- 學位論文
從樂陞收購案討論內部人交易與獨立董事監督機制的問題
Insider Trading and Monitoring Mechanism of Independent Director — The Mergers and Acquisition Case of XPEC Entertainment
摘要
除了尋求企業自身的成長與發展新技術外，併購已是企業提升其競爭力的其中一項相當重要的策略。而當公司宣告併購時，併購公司的股價會有明顯的波動發生。總體來說，投資人對於企業併購一般是抱持著正面的態度，使併購的公司能獲得正向的異常報酬。因此會給予參與人員進行內部人交易之極大的誘因。 而本次樂陞收購案更是台灣史上一宗成功公開收購，卻不付錢交割的案例。其中許多跡象都顯示有內部人利用此次公開收購進行內部人交易。而在本次事件中，更突顯出台灣的獨立董事是否有善盡監督之責的問題。因此本研究係利用樂陞案中有關併購、內部人交易以及獨立董事的問題進行討論。本研究從公司規模、無效率的經理人以及股利發放等方面判斷樂陞是否是一家理想的目標公司。並且利用樂陞融券張數的走勢與股價進行比較，以檢驗在本次收購案中樂陞的股價以及融券張數是否存在異常的現象，以及獨立董事無法發揮它應有的職能。
並列摘要
In seeking growth and development of new technologies, mergers and acquisitions is one of the most important strategy to enhance its competitiveness. When an enterprise announces merger/acquisition, the target company's stock price can become volatile. In general, investors are positive about merger/acquisition, so the shareholders can earn positive abnormal return. Therefore insiders will have a great incentive for engaging insider trading. This study is based on the problems that arise in the mergers and acquisitions case of XPEC Entertainment. To determine whether the XPEC is an ideal target company, this study controls firm size, management efficiency and Dividend payout to test whether there is any abnormality in the share price and the extent of short sales. In addition, this study examines returns and the extent of insider trading by the independent directors. The study also discuss why in this incident the independent directors have not functioned properly for corporate governance.