台灣上市公司購併宣告對股東財富之影響

The Effect of Acquisition Statement from public-listed Companies on the Finance of the Shareholder

林麗嬌(Li-Chiao Lin) ； 陳彥儒(Yan-Ru Chen) ； 汪若庭(Jo-Ting Wang)

《管理學術研討會》 第七屆 (2009/11) Pp. 684-701

https://doi.org/10.29893/NCUTMAN.200911.0684

摘要

企業爲快速擴展業務與規模，並獲得管理經驗與經營資源，常採購併此種外部成長策略，其優點爲對企業整體影響效果最明顯直接。台灣於2002年2月通過「企業購併法」等相關購併法令，以鼓勵企業進行購併活動幫助台灣經濟全球化，在企業購併法通過之後所進行的許多購併案件中，主併公司是否真能因購併活動而對股東財富產生正面效益，此乃值得探討之問題。當企業購併消息揭露時，訊息的傳遞及對股東報酬之影響亦爲本研究討論重點。 本研究以2002年至2007年間揭露購併宣告消息之台灣證券交易所公開上市之主併公司爲研究對象，樣本數共92個，採事件研究法之市場模式探討購併宣告對主併公司股票異常報酬之影響，並進行實證分析。

關鍵字

購併 ； 併購 ； 事件研究法

並列摘要

In order to expand business and scale in quick way and to acquire management experience and business operation resource, an enterprise usually takes external growth strategy such as acquisition; acquisition has advantage to bring the most distinguished and direct effect on the entire enterprise. Taiwan had passed related acquisition law such as ”Corporate Acquisition Act” on February 2002 so as to encourage an enterprise to perform acquisition activity to help the economy of Taiwan's enterprise in achieving globalization; after the pass of ”Corporate Acquisition Act”, can the major acquisition company really generate positive effect on the wealth of the shareholder by the acquisition activity in many of the past acquisition cases is a topic that needs to be investigated. When an acquisition message is disclosed by an enterprise, the transfer of the message and its effect on the return of the shareholder is also a key discussion topic in this study.
In this study, the research targets are the major acquisition companies with stocks listed in Taiwan Stock Exchange that disclosed acquisition statement in the period from year 2002 to 2007; the sample number is 92 and the market model of event study method is used to investigate the effect of acquisition statement on the abnormal return of the major acquisition company, in the mean time, empirical analysis will be performed too. The empirical analysis result shows that:
1. The acquisition statement by domestic company with stock listed in regular stock market has negative effect on stock return on the statement day.
2. The acquisition statement from related industries will have positive statement effect on the return of the shareholder.
3. Positive effect is generated on the statement day in information related industry and financial industry.

並列關鍵字

Acquisition ； event study method