Analysis of Determinants of Post-Merger Operating Performance

• Main Authors: Hua-Wei Huang, 黃華瑋
• Other Authors: Dah-Bair Sheen
• Format: Others
• Language: zh-TW
• Published: 1999
• Online Access: http://ndltd.ncl.edu.tw/handle/31573390451123378071

碩士 === 中國文化大學 === 會計研究所 === 87 === 　This study tries to find the association between the postmerger performance of the combined firms including the relatedness of the business, type of merger, managerial ownership, management compensation plans, business relative size, type of payment of the acquiring firm, difference between the acquiring firm and the target, asset sale to total assets ratio,etc. These variables are derived from prior theories, such as, synergy theory, free cash flow hypothesis, market for corporate control, agency theory and man-agerial self-interest hypothesis, etc. 　This study uses two model, comparies the financial performance of the period of three years after the merger with the corresponding premerger period of five years. This study uses logistic regression model and finds positive association of postmerger per-formance with the relatedness of the business of the firms, managerial ownership and management compensation plans. The study also find negative association between postmerger performance with the type of payment for the merger. Otherwise, this study introduces the related laws and events for future reference.