊 |
卷 期 | 2 1998.11[民87.11] |
頁 次 | 頁173-197 |
分類號 | 555.77 |
關鍵詞 | 購併; 支付方式; 公司再造; Mergers and acquisitions; Medium of exchange; Corporate restructuring; |
語 文 | 中文(Chinese) |
中文摘要 | 本研究從購併支付方式相關理論與實證結果出發,深入探討所有可能影響購併支 付方式選擇的潛在因素,並以臺灣上市主併公司之觀點出發進行實證,分析影響購併支付方 式選擇之關鍵性因素及其決定模式。研究期間從民國76年至民國85年,選取94件上市公 司購併樣本,其中現金支付84件,換股支付10件。本研究發現:(1)影響購併支付方式選 擇之潛在因素當可劃分為八大效果,包括稅賦及會計、訊息、共保、閒餘現金流量、投資機 會、經營權、法規及其它效果等八大類。(2)購併風險、購併地點及股市景氣變動為所有潛 在影響因素中的關鍵性影響因素。(3)研究結果所構建的購併支付方式決定模式,正確歸類 率高達93.62%,運用Pearson-x 統計量進行模式適合度檢定,P值更低達0.0003,顯示整 個模式的區別能力及配合度均非常良好。 |
英文摘要 | The objectives of this study are to explore all the factors that can potentially influence the choice of payment method in M&A, and to investigate the determinants from the view point of acquiring firms of stock listed companies in Taiwan. We also construct a determinant model in order to predict the payment method of M&A in Taiwan. We adopted 94 acquiring firms, composed of 84 cash payments and 10 stock exchanges, and the observation period was from 1987 to 1996. Our findings indicate:(1)The factors that can potentially influence the choice of payment method in M&A could be divided into eight groups, including taxes and accounting, signaling, coinsurance, free cash flows, investment opportunities, management concerns, laws and regulations, and other effects.(2)The risk and location of M&A are the key factors that really influence the choice of payment method.(3) Based on the results of the determinant model, we found that it can correctly classify 93.62% of the samples, and the P-value of Pearson-x statistic is down to 0.0003; the predictability and accuracy of the fit of the model are excellent, too. |
本系統中英文摘要資訊取自各篇刊載內容。