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研究生： 方錦源
Fang, Jin-Yuan
論文名稱： 公司融資來源與營運績效:公司併購為例
Capital Raising and Operating Performance: Mergers and Acquisitions
指導教授： 林軒竹
Lin, Hsuan-Chu
學位類別： 碩士
Master
系所名稱： 管理學院 - 財務金融研究所
Graduate Institute of Finance
論文出版年： 2011
畢業學年度： 99
語文別： 英文
論文頁數： 26
中文關鍵詞： 資本結構 、購併 、融資來源
外文關鍵詞： Capital structure, Mergers and acquisitions, Financial sources
相關次數： 點閱：171  下載：19 
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    • 融資理論中，Modigliani and Miller’s(1958)提出了融資無關論，然而其理論背後許多假設是與現實社會有所不同，因此爾後研究多偏重於不同融資來源對整體公司價值的影響。然而在實證研究中針對其融資後資金使用方式卻有所遺漏，因此為了同時掌握融資來源對公司價值的影響以及資金使用對公司價值影響兩者的效果，使用美國公司併購作為樣本期間為1990年至2007年。實證結果發現，即便控制了資金使用方式對公司價值的影響後，不同融資來源仍對公司價值具有顯著影響，長期效果尤為明顯，此結果支持融資與公司價值有關的論點。

    The effect of capital structure to firms’ operating performance have been discussed on many studies since Modigliani and Miller’s(1958) irrelevance theory was announced. The previous papers tend to support the capital structure is relative to firms’ value; however, the investment situations and the cross-sectional relation were omitted in the past. To catch the financial source and the usage of resource, I use the mergers and acquisitions case from 1990 to 2007. The empirical results show that the effect of different financing source has significant influence on firm abnormal returns particularly in the long-term performance. The investment situations play a unique role on the effect of financing resources.

    中文摘要 I ABSTRACT II 誌謝 III CONTENTS IV TABLE OF CONTENT V 1. Introduction 1 2. Literature Review and Hypothesis 3 2.1 The Financial Resources 3 2.2 The Investment 5 2.3 Hypothesis Development 6 3. Data and Methodology 6 3.1 Data 6 3.2 Methodology 7 3.2.1 Short-Term Performance 8 3.2.2 Long-Term Performance 9 3.2.3 Multivariate Regressions 9 4. Result 10 4.1 Univariate of Short-Term Performance 10 4.2 Univariate of Long-Term Performance 11 4.3 Multivariate Regression of Short-Term Performance 12 4.4 Multivariate Regression of Long-Term Performance 13 5. Robust 14 5.1 Market to Book Ratio 14 5.2 long-Term Performances 15 6. Conclusion 16 Reference 18

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