- 期刊
企業購併對主併公司股東財富的影響
The Effect of Merger and Acquisition on the wealth of Bidder's Shareholders
摘要
本研究主要在探討企業購併宣告，是否會對主併公司股東財富造成影響。而本研究的特點在於主併公司風險係數（也就是β）的估計期，是採用宣告日後的期間做為估計期。因為我們認為購併行為將使主併公司的風險程度發生變化，而這種風險程度的變化會影響到主併公司的期望報酬，但這種風險程度的變化並無法由宣告前的股價變動來估計而得。實證發現如下：就總樣本而言，在購併宣告當天，並沒有顯著的報酬變化，而在宣告日前十五日至後十五日則有顯著的累積異常報酬。另外，跨國購併在宣告日當天及宣告前後15日都有顯著正報酬；但國內購併在宣告日當天或宣告日前後都沒有顯著的異常。因此，本研究是呈現跨國購併可以比國內購併帶給主併公司股東更多報酬的結果。最後，產業相關購併在宣告日當天以及整個觀察期都沒有顯著正向報酬；而產業非相關購併在宣告日當天有顯著的正向報酬。研究顯示，主併公司股東都視企業購併宣告為利多消息，尤其是跨國購併，顯示台灣的企業在狹小的市場與技術的缺乏下，進行購併的確可以增加企業的競爭力。
並列摘要
This paper investigates the effect of announcement of merger and acquisition on the stockholders' wealth of the bidders. In this paper, we argue that the risk characteristics of the bidders would change after the announcement of merger and acquisition. Therefore, the beta risk of the bidder is measured by the bidder' return behaviors after the announcement rather that those before the announcement. We find that the shareholders' wealth of the bidders does not change significantly around the announcement. However, the bidders' shareholders earn significant abnormal returns over the period from 15 days before announcement to 15 days after announcement. Further, the bidders' shareholders benefit from the announcement of international merger and acquisition but not domestic merger and acquisition. Finally, the bidders' shareholders are better off when the bidders acquire a target of the same industry than a target of different industries.