中文摘要 購併是企業之重大財務決策,過去文獻探討是支付方式的選擇及是否可增加股東財富等議題鮮少探討權益市值高估或低估之企業購併宣告之市場反應,故本文主要目的在於探討下列問題:(一)市場投資人對於權益市值高估或低估之公司宣告購併之市場反應是否不同?(二)權益市值高估或低估之公司宣告購併支付方式不同,市場反應是否不同? 本研究使用2002年至2013年發生購併事件為樣本,並使用事件研究法檢測當公司宣告購併時市場投資人之反應,實證結果發現,相較於權益市值低估的公司,權益市值高估公司在宣告購併消息時,市場給予較差之反應;進一步檢驗權益市值是否高估對購併支付方式之市場反應是否有不同之影響,實證結果發現購併公司採取換股支付時,不論其權益市值高估或低估,市場反應並無顯著差別;而採用現金支付方式併購時,權益市值高估之公司其市場反應會小於權益市值低估的公司,表示購併公司採取現金支付時,相較於權益市值低估公司,權益市值高估公司市場股價反應會較小。
Abstract Corporate mergers and acquisitions is a majorly and critically financial decision. This research examines the impact of equity market value over/under estimation on the market reaction of merge and acquisition announcements. The purpose of this paper is to examine the following questions: (1) whether the market reacts differently to undervalued firms and overvalued firms announced merge and acquisition? (2) Whether the different payment method results in different market reaction in undervalued firms and overvalued firms? Using merge and acquisition sample from year 2002 to 2013, and using event study method to detect market investor reaction when company merger and acquisition is announced. Empirical results suggest that, compared to undervalued firms, investors usually give negative reactions to overvalued firms announced merger and acquisition. This research also finds that there is no any difference market reaction between overvalued firms and undervalued firms use stock acquisitions. Whereas overvalued firms have lower market reaction compared to undervalued firms if firms use cash acquisitions.