合併型態對廠商績效與股票報酬的影響

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Title:	合併型態對廠商績效與股票報酬的影響
Authors:	蔡忠翰;Tsai,Zhong-han
Contributors:	產業經濟研究所
Keywords:	相關產業併購;主併購廠商;Related M&A;Acquiring firms
Date:	2014-07-25
Issue Date:	2014-10-15 15:31:36 (UTC+8)
Publisher:	國立中央大學
Abstract:	本研究使用2002-2011年國內上市上櫃公司的併購案資料，探討相關產業併購對於主併購廠商的影響。實證結果顯示，相關產業併購未能帶給主併購廠商更高的績效成長以及生產力成長；在獲利率指標方面，從事相關產業併購的廠商相較於從事非相關產業併購的廠商擁有較高的資產報酬率以及股東權益報酬率。針對短期股價效果而言，主併公司之股價於宣告日之前有正顯著異常報酬，在併購宣告日則無明顯效果，反映出併購消息容易存在提前走漏的情況，並且由本文各個事件窗口可以得知，併購型態對於平均累積異常報酬並無明顯影響，顯示出市場並不會因為廠商從事相關產業併購而給予更高的評價。;Using M&A events from Taiwan’s companies in 2002-2011, this paper examines the impacts of related mergers on acquiring firm. Results did not suggest related acquirers benefit more than unrelated acquirers in the growth of performance and productivity. But in the phase of profitability, related mergers sure bring acquiring firm higher ROA and ROE than unrelated mergers. In the aspect of short-term stock price effect, there exists an positive and significant abnormal returns before the day in which acquiring firm announces and reflects no significant effects on the announcement date of merger, indicating that the M&A news always disclose ahead. However, the results of event study shows that merger type did not have a significant effect on the CAAR, showing that the market won’t give an higher appreciation whether the acquirer involves in related merger.
Appears in Collections:	[Graduate Institute of Industrial Economics] Electronic Thesis & Dissertation

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