企業購併宣告對股東財富影響之研究

The Effect on the Shareholders' Wealth as Announcement of Merger and Acquisition

徐靜如(Jung-Ru Hsu)

《中華技術學院學報》 27期 (2003/05) Pp. 103-116

https://doi.org/10.7095/JCIT.200305.0103

摘要

本研究之目的在探討國內上市主併公司進行購併活動對股東財富所產生的影響。藉由購併型態不同層面來分析公司宣告之購併事件是否具有資訊內涵。研究期間為民國80年1月1日至87年12月31日，經搜集相關資料後共取得79個符合條件的購併樣本；以購併宣告日前11日至宣告日前110日為市場模式之估計期，而以購併宣告日前10日至宣告後10日為事件觀察期，採用事件研究法分析主併公司的購併宣告效果。經由實證分析後得到以下研究結論：
1.全體上市公司購併宣告對股價有正面的影響，其累積之異常報酬更達到1%之顯著水準。
2.國際購併或國內購併之宣告效果並未不一致。國際購併宣告對股價的影響程度大於國內購併宣告，但效果亦不顯著。
3.相關產業購併或相關產業購併之宣告效果並未不一致。相關購併宣告對股價的影響程度大於非相關購併，但效果並不顯著。

關鍵字

購併宣告 ； 股東財富

並列摘要

This paper researches the effect of announcement of merger and acquisition on the stockholders’ wealth of bidders. It helps to realize the information reveals from the different types of merger and acquisition. This paper collected 79 effective samples from year 1991 to 1998 and used event study method to analyze the announcement effect of merger and acquisition. It found that:
1.The shareholders’ wealth of bidders own significant effect around the announcement. The bidders’ shareholders earn abnormal return even on 1% significance level.
2.The bidders’ shareholder benefit from the announcement of international merger and acquisition but not domestic ones.
3.The bidders’ shareholders are better off when the bidders acquire a target of the same industry than of different industries.