臺灣博碩士論文加值系統

本篇論文研究併購動機有綜效、代理及傲慢理論。我們觀察目標、主併與總報酬之間的相關性來區分此三種假說。綜效假說預期目標報酬與總報酬相關為正，而代理及傲慢假說分別預期為負相關及零相關。目標報酬與主併報酬相關性方面，綜效預期為正相關，而代理及傲慢假說皆預期為負相關。實證結果顯示，無論在正面總報酬或負面總報酬中，目標報酬與總報酬以及目標報酬與主併報酬之間的相關性皆為負相關。此結果顯示台灣的併購動機主要是以代理與傲慢理論為主。

According to previous literature, the motives for merger and acquisition consist of synergy, agency, and hubris. We distinguish three hypotheses by looking at the correlation between target, acquirer and total gains. It is argued that synergy hypothesis predicts positive correlation between target and total gains while the agency and hubris hypothesis predict negative and zero correlation between the two, respectively. Moreover, synergy hypothesis also predicts positive correlation between target and acquirer gains while both agency and hubris hypotheses predict negative correlation between target gains and acquirer gains. The empirical results show that agency and hubris are the driven motives among those three hypotheses for merger and acquisition in Taiwan.

Ⅰ. Introduction 1
Ⅱ. Literature Review 3
A. Definition of M&A and Types of Merger 3
A.1 Definition of Mergers and Acquisitions 3
A.2 Types of Mergers 3
B. Empirical Literature 4
B.1 Motives for Merger and Acquisition Literatures 4
B.2 Announcement Effect of Merger and Acquisition Literatures 6
Ⅲ. Data 7
Ⅳ. Review of Motives and the Hypotheses 8
A. Motives for Merger and Acquisition 8
A.1 The Synergy Motive 8
A.2 The Agency Motive 9
A.3 The Hubris Hypothesis 11
B. The Hypotheses 12
Ⅴ. Methodology 15
A. Research Design 15
B. Measuring and Analyzing Abnormal Returns（AR） and Cumulative Abnormal Returns（CAR） 16
C. Estimation of Target Gains, Acquirer Gains and Total Gains. 18
Ⅵ. Results 19
A. Testing the Hypotheses 19
B. Announcement Effect of Mergers and Acquisitions 24
B.1 Announcement Effect for All Samples of Acquiring Firms 24
B.2 Announcement Effect in Traditional Industry, Electronics Industry and Financial Industry of Acquiring Firms 25
B.3 Announcement Effect for All Samples of Target Firms 27
B.4 Announcement Effect in Traditional Industry, Electronics Industry and Financial Industry of Target Firms 28
Ⅶ. Conclusions 30
References 32

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