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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/124694
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/124694

    Title: 資訊不對稱下,國家風險與產業環境對子公司併購下市之市場反應影響
    If factors related to country risk and industrial characteristics would have impact on the announcement effect of going private under information asymmetry: from the point of signaling theory.
    Authors: 馮書儀
    Fong, Shu-Yi
    Contributors: 吳啟銘
    Wu, Chi-Ming
    Fong, Shu-Yi
    Keywords: 併購
    merger and acquisition
    going private
    country risk
    Date: 2019
    Issue Date: 2019-08-07 16:03:46 (UTC+8)
    Abstract: 本研究以子公司併購下市為題,以過去併購下市理論為基礎,再加入訊號發射理論解釋子公司所處國家與產業環境,會如何影響併購下市的市場反應,並討論國家與產業因素將如何與過去併購下市理論中的價值低估因子及交易成本因子產生交互作用。
    Based on the research discussing the motivation for company to go private, we tried to examine if factors related to country risk and industrial characteristics would have impact on the announcement effect of going private from the point of signaling theory. Furthermore, we also want to explore if the negative signal caused by companies in countries with low risk and high-tech environment would have joint effect with factors of undervaluation and transaction cost.
    We found the country risk and industrial characteristics would have insignificant impact on the announcement effect. However, comparing with the non-going private cases, the negative signal caused by companies in high-tech industries is still stronger in the group going private. The negative correlation between the factor of undervaluation and announcement effect would be strengthened if the subsidiaries (targets) are registered in the country with low risk and high-tech industry; the negative correlation between the factor of transaction cost and the announcement effect would be strengthened if the subsidiaries (targets) are in the country with low risk, because of the signal effect strengthened by the high level of information asymmetry, but the characteristic of companies in high-tech industry has the insignificant impact on the negative correlation between the factor of transaction cost and the announcement effect.
    In the future, categorizing industries into more types, widening the constraint of acquirers‟ countries on collecting the sample or doing a research form the view of the borrowing interest rate subsidiaries would have after going private to examine whether the signals could forecast the real situation well would be new ways to do in this field.
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    Description: 碩士
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0106357005
    Data Type: thesis
    DOI: 10.6814/NCCU201900406
    Appears in Collections:[財務管理學系] 學位論文

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