研究生: |
Natapha Saengsupphakon Natapha Saengsupphakon |
---|---|
論文名稱: |
Predicting merger's target in service industry companies listed in the stock exchange of Thailand Predicting merger's target in service industry companies listed in the stock exchange of Thailand |
指導教授: |
謝劍平
Joseph C.P. Shieh |
口試委員: |
陳俊男
Chen, Chun-Nan 劉代洋 Day-Yang Liu |
學位類別: |
碩士 Master |
系所名稱: |
管理學院 - 財務金融研究所 Graduate Institute of Finance |
論文出版年: | 2020 |
畢業學年度: | 108 |
語文別: | 英文 |
論文頁數: | 62 |
中文關鍵詞: | Merger and Acquisition 、Takeover 、Acquisition Likelihood 、Logistic Probability Model 、Thailand |
外文關鍵詞: | Merger and Acquisition, Takeover, Acquisition Likelihood, Logistic Probability Model, Thailand |
相關次數: | 點閱:180 下載:0 |
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There has been a variety of research within the field of identifying targets of mergers and acquisitions in the United States, the United Kingdom, and Europe, but much less research has been conducted in Thailand. The purpose of this study is to examine the companies in the service industry in Thai to see whether the probability of the target of takeover is affected by some firm characteristic variables. The independent variables, such as profitability, firm valuation, firm size, growth, liquidity, leverage, free cash flow, and real property are used in this study to estimate the probability of a firm become targets of mergers and acquisitions. The data of this study were obtained from financial statements of listed firms in the Stock Exchange of Thailand from 2000 to 2018. The final sample composes 77 companies, consisting of 5 targets and 72 non-targets. Using the binary logistic regression models, the results show that firm valuation variables which are market-to-book ratio and price-to-earnings ratio have a statistically significant positive effect on the probability of takeover.
There has been a variety of research within the field of identifying targets of mergers and acquisitions in the United States, the United Kingdom, and Europe, but much less research has been conducted in Thailand. The purpose of this study is to examine the companies in the service industry in Thai to see whether the probability of the target of takeover is affected by some firm characteristic variables. The independent variables, such as profitability, firm valuation, firm size, growth, liquidity, leverage, free cash flow, and real property are used in this study to estimate the probability of a firm become targets of mergers and acquisitions. The data of this study were obtained from financial statements of listed firms in the Stock Exchange of Thailand from 2000 to 2018. The final sample composes 77 companies, consisting of 5 targets and 72 non-targets. Using the binary logistic regression models, the results show that firm valuation variables which are market-to-book ratio and price-to-earnings ratio have a statistically significant positive effect on the probability of takeover.
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