| 摘要: | 本研究以晶元光電與隆達電子合併一案進行綜效之分析。根據Ross, Westerfield, Jaffe and Jordan (2009) 所提到併購活動的產生多為一加一大於二的綜效考量、或是著眼於合併可能產生之租稅優惠。本研究聚焦以「事件研究法」考量短期之綜效，以單一事件之宣告衡量市場反映以及宣告效果，首先比較兩公司宣告合併前後之市值變化，以探討當合併事件宣告後，是否市場已反映兩公司宣稱可獲取之合併綜效。其次，本研究建構「市場模型」，利用迴歸分析方法檢視台股大盤指數或光電指數報酬，如何影響晶元光電或隆達電子之個別股價報酬率。接著，本研究以「市場模型」為基準，探討購併宣告後，晶電及隆達是否有超額報酬；並計算以兩公司市值為權重之合計超額報酬。
本研究以事件研究法之實證研究顯示，晶元光電及隆達電子合併一案，於合併事件宣告當日市場之反應短期並無綜效。此外若檢視宣告合併後市場對個別公司之股價報酬反應，此合併案短期對隆達電子之股價報酬具有顯著的正向效果；相對地，晶元光電則有顯著的負向效果。
過往文獻及實證分析個案多屬吸收合併之購併方式，較少著墨如本研究之新創合併個案，故本研究提供給未來針對「新創合併」議題有興趣的研究生可進一步研究探討。
;According to Ross, Westerfield, Jaffe and Jordan (2009, Chapter 29), companies mainly engaging in M&A activities either for creating synergy effects or for tax considerations. This study focuses on the research question regarding if there were synergy effects for the merger of Epistar and Lextar corporations. First, I determine if the sum of market values of the two companies increases after the announcement of merger on 18 June, 2020, so as to detect if the market reactions indicate any synergy effects. Second, by establishing market models and by using the OLS regressions starting a year prior to the merger, I investigate how the daily returns of two companies are affected by the returns of TWII Index, or by the returns of Taiwan Se Optoelec Index, respectively. By employing the returns predicted by using the market models of the two companies, I then examine if the two companies enjoy excess returns after they announced the merger.
The empirical findings by using the above two methods are consistent: according to the reactions from the stock market, there are no synergy effects following the announcement of the merger of Epistar and Lextar corporations. In addition, I find that the returns of Lextar increases, while the returns of Epistar decreases after the announcement with statistical significance, indicating the market seems to view the former as the target firm and the latter the acquirer.
Differs from the extant literature in M&As which focuses mainly on cases where one company acquires the other and only the former continues, this study investigates a case where a “new venture” is created by the two companies after the merger. This research thus provides new insight to the research field of M&As. |
