| Summary: | 博士 === 國立政治大學 === 財務管理研究所 === 104 === This dissertation examines how mergers and acquisitions (M&A) strategies affect the synergies of M&A. Previous literature focuses on exploring the operation, finance, market mispricing and managerial behavioral aspects of M&A synergies. I investigate how different M&A purposes affect the returns of acquirer firms controlling for market mispricing and managerial over-optimism effects. I also test whether announcements of M&A purposes can mitigate the asymmetric information between acquirer firms and investors.
Research data with M&A purposes are retrieved from SDC. Following Christensen et al. (2011) and Walter and Barney (1990), I classify M&A purposes into two kinds of major types and examine how M&A strategies affect the synergies. Christensen et al. (2011) show many M&A fall short of expectations, because CEOs lack a clear strategic vision and choose a wrong target firm. Results show that M&A where CEOs intend to expand current markets and concentrate on core businesses generate positive synergies. On the other hand, when CEOs aim to enter new market and provide new product, services or eliminate duplicate services, operations and general restructuring of business, operations, the M&A strategies are often negative. Besides, Firms can reduce information asymmetry of stock market investors by announcing their M&A purposes. These results are consistent even when we control for market mispricing and managerial over optimism effects.
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