併購之謠言效果：以英國主併公司為例

本文研究1986-2009年期間，英國已上市主併公司面對市場傳言時的短期股價報酬表現。不同於Zivney(1996)對併購傳言的分類，我們將併購傳言分成傳言屬實(NotRumors)、不實傳言(ARumors)與澄清傳言(DisRumors)三種，並探討市場對於此三類傳言的反應，我們發現當傳言為真時，主併公司的短期累積異常報酬為負；相反的，若併購為不實傳言，主併公司在傳言期間有正向的異常報酬產生。我們同時也探討了傳言發生時，公司治理變數對於累積異常報酬的解釋能力，研究發現投資支出變動比率(∆Investment)、銷貨成長率(Growth)、流動比率變動幅度(∆Current Ratio)和總資產變動比率(∆Ln(TA))也許可以用來衡量市場的併購傳言真偽。最後，本文實證結果顯示，無論是主併或被併公司出面澄清市場傳言，都會造成主併公司在澄清日當天股價嚴重下挫，而且下跌的影響會短期內不會消失。

關鍵字

傳言；併購；主併公司；異常報酬；澄清；公司治理

並列摘要

In this paper, we investigate the short-term stock return performance of UK public acquiring firms with the result of rumors between 1986 and 2009. In difference to Zivney(1996), we divide M&A Rumors into three parts NotRumors, ARumors and DisRumors. We find that, in the short-run, acquirers' cumulative abnormal returns(CAR) are declining in NotRumors case. In contrast to NotRumors, ARumors generate positive CAR around the rumor announcement period. We also assess the role of governance variables, and find that ∆Investment, Growth, ∆Current Ratio, and ∆Ln(TA) are significance between NotRumors and ARumors. Finally, our empirical results show that the shareholders wealth effects of acquiring firms significant decline once M&ARumors are denied by alternative firms of takeover.

並列關鍵字

Rumor ； Takeover ； Acquiring Firm ； Abnormal Return ； Clarify ； Corporate Governance

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