公司治理機制與企業購併宣告之研究-以台灣上市公司為例

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姓名

許椀雯(Wan-Wen Hsu) 查詢紙本館藏

畢業系所

財務金融學系

論文名稱

公司治理機制與企業購併宣告之研究-以台灣上市公司為例
(Corporate Governance and Merger and Acquisition Announcements-An Empirical Study of Taiwan Listed Firms)

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至系統瀏覽論文 ( 永不開放)

摘要(中)

購併為公司重大投資決策，當企業購併宣告時，股價反應對經理人決策的看法，本研究收集1995年1月到2003年12月間台灣122家上市公司購併案為研究樣本，使用事件研究法估算宣告期間的異常報酬與累積異常報酬率，實證結果發現宣告日後一天異常報酬顯著為正；各事件窗口累積異常報酬亦顯著為正，且國際購併與相關購併的累積異常報酬亦顯著為正，顯示企業購併決策對於公司股價報酬有正面影響，投資人認同以購併以追求公司外部成長。並利用區別分析，將樣本公司依據公司治理變數加以區分累積異常報酬率的高低，實證發現公司治理機制對購併宣告股價報酬有影響，正確區別率高達86.11%。

摘要(英)

Merger and acquisition are one of the most important investment decisions in corporate finance. When M&A is announced, investors evaluate the managers’ acquisition decisions are designed to enhance the wealth of shareholders or not. The study collected 122 M&A announcement of acquiring firms from January 1, 1995 to December 31, 2003. We employ event-study methodology to examine the abnormal returns and cumulative abnormal returns in event window. The empirical results found that the acquiring firms have positive abnormal returns on Day 1 and have positive CAR in different event window, both significant at the 1% level. International mergers and acquisition and mergers in related industry have significant short-term abnormal return. This results form this study shows us that stock price of acquiring firm have significantly AR & CAR during the period of the M&A announcement. It means that investors accept the idea that corporations use M&A to pursue the growth of the company. From the classification results from the discriminant analysis, there is 86.11% of grouped cases correctly classified. Corporate governance mechanism affects the stock returns in M&A announcements.

關鍵字(中)

★ 公司治理
★ 事件研究法
★ 合併與收購
★ 區別分析

關鍵字(英)

★ Event study
★ Corporate governance
★ Discriminant analysis
★ M&
★ A

論文目次

第一章緒論 1
第一節研究背景 1
第二節研究動機 2
第三節研究目的 3
第四節研究方法 4
第五節論文架構 4
第二章文獻回顧 6
第一節購併宣告對股價報酬之影響 6
第二節內部人持股與購併宣告的關係 8
第三節公司治理定義與企業評價關係 10
第四節公司治理機制與經營績效 12
第三章研究方法 17
第一節樣本蒐集與資料來源 17
第二節變數定義 18
第三節事件研究法 24
第四節區別分析(DISCRIMINANT ANALYSIS) 26
第四章、實證結果與分析 29
第一節基本統計量分析 29
第二節企業購併對公司股價之影響 32
第三節、公司治理機制對購併宣告股價之影響 38
第四節小結 45
第五章結論與建議 47
參考文獻 49
附錄一樣本公司 53
附錄二集群分析實證結果 58

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指導教授

鄭漢鐔(Hann-Tarn Jeng)

審核日期

2006-7-11

推文