| Summary: | 碩士 === 國立臺北商業技術學院 === 國際商務系碩士班 === 100 === Using 95 mergers and acquisitions (hereafter, M&;A) events from 2000 to 2010 in the United States, this study intends to discuss the impacts of financing sourcing of bidding firms and behavior of targeting firms on M&;A performance. The financing decisions in this paper include internal fund, debt financing, equity financing and mixed financing; the behavior of target firms includes cash dividend delivery, share repurchases, debt financing, and asset sale.In addition, drawing on pecking order theory, proposed by Myers and Majluf (1984), this study aims to examine whether financial variables have decisive impact on the sequence of financing decisions.
The findings of this study indicate that as the cash holding is higher, firms would choose internal financing as priority; as solvency is insufficient, firms would tend to choose debt financing; as target firms deliver cash dividends, M&;A deal would tend to suspend; asset sale of target firms wont reduce the M&;A willingness of bidders.
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