近年來，集團企業進行由子公司為主體的併購比例逐漸增加。根據資本結構抵換理論，當公司過度舉債時會面臨較高的破產成本及投資不足等問題。因內部資金市場的存在，當集團公司過度舉債時，三角併購提供了另一種方式進行併購。本研究主要探討過度舉債的集團公司執行三角併購的動機。本研究發現集團公司的內部資金不足或公司市場股價過低時，過度舉債的衡量變數對於執行三角併購的可能性有正且顯著的影響，亦即過度舉集團公司當面臨內部資金不足或市場股價過低時，三角併購可視為另一種併購的融資方式。

In recent years, group firms have increasingly adopted more triangular mergers than before. In this thesis, we explore the possible reasons why group firms use their subsidiary for acquiring firms to implement mergers in light of trade-off theory and internal capital market theory. We argue that triangular mergers can be an alternative financing tool for over-leveraged group firm. The evidence suggests that the over-leveraged measurements have a positive and significant influence on the probability of using subsidiaries as an acquiring entity under two conditions: the low pre-merger preference and the relatively low level of liquidity held by the group firms compared to the predicted level. In other words, over-leveraged group firms make triangular mergers when they experience insufficient internal funds or unfavorable stock market conditions.

Alti, A. (2006). "How persistent is the impact of market timing on capital structure ?" Journal of Finance 61(4): 1681-1710.
Al-Muharrami, S., K. Matthews, et al. (2006). "Market structure and competitive conditions in the Arab GCC banking system." Journal of Banking & Finance 30(12): 3487-3501.
Baker, M. and J. Wurgler (2002). "Market timing and capital structure." Journal of Finance 57(1): 1-32.
Bates, T. W., K. M. Kahle, et al. (2009). "Why Do US Firms Hold So Much More Cash than They Used To?" Journal of Finance 64(5): 1985-2021.
Bharath, S. T., P. Pasquariello, et al. (2009). "Does Asymmetric Information Drive Capital Structure Decisions ?" Review of Financial Studies 22(8): 3211-3243.
Billett, M. T. and D. C. Mauer (2003). "Cross-subsidies, external financing constraints, and the contribution of the internal capital market to firm value." Review of Financial Studies 16(4): 1167-1201.
Bris, A., I. Welch, et al. (2006). "The costs of bankruptcy: Chapter 7 liquidation versus Chapter 11 reorganization." Journal of Finance 61(3): 1253-1303.
Byoun, S. (2008). "How and When Do Firms Adjust Their Capital Structures toward Targets ?" Journal of Finance 63(6): 3069-3096.
DeFond, M. L. and C. W. Park (1999). "The effect of competition on CEO turnover." Journal of Accounting & Economics 27(1): 35-56.
Duchin, R. (2010). "Cash Holdings and Corporate Diversification." Journal of Finance 65(3): 955-992.
Fama, E. F. and K. R. French (1997). "Industry costs of equity." Journal of Financial Economics 43(2): 153-193.
Fama, E. F. and K. R. French (2002). "Testing trade-off and pecking order predictions about dividends and debt." Review of Financial Studies 15(1): 1-33.
Flannery, M. J. and K. P. Rangan (2006). "Partial adjustment toward target capital structures." Journal of Financial Economics 79(3): 469-506.
Frank, M. Z. and V. K. Goyal (2003). "Testing the pecking order theory of capital structure." Journal of Financial Economics 67(2): 217-248.
Frank, M. Z. and V. K. Goyal (2008), "Trade-off and Pecking Order Theories of Debt." in B.E.Eckbo, Ed., Handbook of Corporate Finance: Empirical Corporate Finance, Vol. 2, Handbook of Finance Series, Amsterdam , Elsevier/North-Holland.
Gopalan, R., V. Nanda, et al. (2007). "Affiliated firms and financial support: Evidence from Indian business groups." Journal of Financial Economics 86(3): 759-795.
Graham, J. R. and C. R. Harvey (2001). "The theory and practice of corporate finance: evidence from the field." Journal of Financial Economics 60(2-3): 187-243.
Harford, J. (1999). "Corporate cash reserves and acquisitions." Journal of Finance 54(6): 1969-1997.
