- 學位論文
購併宣告之產業效果—連結支付工具與產業相關性之探討
The Intra-Industry Effects of M&A Announcement of Rival Companies－Linking Method of Payment and Related of Industry
摘要
本研究主要探討主併公司進行購併事件之宣告前後，對於產業內競爭對手財富之影響，實證結果發現主併公司與其競爭公司在相關產業購併與以股票支付之事件群組中，宣告效果有提早反映的現象，且雙方皆有顯著為正之累積異常報酬，顯示蔓延效果在購併宣告事件中支配了競爭效果。而以現金支付價金之購併事件，為主併公司與競爭公司普遍帶來正的異常報酬，依舊是蔓延效果支配了競爭效果。而非相關購併之宣告，並未讓主併公司有顯著之異常報酬，反觀競爭公司在其中5個事件窗口產生顯著負報酬，顯示非相關購併帶來產業前景不佳之訊號。複迴歸分析針對可能影響競爭公司異常報酬之因子檢視，主併公司異常報酬與競爭公司均呈同向變動，表示購併宣告對產業帶來顯著之蔓延效果。
並列摘要
In this thesis, we investigate the intra-industry effects of M&A announcement of rival companies. The empirical results are as follows. For related mergers and stock mergers, the valuation effects of the acquiring firms on their industry rivals are positive and significant. Furthermore, cash merger also has positive and significant cumulative abnormal returns. These results suggest that the contagion effect dominates the competitive effect; however, unrelated industry merger has different results. The announcement returns of acquiring firms are not significant but returns of rival companies are negative and significant at five day event windows, indicating that unrelated mergers signal bad information of industries prospect. Regression analysis results also indicate that the contagion effect dominates the competitive effect.
參考文獻
延伸閱讀
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