목차
[ 목 차 ]
Ⅰ. 서 론
Ⅱ. M&A의 이론적 배경
1. M&A의 정의
2. M&A의 동기
1) 경영전략적 동기
2) 영업적 동기
3) 재무적 동기
3. M&A의 유형
III. 기존연구
1. 인수기업과 피인수기업의 가치변동
2. 국제 M&A 동기이론
1) 시너지 이론(synergy theory)
2) 경영자주의 가설
3) 휴브리스(Hubris) 가설
IV. 표본 및 연구방법
1. 자료 및 표본기업의 선정
2. 가설의 설정 및 연구방법
V. 실증분석 결과
1. 외국기업의 국내기업 인수에 따른 주주 부의 변화
2. 인수동기 가설에 대한 검증
3. 인수공시에 따른 주주 부 변화의 결정요인
VI. 요약 및 결론
참고 문헌
Ⅰ. 서 론
Ⅱ. M&A의 이론적 배경
1. M&A의 정의
2. M&A의 동기
1) 경영전략적 동기
2) 영업적 동기
3) 재무적 동기
3. M&A의 유형
III. 기존연구
1. 인수기업과 피인수기업의 가치변동
2. 국제 M&A 동기이론
1) 시너지 이론(synergy theory)
2) 경영자주의 가설
3) 휴브리스(Hubris) 가설
IV. 표본 및 연구방법
1. 자료 및 표본기업의 선정
2. 가설의 설정 및 연구방법
V. 실증분석 결과
1. 외국기업의 국내기업 인수에 따른 주주 부의 변화
2. 인수동기 가설에 대한 검증
3. 인수공시에 따른 주주 부 변화의 결정요인
VI. 요약 및 결론
참고 문헌
본문내용
eglected Factor?, Journal of International
Business Studies, Vol 29(1),pp.45-66.
Eun. C. S., R. Kolodny, and C. Scheraga, 1996, \"Cross-border Acquisitions and Shareholder Wealth: Tests of the Synergy and Internationalization Hypotheses\", Journal of Banking and Finance, Vol.20., pp.1559-1582.
Goldstein Paula M, 1996, International Merger & Acquisition Activity: A Macroeconomic Focus on Outward U.S. Investment, New York University Unpublished Doctoral Dissertation.
Gulati Ranjay & Lihua Olivia Wang, 2001, \"Size of the Pie and Share of The Pie : Implications of Structural Embeddedness for Value Creation and Value Appropriation in Joint Ventures\", J. Wiley & Co., www.ranjaygulati.com.
Hait, G and J.E. 1983, \"Owners, Security Price Reaction around Corporate Spinoff Announcement\", Journal of Financial Economics, Vol 11.
Harris, Robert S. & David Ravenscraft, 1991, \"The Role of Acquisitions in Foreign Irwanto Andry, Daniel E. Vetter & John R. Wingender, 1999, \"The Influence of U.S. Joint Ventures in Asia on Shareholder Wealth\", Journal of Financial and Strategic Decisions, Vol. 12. pp.33-40.
Jain, P.C., 1985, \"The Effect of Volutary Sell-off Announcement on Shareholder Wealth\", Journal of Finance, Vol.40. pp.209-220.
Jarrell, Gregg, James Brickley & Jeffrey M. Netter, 1988, \"The Market for Corporate Control: The
Empirical Evidence since 1980\", Journal of Economics Perspectives, Winter. pp.49-68.
Jensen, M. C., 1986, \"Agency Costs of Free Cash Flows, Corporate Finance and Takeovers\", American Economic
Review, Vol.76, pp.323-329.
JETRO, 2001, Accelerated Corporate Realignment through Merger & Acquisitions, JETRO White Paper.
Kang, Jun-koo, 1993, \"The International Market for Corporate Control: Mergers and Acquisitions of U.S. Firms by Japanese Firms\", Journal of Financial Economics, Vol.34. pp.345-371.
Kang & Johanson, 2000, \"Cross-border Merger and Acquisitions: Their Role in Industrial Globalisation\", STI Working Papers Series, DSTI/DOC(2000)1.
Klein, A, 1986, \"The Timing and Substance of Divestiture Announcements: Individual, Simultaneous and Cumulative Effect\", Journal of Finance, Vol 41.pp.685-697.
Kogut, B., 1988, \"The Effect of National Culture on the Choice of Entry Mode\", Journal of International
Business Studies, Vol 19(3),pp.411-432.
