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標題: 接近最適資本結構之影響-併購之實證分析
The Effect of Approaching Optimal Capital Structure-Evidence from Acquisitions
作者: 楊東曉
關鍵字: 公司併購;optimal capital structure;經濟學;最適資本結構;公司治理;代理問題;自由現金代理問題;應用研究;merger and acquisition;agency problem;free cashflow problem
What kind of effect does it have when a firm adjusts its capital structuretoward optimal capital structure? This project tries to answer this questionthrough acquisitions from firm's and market's perspectives. Based on thetrade-off explanation for optimal capital structure, we expect that firms canreduce the agency problems when acquiring firms move toward their optimalcapital structure through acquisitions. For example, when underleveraged firmsacquire overleveraged firms, the financial synergies would improve theefficiency on operations and/or management. In addition, we also expect themethod of payment should have certain effect on the efficiency. Especially,when acquirers pay the acquisitions by cash, the problem of free cash flow wouldbe alleviated. If the effect of these changes in both capital structure andcash holdings could reduce these problems, the corporate governance mechanisms,such as executive compensation or boards of director, should adjust to reflectthese changes. We will test these hypotheses empirically in this project. Onemajor contribution of this project is to reconcile the ambiguous empiricalresults about the effect of mergers and acquisitions in the existing literature.We propose that the different results are due to the firm characteristics, suchas capital structure and cash holdings between acquiring and target firms.

本計劃擬以二年研究期間,深入探討公司在進行併購前後,因收購公司與標的公司的財務特性不同及支付方式的不同,可能會對收購造成不同的影響。過去相關文獻對此一議題有相當程度的討論,但是本文從新的角度來探討這些議題。由於許多的收購公司具有較低的財務槓桿(underleveraged firms),基於最適財務結構(optimal capitalstructure)假說的推論,此併購其他公司的決策可能幫助收購公司更接近其最適財務結構的水準。因為有相當比例的標的公司屬於過度利用其財務槓桿,導致公司面臨相當高的財務風險,面對好的投資計劃(positive-NPV projects)時無法及時有效的投資,因而成為併購的標的公司。綜合收購公司與標的公司的財務結構,收購公司在併購後的財務槓桿應會提高,尤其是當公司以現金來支付此併購案,本計劃藉由併購的過程來觀察公司朝向最適財務結構的效果,包括過度投資的程度(overinvestment)、自由現金(freecash flow)的持有、經理人報酬的變化及市場的反應等等,透過對收購公司和標的公司財務結構的分析,配合支付方式不同的分類,可將併購全樣本分成不同特性的組別,其中樣本以現金支付來併購高財務槓桿標的公司具有高度研究價值,因為此樣本中收購公司藉由併購,同時減輕傳統代理問題(agency problem)及過多自由現金流量問題(free cash flow problem),此效果是否能反映在公司營運的效能和市場是否能觀察到這些效果將是本計劃探討的重點。
其他識別: NSC97-2410-H005-007
Appears in Collections:財務金融學系所

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