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Author: 吳亭儀
Ting-Yi Wu
Thesis Title: 台灣上市櫃公司國內外併購對股東財富影響
The Effects of Domestic and Cross-Border Acquisition on Shareholder’s Wealth
Advisor: 謝劍平
Joseph C.P. Shieh
Committee: 陳俊男
Chun-Nan Chen
梁瓊如
Chiung-Ju Liang
Degree: 碩士
Master
Department: 管理學院 - 財務金融研究所
Graduate Institute of Finance
Thesis Publication Year: 2019
Graduation Academic Year: 107
Language: 中文
Pages: 38
Keywords (in Chinese): 國內併購國外併購事件研究法累積異常報酬
Keywords (in other languages): merger, acquisition, event study, accumulated abnormal returns
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  • 本論文以 2006-2016 共 81 件台灣上市櫃公司之併購案做為樣本,採用事件研究法以累積異常報酬率(CAR)對併購案之因子進行統計檢定與迴歸分析,以探討被併公司為國內或國外公司是否與併購累積異常報酬相關,再加入內外部持股比率、獲利能力、經營績效等因子,試圖找出影響併購宣告之累積異常報酬的變數。
    而本研究結果發現,在併購宣告當日不管被併公司為國內或國外公司,其皆有正向的異常報酬,然而其在統計上皆無顯著性。而加入主併公司內外部持股比率做為解釋變數後,其皆對累積異常報酬亦有正向影響,但亦無統計上的顯著性。而獲利能力指標中,主併公司總資產報酬率對累積異常報酬率有正向影響,且在統計上具有顯著性,但固定資產報酬率與淨利潤率則對累積異常報酬率有負向影響且在統計上無顯著力。而經營績效中,負債比率對累積異常報酬有負向影響,而營銷費用率則有正向影響,但兩者皆無統計上的解釋能力。再主併公司自由現金流量對累積異常報酬有正向影響,但亦無統計上的顯著性。


    This paper examines the effect of announcement of merger and acquisition by using 81 listed companies at stock exchange and over-the-counter market in Taiwan as sample and tries to find the factor that is related to the accumulated abnormal returns when merger and acquisition is announced to the public.
    On the date of announcement, both the acquisition of domestic and cross-border result in positive abnormal returns but not statistically significant. And the internal and institutional shareholding ratio of acquiring company has positive effect to accumulated abnormal return but not statistically. Among the profit ratios of acquiring company, the return on assets shows statistically positive significant. But both return of fixed assets and net margin have negative effect on the accumulated abnormal return. As for the acquiring company’s business performance ratios, the accumulated abnormal return would be negatively affected by debt ratio but positively affected by operating expense ratio. Free cash flow of acquiring company also has positive effect on the accumulated abnormal return.

    致謝..........i 中文摘要..........ii Abstract ..........iii Contents..........iv 圖目錄..........vi 表目錄..........vii 第 1 章 緒論..........1 1.1 研究背景與動機..........1 1.2 研究目的與貢獻..........2 1.3 研究架構與流程..........3 第 2 章 文獻探討..........4 2.1 併購的動機與理論..........4 2.1.1 代理理論..........4 2.1.2 傲慢假說(Hubris Hypothesis..........)5 2.1.3 理性併購(Merger as rational choice)..........5 2.2 併購是否能帶來績效改善..........7 2.3 外部機構持股與公司價值之關係..........7 2.3.1 策略聯盟假說(Strategic-alignment Hypothesis)..........7 2.3.2 利益衝突假說(Conflict-of-interest Hypothesis)..........8 2.3.3 有效監督假說(Efficient Monitoring Hypothesis)..........8 2.3.4 效率增強假說(The Efficiency-augmentation Hypothesis)..........8 2.3.5 效率減少假說(The Efficiency Abatement Hypothesis)..........8 第 3 章 研究方法..........9 3.1 樣本資料來源與選取標準..........9 3.1.1 樣本資料來源..........9 3.1.2 樣本資料選取標準..........9 3.2 併購後效果衡量與變數定義..........10 3.2.1 解釋變數定義..........10 3.3 事件研究法..........12 3.3.1 時間參數之選擇..........12 3.3.2 市場模式參數之估計..........12 3.3.3 異常報酬之計算..........13 3.4 複迴歸分析..........13 3.4.1 建立迴歸模型..........13 第 4 章 實證結果與分析..........16 4.1 敘述統計..........16 4.2 累積異常報酬檢定..........19 4.3 複迴歸模型檢定..........22 第 5 章 結論與建議..........26 5.1 研究結論..........26 5.2 研究限制與建議..........27 參考文獻..........28 附錄..........30

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