Loughram, T. & A. Vijh, 1997, \"Do Long-term Shareholders Benefit from Corporate Acquisition?\", Journal of Finance, Vol.52, pp.1765-1790.
Markides, C., and D. Oyon, 1998, \"International Acquisitions: Do They Create Value for Shareholders?\",
European Management Journal, Vol.16. pp.125-135.
Mathur, Ike, Nanda Rangan, Indudeep Chhachhi, Sridhar Sundararn, 1994, \"International Acquisitions in the
United States : Evidence from Returns to Foreign Bidders\", Managerial & Decision Economics, Vol.15,
pp.107-119.
Mergerstate, 2001, M&A News and Trends, Mergerstate Monthly Report, Vol.1-12.
Morck, Randall & Bernard Yeung, 1992, \"Internalization : An Event Study Test\", Journal of International
Economics, Vol. 33. pp.41-56.
Business Studies, Vol 29(1),pp.45-66.
Eun. C. S., R. Kolodny, and C. Scheraga, 1996, \"Cross-border Acquisitions and Shareholder Wealth: Tests of the Synergy and Internationalization Hypotheses\", Journal of Banking and Finance, Vol.20., pp.1559-1582.
Goldstein Paula M, 1996, International Merger & Acquisition Activity: A Macroeconomic Focus on Outward U.S. Investment, New York University Unpublished Doctoral Dissertation.
Gulati Ranjay & Lihua Olivia Wang, 2001, \"Size of the Pie and Share of The Pie : Implications of Structural Embeddedness for Value Creation and Value Appropriation in Joint Ventures\", J. Wiley & Co., www.ranjaygulati.com.
Hait, G and J.E. 1983, \"Owners, Security Price Reaction around Corporate Spinoff Announcement\", Journal of Financial Economics, Vol 11.
Harris, Robert S. & David Ravenscraft, 1991, \"The Role of Acquisitions in Foreign Irwanto Andry, Daniel E. Vetter & John R. Wingender, 1999, \"The Influence of U.S. Joint Ventures in Asia on Shareholder Wealth\", Journal of Financial and Strategic Decisions, Vol. 12. pp.33-40.
Jain, P.C., 1985, \"The Effect of Volutary Sell-off Announcement on Shareholder Wealth\", Journal of Finance, Vol.40. pp.209-220.
Jarrell, Gregg, James Brickley & Jeffrey M. Netter, 1988, \"The Market for Corporate Control: The
Empirical Evidence since 1980\", Journal of Economics Perspectives, Winter. pp.49-68.
Jensen, M. C., 1986, \"Agency Costs of Free Cash Flows, Corporate Finance and Takeovers\", American Economic
Review, Vol.76, pp.323-329.
JETRO, 2001, Accelerated Corporate Realignment through Merger & Acquisitions, JETRO White Paper.
Kang, Jun-koo, 1993, \"The International Market for Corporate Control: Mergers and Acquisitions of U.S. Firms by Japanese Firms\", Journal of Financial Economics, Vol.34. pp.345-371.
Kang & Johanson, 2000, \"Cross-border Merger and Acquisitions: Their Role in Industrial Globalisation\", STI Working Papers Series, DSTI/DOC(2000)1.
Klein, A, 1986, \"The Timing and Substance of Divestiture Announcements: Individual, Simultaneous and Cumulative Effect\", Journal of Finance, Vol 41.pp.685-697.
Kogut, B., 1988, \"The Effect of National Culture on the Choice of Entry Mode\", Journal of International
Business Studies, Vol 19(3),pp.411-432.
Loughram, T. & A. Vijh, 1997, \"Do Long-term Shareholders Benefit from Corporate Acquisition?\", Journal of Finance, Vol.52, pp.1765-1790.
Markides, C., and D. Oyon, 1998, \"International Acquisitions: Do They Create Value for Shareholders?\",
European Management Journal, Vol.16. pp.125-135.
Mathur, Ike, Nanda Rangan, Indudeep Chhachhi, Sridhar Sundararn, 1994, \"International Acquisitions in the
United States : Evidence from Returns to Foreign Bidders\", Managerial & Decision Economics, Vol.15,
pp.107-119.
Mergerstate, 2001, M&A News and Trends, Mergerstate Monthly Report, Vol.1-12.
Morck, Randall & Bernard Yeung, 1992, \"Internalization : An Event Study Test\", Journal of International
Economics, Vol. 33. pp.41-56.
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