政治關聯性對購併行為之股東財富效果分析－台灣金融業為例

CCUR > College of Business > Department of Banking & Finance > Thesis > Item 987654321/28262

Please use this identifier to cite or link to this item: https://irlib.pccu.edu.tw/handle/987654321/28262

Title:	政治關聯性對購併行為之股東財富效果分析－台灣金融業為例 Influence of Political Connections on Shareholder Wealth Effects of M&A-Evidence from Taiwanese Financial Industry
Authors:	謝祥文 Hsieh, Hsiang-wen
Contributors:	財務金融學系
Keywords:	購併政治關聯性事件研究法 mergers and acquisitions political conections event study
Date:	2014-06
Issue Date:	2014-09-26 16:42:06 (UTC+8)
Abstract:	國內金融機構為了追求經營績效開始進行整合、轉型，以及尋求更多通路及擴大規模。當併購事件發生時，隨著媒體消息快速傳遞，市場如何反應，實為值得深入研究之議題。此外，企業如有併購之意願，首先必須得到管理高層之同意。企業之間的併購交易中，董事會扮演著重要的角色(Cai and Sevilir, 2012)。近年來，國內金融機構傳出有意合併的消息造成社會關注，針對金融機構整併議題再次引起討論，金融購併議題將會是未來金融產業的討論焦點之一。然而一連串的併購談判過程中，董事會成員的政治關聯背景可能有助於程序上的加速與資源的取得，進而增加股東價值(Goldman, Rocholl, and So, 2009)。因此，本文分析台灣金融業上市公司在併購事件發佈後，針對購併公司區分為高度政治關聯與低度政治關聯來討論，檢視2000年至2013年間台灣金融業購併事件之股東財富效果，檢驗其反應是否會受政治關聯性(主併公司與目標公司雙方的董事長的政治傾向是否一致)之影響而有所差異。實證研究顯示政治關聯的不確定性可能會增加併購活動的複雜性，提供投資人觀察金融業併購事件時之投資參考依據。 Most empirical investigations have focused on tracking corporate governance and ownership structure in relation to M&A performance (Kiymaz and Mukherjee, 2000). However, in the long process of M&A negotiation, whether the politically connected board members accelerate the M&A process and affect stock return behavior has become an increasing concern issue. Therefore, this study use OLS model and market model to estimate shareholder wealth effects of the M&A activities in Taiwan, and to investigate whether the difference of shareholder wealth will be affected by the political connection variables (Goldman, Rocholl, and So, 2009). Furthermore, this study employ cross-sectional regression analysis to examine whether these related explanatory variables are associated with observed cumulative information content. The research findings can provide more evidence to existing literatures and a reference for investors in decision-making.
Appears in Collections:	[Department of Banking & Finance ] Thesis

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