公司之競爭對手對於公司併購消息宣告之市場反應

在公司治理的議題中，合併與收購是一個必要的手段，透過此手段可增強公司的競爭優勢，或是彌補公司不足的地方。在過去的研究顯示，併購消息的發佈會導致收購方與目標公司產生異常報酬，另外，股東認為併購事件會對目標公司與買方造成不同的衝擊。然而，目前尚無研究探討併購事件對於收購方對手之影響與衝擊，因此，在本研究中，我們深入去探討併購事件的新聞消息是否會影響收購方之對手的市場價值，並且觀察新聞消息的發佈是否會造成對手產生顯著的異常報酬。除此之外，由於過去文本分析的技術已經顯示了新聞消息的情緒(質性資訊)是可行的，因此本研究也使用此方法來過濾所蒐集的資料。

關鍵字

事件研究法；新聞故事；合併與收購；宣告；競爭對手；情緒字眼

並列摘要

In the issue of corporate governance, mergers and acquisitions (M&A) is an imperative means to enhance or complement the competitive advantage of firms. Past studies have demonstrated that the announcement of M&A results in abnormal returns from acquirers and target firms. Shareholders perceive the different impact of M&A on target firms and buyer firms. However, no studies have ever addressed the impact on rivals of buyer firms. In this paper, we investigate whether news stories influence the market value of buyers’ rivals. In addition, since the textual analysis technique has been demonstrated that the sentiment (qualitative information) of news stories is workable, this study also employs it to filter the collected data.

並列關鍵字

rivals ； announcement ； event study ； news story ； mergers and acquisitions ； sentiment

參考文獻

Connelly, B. L., Certo, S. T., Ireland, R. D., Reutzel, C. R., 2011. Signaling theory: A review and assessment. Journal of Management, vol. 37(1), pp. 39-67.

Fama, E. F. 1970. Efficient capital markets: A review of theory and empirical work. The Journal of Finance, vol. 25(2), pp. 383-417.

Fang, L., & Peress, J., 2009. Media Coverage and the Cross‐section of Stock Returns. The Journal of Finance, 64(5), pp. 2023-2052.

Hoberg, G., & Phillips, G., 2010. Product market synergies and competition in mergers and acquisitions: A text-based analysis. Review of Financial Studies, 23(10), pp. 3773-3811.

Konchitchki, Y., O’Leary, D. E., 2011. Event study methodologies in information systems research. International Journal of Accounting Information Systems, vol. 12(2), pp. 99-115.

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公司之競爭對手對於公司併購消息宣告之市場反應

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