本研究觀察併購事件宣告前對目標公司股價與盈餘管理之影響,探討目標公司(被併購公司)在併購前是否會因自利行為而企圖影響短期股價,且是否會使用裁決性應計數來調整盈餘使併購活動順利進行,本研究將目標公司分為主動請求併購目標公司與非主動請求併購目標公司。 本研究以台灣證券交易所上市、上櫃公司,且曾經由工商時報、經濟日報或專業財經網站所揭露併購事件之企業為樣本,抽樣期間為1995年1月至 2007年1月。研究方法首先採用事件研究法之市場模式計算目標公司併購前之異常報酬與累積異常報酬,再使用Modified Jones Model估計出裁決性應計數,最後利用複迴歸模型,以裁決性應計數為應變數,測試目標公司併購前之盈餘平穩化與裁決性應計數間的關係。實證結果如下: 一、整體目標公司在併購前有顯著之正向累積異常報酬,就主動請求與非主動請求之分組樣本而言,主動請求併購目標公司之正向累積異常報酬較非主動請求併購目標公司來的高,此結果與國外研究者,如Conn and Connel(1990)、Louis(2004)等一致。 二、主動請求併購的目標公司較非主動請求併購的目標公司在併購前有高度的正向裁決性應計數,與國外學者Min(2005)、DeAngelo et al.(1994),及國內學者呂國禎(民90年)之研究結果相同。 三、主動請求併購目標公司在併購前三年有盈餘平穩化之管理行為,與學者Min(2005)、Gaver et al.(1995)、DeFond and Park(1997)之研究結果相同。
This study observed the effect of stock price and the earnings management for target firms before the M&A event announcement. We investigated that target firms have incentive to influence the short-term stock price and also suggested target firms using of discretionary accruals and income smoothing to increase incomes before takeover. The samples we used were obtained from the Taiwan Economic Journal, Commercial Times and Economic Daily News. The study periods were started from January 1995 to January 2007. First of all, this study uses market model of event study to calculate the abnormal returns and cumulative abnormal returns. The purpose is to investigate the relationship between the stocks price before the announcements and after the announcements of the M&A, Secondly, using Modified Jones Model to estimation the discretionary accruals. Finally, selecting multiple regression model was built to analyze the income smoothing. The findings this study are as follows: 1.The overall samples appeared significantly positive cumulative abnormal returns before the merger announcement date. Soliciting targets shown higher significantly positive cumulative abnormal returns than un-soliciting targets. 2.Soliciting targets have shown the higher discretionary accruals than un-soliciting targets. 3.Soliciting targets have manipulated earnings management of income smoothing prior to three years of M&A.