台灣高科技及非高科技企業跨國購併宣告對股票報酬與財務績效影響之研究

The research on the influence of the announce of the Taiwan high tech and none-high tech Business transnational M&A to stock return and financial performance.

林任達(Jen-Ta Lin)

指導教授 ： 陳若暉

中原大學/商學院/企業管理研究所/碩士(2002年)

https://doi.org/10.6840/cycu200200533

摘要

中文摘要
本研究以台灣高科技及非高科技企業跨國購併宣告對股票報酬與財務績效之影響為研究主軸，採用民國80年1月至民國90年12月間65件揭露跨國購併宣告消息的台灣證券交易所公開上市之主併公司為研究對象，採事件研究法之市場模型探討其購併宣告對主併公司股票異常報酬的影響，同時以複迴歸分析股票異常報酬之影響因素，另外在主併公司財務績效方面則以市場附加價值(MVA)為衡量指標並採用Panel Data進行分析，其結果歸納如下。
一、探討跨國企業購併宣告股票異常報酬之研究結果
全體樣本研究之結果指出跨國企業購併宣告消息的揭露，主併公司可獲取顯著且正向的累積異常報酬。
高科技產業樣本在宣告日前一日及宣告日當日之平均異常報酬率及標準化平均異常報酬率，皆大於非高科技產業樣本之平均異常報酬率及標準化平均異常報酬率。
二、探討影響跨國購併宣告股票異常報酬的因素之研究結果
非高科技產業之財務槓桿愈高(以負債比率來衡量)，其股票價值於購併宣告產生顯著且正向的累積異常報酬。
三、探討購併前後主併公司財務績效的變化之研究結果
總資產週轉率對於高科技產業與非高科技產業之財務績效的貢獻普遍具有相同的正向效果。擁有高成長的市價帳面值比之企業將可產生顯著成長的財務績效。股東權益報酬率與每股盈餘於高科技產業與非高科技產業間，皆呈現明顯正向效果

關鍵字

購併 ； 市場模式 ； 托賓Q比率 ； Panel Data. ； 自由現金流量 ； 異常報酬 ； 事件研究法 ； 複迴歸 ； 市場附加價值

並列摘要

ABSTRACT
This study attempts to examine the effects of stock returns and financial performance at the announcement date of mergers and acquisitions events in both high-tech firms and non high-tech firms. The sampling period of this study is from 1991 to 2001 and there were 65 acquiring firms which listed on the Taiwan Stock Exchange declared their international M&A. We used a market model of event study to analyze abnormal returns at the announcement date of M&A. In addition, a multiple regression model was built to analyze the determinants of the abnormal returns. Using the Panel Data of fixed and random effects models, we examine Market Vaue-Added (MVA) to analyze the financial performances of acquiring firms. The empirical results are as follows:
1. There is a significant positive cumulative abnormal returns in order for the bidders of all firms. The average abnormal returns and standardize average abnormal returns of the high-tech firms at event date and one day before event date are higher than those of the non-high-tech firms.
2. With the higher degree of financial leverage (to measure by debt ratio), the stock value of the non-high-tech firms possesses of significant and positive cumulative abnormal returns at the announcement date.
3. The contribution of the total asset turnover ratio will have the significant and positive relationship to the financial performance of the high-tech firms and the non-high-tech firms. The company with the high-growth of market/book ratio will experience better financial performance. Besides, in the high-tech firms and the non-high-tech firms, the ROE and EPS are presented the significant and positive relationship.

並列關鍵字

Abnormal Return ； MVA ； Market Model ； Multiple Regression ； Tobin Q ； Merger & Acquisition ； FCF ； Panel Data. ； Event Study

參考文獻

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