Harford, J. (2005). "What drives merger waves?" Journal of Financial Economics 77(3): 529-560.
Harford, J., S. Klasa, et al. (2009). "Do firms have leverage targets? Evidence from acquisitions." Journal of Financial Economics 93(1): 1-14.
Hovakimian, A. (2006). "Are observed capital structures determined by equity market timing?" Journal of Financial and Quantitative Analysis 41(1): 221-243.
Jensen, M. C. (1986). "Agency Costs of Free Cash Flow, Corporate-Finance, and Takeovers." American Economic Review 76(2): 323-329.
Jensen, M. C. and W. H. Meckling (1976). "Theory of Firm - Managerial Behavior, Agency Costs and Ownership Structure." Journal of Financial Economics 3(4): 305-360.
Karuna, C. (2007). "Industry product market competition and managerial incentives." Journal of Accounting & Economics 43(2-3): 275-297.
Kayhan, A. and S. Titman (2007). "Firms' histories and their capital structures." Journal of Financial Economics 83(1): 1-32.
Keynes, J.M. (1936). "The General Theory of Employment. In: Interest and Money." Harcourt Brace, London.
Khanna, T. and Y. Yafeh (2005). "Business groups and risk sharing around the world." Journal of Business 78(1): 301-340.
Kim, S. J. (2004). "Bailout and conglomeration." Journal of Financial Economics 71(2): 315-347.
Leary, M. T. and M. R. Roberts (2005). "Do firms rebalance their capital structures ?" Journal of Finance 60(6): 2575-2619.
Leary, M. T. and M. R. Roberts (2010). "The pecking order, debt capacity, and information asymmetry." Journal of Financial Economics 95(3): 332-355.
Lemmon, M. L., M. R. Roberts, et al. (2008). "Back to the beginning: Persistence and the cross-section of corporate capital structure." Journal of Finance 63(4): 1575-1608.
Lemmon, M. L. and J. F. Zender (2010). "Debt Capacity and Tests of Capital Structure Theories." Journal of Financial and Quantitative Analysis 45(5): 1161-1187.
Lyon, J. D., B. M. Barber, et al. (1999). "Improved methods for tests of long-run abnormal stock returns." Journal of Finance 54(1): 165-201.
Modigliani, F., Miller, M., (1963). "Corporation income taxes and the cost of capital: a correction". American Economic Review 53, 433–443.
Mulligan, C. B. (1997). "Scale economies, the value of time, and the demand for money: Longitudinal evidence from firms." Journal of Political Economy 105(5): 1061-1079.
Myers, S. C. (1977). "Determinants of Corporate Borrowing." Journal of Financial Economics 5(2): 147-175.
Myers, S. C. and N. S. Majluf (1984). "Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have." Journal of Financial Economics 13(2): 187-221.
Opler, T., L. Pinkowitz, et al. (1999). "The determinants and implications of corporate cash holdings." Journal of Financial Economics 52(1): 3-46.
Petersen, M. A. (2009). "Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches." Review of Financial Studies 22(1): 435-480.
Rhodes-Kropf, M., D. T. Robinson, et al. (2005). "Valuation waves and merger activity: The empirical evidence." Journal of Financial Economics 77(3): 561-603.
Rhodes-Kropf, M. and S. Viswanathan (2004). "Market valuation and merger waves." Journal of Finance 59(6): 2685-2718.
Savor, P. G. and Q. Lu (2009). "Do Stock Mergers Create Value for Acquirers ?" Journal of Finance 64(3): 1061-1097.
Shleifer, A. and R. W. Vishny (2003). "Stock market driven acquisitions." Journal of Financial Economics 70(3): 295-311.
Shyam-Sunder, L. and S. C. Myers (1999). "Testing static tradeoff against pecking order models of capital structure." Journal of Financial Economics 51(2): 219-244.
Stein, J. C. (1997). "Internal capital markets and the competition for corporate resources." Journal of Finance 52(1): 111-133.
Yan, A., Z. H. Yang, et al. (2010). "Conglomerate investment under various capital market conditions." Journal of Banking & Finance 34(1): 103-115.