庫藏股對併購報酬的影響

本研究討論當主併公司意圖併購目標公司時，目標公司使用庫藏股是否提高主併公司併購成本？抑或有助提升目標公司的防禦能力？我們從績效和成本兩個面向討論。我們使用DataStream和Securities Data Company (SDC)的資料庫，討論從1990年至2010年間的併購資料。我們使用事件研究法和迴歸分析探討此議題。使用庫藏股的目標公司會使溢酬倍數提高，反之亦然；是否因為低估股價而使用庫藏股的目標公司與累積異常報酬為正相關但不顯著；使用庫藏股的目標公司其累積異常報酬會較高，為顯著正相關。而主併公司宣告前後購買庫藏股與累積異常報酬之間沒有絕對的相關性。

關鍵字

股票購回；目標公司；累積異常報酬

並列摘要

In this paper, we investigate that whether the acquisition company raise the transaction cost or not when the target company use repurchase stock? Or the target company use repurchase stock will help them defense the acquisition company? We exam that the performance of the target company and the cost of the acquisition company by the Event Study and regression. We grab the data from DataStream and Securities Data Company (SDC) between 1990 to 2010.We have three major empirical results. First, the target company which use repurchase stock will raise premium multiple, and the higher premium multiple the acquisition company use will make the target company more willing to use repurchase stock. Second, because of undervalue stock price, the target company who use repurchase stock have　correlation with cumulative abnormal return (CAR),but they are not significant . And some goal companies who buy repurchase stock before or after announce date haven’t correlation with CAR neither. Last, the target company who use repurchase stock will have higher CAR.