| Summary: | 碩士 === 淡江大學 === 國際貿易學系國際企業學碩士在職專班 === 95 === Company Law was amended in 2001 and in the Jan. of 2002, Corporate M&A Law was launched. These amendments provide new solution of M&A activity. Furthermore, GAAP released new regulation in No.35 and No.37 in 2005 and 2006 and make substantial influence on payment choice in M&A. Different to former studies, our study are base on the updated regulatory environment and introduce the issue of corporate governance for the determinants of payment choice of M&A.
We include 165 sample from listed companies during 2002 and 2006 by applying the following methodologies: variance analysis, t-test,χ2, and Logit regression to study the payment choice in M&A. Empirical evidences show that target loss or gain, level of leverage and pledge, group-background, and cross-merger have significant positive relationship with payment choice. However, related scale and institution owner have significant negative relationship with payment choice. As to the performance after M&A by different payment choice, we evidence that method of payment, target loss or gain, related size, and board-merger are significant determinants.
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