臺灣博碩士論文加值系統

本文試圖探討軟預算限制問題對購併在東亞新興市場的影響。當經理知道股東會提供更多的資金（即軟預算限制）時，他可能會藉由擴大公司的經營範圍(即併購)來掩飾他經營不佳的行為。因此，為使併購成功，經理人將支付更高的價格去收購。本文中，我們先探討軟預算限制問題的成因，再建立一個以考慮軟預算限制問題為基礎的購併溢價模型。結果表明，具有軟預算限制問題的公司有較高的併購意向，並會支付較高的溢酬，特別是在法律對投資者保護較弱的國家。

This paper, tries to examine the effects of soft budget constraints problem on acquisition decisions in emerging markets in Eastern Asia from 2000 to 2009. If the manager knows the shareholders will provide more funds (i.e. soft budget constraint), he may expand firm’s business scope by M&As to lurk his bad performance. Thus the manager will pay higher price to compete with other acquirers to make M&As successful. This paper first identifies firms with soft budget constraint, then develops a simple model of acquisition premium that takes the soft budget constraint into account. The result shows that firms with the soft budget constraint problem have higher intention of M&As and will pay more especially in those countries with weak legal protection of investors.

Content

Chapter 1 Introduction …………………………………………………………… 1
Chapter 2 Literature review ……………………………………………………… 4
Soft-Budget-Constraint Problem and M&As …………………………………… 5
Acquisition Premium in M&As………………………………………………… 6
Chapter 3 Methodology …………………………………………………………… 7
Leverage ratio analysis………………………………………………………… 8
Analysis of acquisition probability ……………………………………………… 9
Analysis of acquisition price equations………………………………………… 12
Chapter 4 Data description …………………………………………… 15
Chapter 5 Empirical Analysis on the Acquisition probability and Price ………… 24
Chapter 6 Conclusion …………………………………………………………… 30
Reference ………………………………………………………………………… 31
Appendix ………………………………………………………………………… 36

