- 學位論文
媒體報導對併購事件宣告效果的影響
The Impact of Media Coverage for M&A Announcement Effects
摘要
在過去的文獻中，諸如Stephens and Weisgach (1998)、Sherman and Titman (2002)和Liu, Sherman and Zhang (2007)等許多的學者都證實了媒體的報導會影響公司重大事件的宣告效果，這些事件涵蓋初次公開發行(IPO)及庫藏股等。然而，在這麼多媒體報導影響金融市場的研究之中，卻尚未有文獻針對媒體報導對併購事件的影響進行研究，因此本文之主要研究目的即為探討媒體報導對併購宣告效果之影響。 此外，在過去文獻中，Asquith, Bruner and Mullins (1983)、Travlos (1987)、Loughran and Vijh (1997)和Blackburn, Dark and Hanson (1997)等學者多支持主併公司採現金併購支付方式，其正向宣告效果高於採換股併購支付方式。故對於投資人而言，採現金併購是比採換股併購更加強烈的財務訊號，故本文進一步檢測不同支付方式之宣告效果差異與媒體關注程度之關聯性。 本文以1997年至2009年期間內我國上市上櫃普通股之併購宣告事件為研究標的，依媒體曝光程度及併購支付方式將研究樣本進行分組，再採用事件研究法，以CAR衡量併購之宣告效果。實證結果顯示，在不區分支付方式時，媒體關注程度越高，則主併公司之併購宣告效果反而較低。在支付方式的部份，高度媒體曝光組的主併公司，其現金支付與換股支付間報酬率的宣告效果差異，皆低於低媒體曝光組。此結果與Fang and Peress(2009)之實證結果相符，並支持Merton (1987)提出的「投資人認知假說」
並列摘要
Media coverage do have influence on announcement effect of company's major events including Initial Public Offering(IPO) and Stock Repurchase have been proved in prior literature. However, no studies take into account the impact of the media coverage on M & A events. Therefore, the main purpose of this study is to explore the impact of media coverage on the announcement effects of mergers and acquisitions events. In addition, it is widely recognized in the literature (e.g., Asquith, Bruner and Mullins, 1983; Travlos, 1987; Loughran and Vijh, 1997; Blackburn, scholars in the Dark and Hanson, 1997) that the positive effect of M&A announcement in cash payment is higher than those in stock payment and therefore we infer that M&A in cash payment is a stronger financial signal for investors than those in stock payment. So, we further examine the relationship between M&A announcement effect in different kinds of payment and the degree of media attention. According to the empirical evidence, we find that the higher degree of media attention the lower M & A announcement effects for the acquiring company while we do not distinguish the types of the payment. Besides, we find that the discrepancy of M & A announcement effects between cash payment and stock payment under high degree of media attention is smaller than those under low degree of media attention while we distinguish the types of the payment. These findings are consistent with the results reported by Fang and Peress (2009) and the 'Investor Recognition Hypothesis' reported by Merton (1987).