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標題: 公司資本結構於併購事件中之變化:最適資本結構再驗證
The Adjustment of Capital Structure in Mergers and Acquisitions: Re-Visit the Theory of Optimal Capital Structure
作者: 劉宗宜
Tsung-Yi Liu
Tung-Hsiao Yang
Ching-Chih Wu
關鍵字: 最適資本結構;公司併購事件;融資赤字;optimal capital structure;mergers and acquisitions;leverage deficit
Project: 台灣管理學刊, Volume 18, Issue 1, Page(s) 1-22

This study explores the adjustments of acquiring firms' capital structures after mergers and acquisitions. The empirical evidence shows that acquirers reduce their leverage deficits, which are the differences between actual and target leverage ratios, after the transactions. In addition, many firms' characteristics such as market-to-book ratio, net sales, earning, and selling expenses move toward maximum firm values, which is consistent with the theories of optimal capital structure. Moreover, the financial market responds positively to the reduction of leverage deficit, especially for overleveraged acquirers. We find the market reacts negatively to the stock payment in the acquisitions, consistent with the existing literature, but the reaction is significant only for the overleveraged firms. We conclude that acquiring firms maximize their firm values by mergers and acquisitions when they reduce the leverage deficit effectively after the transactions.
Appears in Collections:臺灣管理學刊 第18卷 第01期

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