經理人過度樂觀對反併購條款與併購宣告報酬關係之影響

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Title:	經理人過度樂觀對反併購條款與併購宣告報酬關係之影響
Authors:	劉永欽
Contributors:	管理學院;財務金融學系
Keywords:	過度樂觀;公司外部治理;反併購條款;代理問題;異常報酬;overoptimism;corporate external governance;antitakeover provisions;agency problem;abnormal returns
Date:	2012
Issue Date:	2013-07-18 07:36:53 (UTC+0)
Abstract:	1. 研究動機與目的公司「反併購條款」(ATPs) 影響公司控制權市場的效率；ATPs愈多，經理人(CEO) 權力愈大而股東權力愈小。當公司因有ATPs阻擋而不易被併購、CEO愈不擔心失去職位，其決策愈會偏離股東利益，此代理問題將導致併購宣告時股票有負報酬，文獻已證實。然而亦有文獻認為ATPs多的公司有較差異常報酬是某些因素所致，惟這些因素恰與公司治理相關。過去文獻忽略另一可能因素：過度樂觀。CEO過度樂觀會過度投資，導致價值減損。再者，文獻發現主併公司宣告報酬和公司規模呈負相關；大公司較能阻止被併購。文獻發現ATPs與併購報酬的關係不確定，可能導因樣本未適當區分。本研究擬同時考慮ATPs 多寡、CEO樂觀程度及公司規模的交互作用對併購報酬的影響。研究目的為：(1) ATPs 與經理人過度樂觀的關係? 此關係是否受公司規模影響? (2) ATPs與CEO過度樂觀會交互影響併購案之宣告報酬否? (3) 比較代理問題與過度樂觀對ATPs與宣告報酬關係的影響。 2. 研究方法本計畫特點在於參考近年文獻上直接衡量CEO樂觀程度的方法，檢視在考慮CEO過度樂觀後，外部公司治理與併購宣告報酬的關係是否有改變。使用美國公司的併購事件做樣本，以事件研究法估計宣告報酬，再做分組差異檢定(t檢定與無母數) 及複迴歸分析(先檢定過度樂觀變數之內生性，再決定是否用2SLS法估計)。 3. 預期貢獻本研究的貢獻是填補有關公司外部治理與公司績效關係研究的遺漏，過去文獻尚未加入CEO過度樂觀的可能影響。本研究不但有助補充行為財務學在CEO心理偏誤方面的證據，也透過考慮過度樂觀對投資決策的影響，對公司治理有更深一層的認識。 1. Motives and objectives Corporate antitakeover provisions (ATPs) affect the efficiency of the market of corporate control. The more ATPs are in place, the stronger the CEO power and the weaker the shareholder rights become. When firms obtain the protection of ATPs from acquired, then CEOs do not concern losing job and make decisions deviating stockholder interests. This agency problem can lead to negative abnormal announcement returns for merger activities; the empirical evidence has been shown by past studies. However, there are studies suggest that the negative ATPs-returns relation is caused by some factors that are just related to governance. The past studies neglect a potential and important factor: CEO overoptimism. An overly optimist CEO often over-invest and leads to decreases in firm values. Also, previous studies find that the relationship between bidders’ announcement returns and firm size is reverse, and large firms can easily prevent from acquirers. Thus, the possible reason that the literature finds an uncertain ATPs-bidder returns relation is the sample is not grouped by particular factors. This study will consider the interaction effects of ATPs, the degree of CEO optimism, and firm size on bidder returns. The purpose is to: 1) examine the relation between ATPs and CEO overoptimism and whether the relation is affected by firm size; 2) investigate whether ATPs and CEO overoptimism interactively affect bidders’ announcement returns; and 3) compare the impacts of agency problems versus CEO overoptimism on the ATPs-announcement returns relation. 2. Methodology The special feature in this study is that I will directly measure the degree of CEO optimism referring to the methods the recent papers mention, then examine whether the ATPs-bidder returns relation changes after considering CEO overoptimism. Using data on mergers and acquisitions in US as sample, this study plans to compute abnormal announcement returns of bidders using the traditional event study. Then, the study will employ the t-test and non-parametric test as well as regression analyses to test the hypotheses this study develops. 3. Expected contributions This study can fill the gap for literature of the relation between corporate external governance and firm performance via considering the potential effects of CEO overoptimism. This research can supplement the evidence about CEO psychology biases in behavioral finance, and give an insight into corporate governance by considering the impact of CEO overoptimism on investment decisions.
Appears in Collections:	[Department of Finance] Ministry of Science and Technology Research Project

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