邱顯比臺灣大學：財務金融學研究所陳逸潔Chen, I-ChiehI-ChiehChen2007-11-282018-07-092007-11-282018-07-092005http://ntur.lib.ntu.edu.tw//handle/246246/60692本篇論文研究併購績效不佳者，在更換其高階經理人後之營運與股價績效變化。實證結果顯示有進行更換之樣本，其績效表現較未進行更換者優異許多。若將有進行高階經理人更換之樣本依接班人加以分類，則外部接班人之表現會比內部接班人好。關於重整行為方面，有高階經理人更換之樣本，其進行重整的頻率亦會較高。同樣地；指定外部接班人的樣本，其進行資產出售之頻率亦高於內部接班人。而同時進行高階經理人更換與資產出售之樣本表現則為最佳。We document improvement in operating performance and stock return following the management turnover of firms with declining post-acquisition performance. Performance changes in firms with turnover events are compared to those without them, showing results of betterment in the former group. Outside successors outperform inside successors in the research period following the change. With regard to restructuring activities, firms with management turnover have higher frequencies of these events than those without it. Similarly, the asset sales activities taken up by firms with outside successors also surpass those of inside successors. Finally, the performance of firms with the contingency of both top executive turnover and asset sales improves the most.1. Introduction………………………………………………………1 2. Data…………………………………………………………………4 3. Empirical Results………………………………………………13 A.Stock Performance of Top Management Turnover…………13 B.Operating Performance of Top Management Turnover……16 C.Change in Number of Employees and Capital Expenditure Following the Top Management Turnover…………………20 D.Restructuring Activities Taken By the Sample Firms and Control Firms……………………………………………22 E.Performance Change Surrounding the Combination of Management Turnover and Asset Sales……………………23 4. Conclusion…………………………………………………………28 References……………………………………………………………30207639 bytesapplication/pdfen-US企業併購併購績效高階經理人更換資產出售Merger and AcquisitionOperating PerformanceStock PerformanceTop Management TurnoverAsset Salesthesishttp://ntur.lib.ntu.edu.tw/bitstream/246246/60692/1/ntu-94-R92723004-1.pdf