集中化與多角化併購對主併公司報酬影響之探討

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姓名

劉姵君(Pei Jiun Liu) 查詢紙本館藏

畢業系所

財務金融學系

論文名稱

集中化與多角化併購對主併公司報酬影響之探討
(Acquirer Gains from Focusing versus Diversifying Acquisitions in the UK)

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摘要(中)

本文以1996至2005年英國2,002個併購樣本，探討不同併購活動與併購標的是否產生相異之股票績效。
我們將併購活動依集中化、多角化、上市、私人或附屬公司標的予以分類，並計算各組宣告併購期間超額報酬及宣告後長期報酬。
不論標的為上市公司或附屬公司，多角化併購宣告報酬均高於從事集中化併購公司1\%，但長期出現反轉的現象。
以私人公司為標的之併購宣告報酬亦高於以上市公司為併購標的者，兩者長期股票報酬則不顯著。

摘要(英)

This paper shows in
a sample of 2,002 UK M&As between 1996 and 2005 various types and
targets of acquisitions have different stock performance. We
classify acquisition according to activity focus or diversification,
private, public targets and subsidiary and examine the abnormal
return to each group as a result of the acquisition announcement and
long-run period. The announcement return for acquiring firm
shareholder is 1\% higher for diversifying M&As whether the
acquired company is public or private even using control variables,
but it is reversed over time. Private firm M&As have higher
announcement return than public one but long-run abnormal returns of
them are insignificant.

關鍵字(中)

★ 併購
★ 集中化
★ 多角化

關鍵字(英)

★ Merger
★ and Acquisition
★ Focus
★ Diversification

論文目次

Contents
1 Introduction 1
2 Data and Methodology 3
2.1 Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
2.2 Methodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
2.2.1 Cumulative Abnormal Returns (CARs) . . . . . . . . . . . . . . 5
2.2.2 Buy and Hold Abnormal Returns (BHARs) . . . . . . . . . . . 6
2.2.3 Calendar-Time Abnormal Returns (CTARs) . . . . . . . . . . . 6
3 Empirical Tests 8
3.1 Cumulative Abnormal Returns (CAR) Results . . . . . . . . . . . . . . 8
3.1.1 Diversifying versus focusing acquisitions . . . . . . . . . . . . . 8
3.1.2 Results Based on Target Types . . . . . . . . . . . . . . . . . . 8
3.1.3 Influence of Other Factors on Cumulative Abnormal Returns (CAR) 10
3.2 Long-Run Abnormal Returns . . . . . . . . . . . . . . . . . . . . . . . 12
3.2.1 Buy and Hold Abnormal Return (BHAR) Results . . . . . . . . 12
3.2.2 Calendar-Time Abnormal Return (CTAR) Results . . . . . . . . 14
4 Conclusion 16
Reference 20
i
Contents of Table
1 Sample Distribution by Announcement Year and Acquirer Type . . . . 21
2 Summary Statistics by Acquisition Type . . . . . . . . . . . . . . . . . 22
3 CARs of Acquirer According to the Focus or Diversification by Organi-
zational Form of Target Types . . . . . . . . . . . . . . . . . . . . . . . 23
4 Regression Analysis on Cumulative Abnormal Returns . . . . . . . . . 25
5 Post-Event Buy-and-Hold Abnormal Returns . . . . . . . . . . . . . . . 27
6 Calendar-Time Post-event Abnormal Returns . . . . . . . . . . . . . . 28
i

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2

指導教授

何耕宇(Keng-Yu Ho)

審核日期

2008-6-23

推文