References
Andrade Gregor andStafford Erik (2004).“Investigating the economic role of mergers”Journal of Corporate Finance Vol. 10, No. 1, Pages 1-36
Brown Christine andFung Carlson(2009).“Stock-Market-Driven Acquisition”The Journal of Financial ResearchVol. 32, No. 4, pages 479–503
Brown David T. and Michael D. Ryngaert(1991).“The Mode of Acquisition in Takeovers: Taxes and Asymmetric Information”The Journal of Finance Vol. 46, No. 2, pp. 653-669
Berger, A. and Udell, G. (1994). “Did risk-based capital allocate bank credit and cause a creditcrunch'' in the U.S.?”Journal of Money, Credit and Banking, Vol. 26, pp. 585-628.
Christine M. Beckman and Pamela R. Haunschild(2002).“The Effects of Partners'' Heterogeneity of Experience on Corporate Acquisitions”Administrative Science Quarterly, Vol. 47, No. 1, pp. 92-124
Charles W. Calomiris and Donna M. Hitscherich(2005).“Banker Fees And Acquisition Premia For Targets in Cash Tender Offers: Challenges To The Popular Wisdom On Banker Conflicts.”Working paper.1050 Massachusetts Avenue Cambridge, MA 02138
Colombo Emilio and Luca Stanca(2006).“Investment decisions and the soft budget constraint Evidence from a large panel of Hungarian firms”Economics of Transition Vol. 14, No. 1, pages 171–198
Djankov Simeon and Murrell Peter (2002).“Enterprise Restructuring in Transition: A Quantitative Survey”Journal of Economic Literature, Vol. 40, No. 3, pp. 739-792
Sanford J. Grossman, Oliver D. Hart(1982).“Corporate Financial Structure and Managerial Incentives”The Economics of Information and Uncertainty, Vol. ISBN: 0-226-55559-3,pp. 107 - 140
Gorton Gary MatthiasKahl and Richard J. Rosen(2009).“Eat or Be Eaten: A Theory of Mergersand Firm Size”The Journal of FinanceVol. 64, No. 3, pp. 1291–1344
Grinstein Yaniv andHriba Paul(2004).“CEO compensation and incentives:Evidencefrom M&A bonuses”Journal of Financial Economics Vol. 73, No. 1, pp. 119-143
Harvey, C., Roper, A., (1999). The Asian bet. In: Harwood, A., Litan, R., Pomerleano, M. (Eds.), The Crisis in Emerging Financial Markets, Brookings Institution Press, Washington, pp. 29–115.
Harford Jarrad and Kai Li (2007).“Decoupling CEO Wealth and Firm Performance: The Case of Acquiring CEOs”The Journal of FinanceVol. 62, No. 2, pp. 917–949
Hakes David R., Brown Kenneth H. and Rappaport Allen(1997).“The Impact of State Deposit Caps on Bank Merger Premiums”Southern Economic JournalVol. 63, No. 3, pp. 652-662
Hayward Mathew L. A. and Hambrick Donald C.(1997). “Explaining the Premiums Paid for Large Acquisitions: Evidence of CEO Hubris”Administrative Science Quarterly, Vol. 42, No. 1, pp. 103-127
Hu Len-Kuo and Wu Chu-Hua, 2008, “Studies on the Strategic Choice of Joint Ventures vs. Mergers and the Economic Impact of Liquidity Demand on Firm''s Acquisition Pricing”, honored as best paper in Mergers and Acquisitions Forum, Beijing, China, 2007.07
Haunschild Pamela R. (1994). “How Much Is That Company Worth?InterorganizationalRelationships, Uncertainty, and Acquisition Premium” Administrative Science QuarterlyVol. 39, No. 3, pp. 391-411
Johnson, S., La Porta, R., Lopez-de-Silanes, F., Shleifer, A.(2000).“Tunnelling.”The American Economic Review Vol. 90, No. 2, pp. 22-27
Jensen Michael C.(1986). “Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers”The American Economic ReviewVol. 76, No. 2, Papers and Proceedings of the Ninety-Eighth Annual Meeting of the American Economic Association, pp. 323-329
Kornai, Janos (1979).“Resource-Constrained Versus Demand-Constrained Systems”Econometrica Vol. 47, No. 4, pp. 801-819
Kornai, Janos and Jorgen W Weibull(1983).“Paternalism, Buyers'' and Sellers'' Market”Mathematical Social SciencesVol. 6, No. 2, pp. 153-169
Kornai, Janos(1986). “The Soft Budget Constraint,” KyklosVol. 39, No. 1, pp. 3–30
Kornai, Janos(1992). “The SocialistSystem.” The PoliticalEconomy of Communism. PrincetonU. Press and Oxford U. Press.
Kornai, Janos(2001). “Hardening of the Budget Constraint: The Experience of the Post-Socialist Countries”European Economic ReviewVol. 45, No. 9, October 2001, pp. 1573-1599
Kornai, Janos and Karen Eggleston (2001).“Welfare, Choice and Solidarity in Transition: Reforming theHealth Sector in Eastern Europe.” Cambridge, MA: Cambridge U. Press.
Kornai, J., Maskin, E. and Roland, G. (2003).“Understanding the soft budget constraint.”Journal of Economic Literature, Vol. 41, pp. 1095-1136
Lizal, L. and Svejnar, J.,(2002).“Investment, credit rationing and the soft budget constraint: evidence from Czech panel data.”The Review of Economics and StatisticsVol. 84, No. 2, pp. 353-370
Leonce L. Bargeron, Frederik P. Schlingemann, Rene’ M. Stulz and Chad J. Zutter,(2008).“Why do private acquirers pay so little compared to public acquirers?”Journal of Financial EconomicsVol. 89, No. 3, pp. 375-390
LaamanenTomi(2007). “On The Role Of Acquisition Premium In Acquisition Research Strategic Management”Journal of Strategic ManagementVol. 28, No. 13, pp. 1359–1369
Loderer, C. and Martin K. (1990).“Corporate acquisitions by listed firms: The experience of a comprehensive sample”Financial ManagementVol. 19, No. 4, pp. 17-33
Nielsen James F. and Ronald W. Melicher(1973). “A Financial Analysis of Acquisition and Merger Premiums” The Journal of Financial and Quantitative Analysis, Vol. 8, No. 2, pp. 139-148
Rafael La Porta, Florencio Lopez-de-Silanes, Andrei Shleifer and Robert W. Vishny, (1998).“Law and Finance”The Journal of Political Economy, Vol. 106, No. 6, pp. 1113-1155
Rajan, R. and Zingales, L. (1995).“What do we know about capital structure? Some evidence from international data.”Journal of Finance, Vol. 50, No. 5,pp.1421–1460.
Rizov, M. (2008).“Corporate capital structure and how soft budget constraints may affect it.”Journal of Economic Surveys Vol. 22, No. 4, pages 648–684,
Slusky, Alexander R. and Richard E. Caves (1991).“Synergy, agency and the determinants of premia paid in mergers.”The Journal of Industrial Economics Vol. 39, No. 3, pp. 277-296
Shleifer, A., Vishny R.(1990).“Equilibrium short horizons of investors and firms.”American EconomicReview Papers and Proceedings Vol. 80, No. 3, pp.148–153
SergejGoriatchev(2006).“Eat or Be Eaten: The Empirical Evidence.”Working paper, Swiss Banking Institute, University of Zurich.
Song Moon H. and Ralph A.(1993). “Walking The Impact of Managerial Ownership on Acquisition Attempts and Target Shareholder Wealth” The Journal of Financial and Quantitative Analysis, Vol. 28, No. 4, pp.439-457
Todd Mitton(2002). “A cross-firm analysis of the impact of corporate governance on the East Asian financial crisis.” Journal of Financial EconomicsVol. 64, No. 2, pp. 215-241
Terhaar L. and N.G. Travlos, Alexandridis G., K.P. Fuller(2007). “Deal Size Acquisition Premia and Shareholder Gains” Working paper
Varaiya, Nikhil P. (1987). “Overpaying in Corporate Takeovers: The Winner’s Curse”Financial Analysts Journal Vol. 43, No. 3, pp. 64-70