The study of the relationship between choices of payment method and market return under different M&A situations
碩士 === 國立暨南國際大學 === 財務金融學系 === 99 === Although previous scholars have studied the impact of M&A payment methods for many reason,but the studies empirical results are inconsistent,so this article attempts to explore the past impact of M&A payment issues of research completely.The research met...
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| Format: | Others |
| Language: | zh-TW |
| Published: |
2011
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| Online Access: | http://ndltd.ncl.edu.tw/handle/28652167631969027337 |
| Summary: | 碩士 === 國立暨南國際大學 === 財務金融學系 === 99 === Although previous scholars have studied the impact of M&A payment methods for many reason,but the studies empirical results are inconsistent,so this article attempts to explore the past impact of M&A payment issues of research completely.The research methods apply decision tree to analyze all possible factors and situations in the impact of M&A payment methods.The decision tree classify and amend the previous scholars proposed the hypothesis situations,and test managers face different situations between the choice of payment methods and acquior’s return,and this article provides managers make decisions based on the best reference.This article continue to use the logistic model by past scholars to verify the previous hypothesis,and compared with decision tree empirical resuls to research and discussion.The results showed: 1.The decision tree and logistic empirical results are inconsistent in the growth opportunity situation. 2.Payment options affect the manager's most important factor because of M&A type consistent with Gilson(1995) arguments.3. Managers face a variety of merger scenarios consistent with the past scholars have proposed to pay cash for the best decision-making points. 4.The manager payment method selected may not meet the market's good reaction.
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