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題名 台灣企業購併宣告對股東財富之影響
作者 葉秋美
Ye, Qiu-Mei
貢獻者 顏錫銘
Yan, Xi-Ming
葉秋美
Ye, Qiu-Mei
關鍵詞 購併
結構變化點
事件研究法
台灣
股東
購併宣告
Mergers & Acquisitions
Structure change
Event study
International-trade
Business
日期 1993
上傳時間 29-Apr-2016 16:43:35 (UTC+8)
摘要 嘗試放棄傳統事件研究法 (event study)的固定系統 ，先針對股價的結構變化點作檢定，找出子區間的分到傳統的方法，根據系統風險改變的時點找出估計期窗口(-5, 5)中 AR、CAR 的變化情形，以測試資本市告之反應，並試圖找出其可能的影響因素。實證結果告對主併公司的股東財富雖然有正面影響(僅1.82﹪) ，但整個宣告窗口的累積效果似乎不大；而跨國購併之間的差異(國際效果)，除了購併宣告當日外顯然另外，水平型態的購併事件與產業的技術密集程度之宣告日後才顯現出來，至於支付方式對宣告效果所產國外的實證結果不符，而購併成功與否對主併公司之顯。
參考文獻 一、中文部份
     1.王明傳，「台灣股票市場風險穩定位之實證研究』國立台灣工業技術學院未出版碩士論文，民國79 年
     2.伍忠賢「 國際購併』省屬行庫中小企業聯合輔導中心，民國八十年五月初版
     3.林玉樹，「上市公司股票系統風險之研究-製造業之實證』，私立淡江大學管理科學研究所未出版碩士論文，民國79 年
     4.林嬋娟，吳安妮，「台灣企業併購綜效及績效之實證研究」，會計評論第26 期， 民國81 年4 月
     5.陳坤銘，「從美、日兩國經驗展望台灣的企業合併」，經濟前瞻第21號，民國80 年1月10日
     6.張大成，「公司重整與股東財富-移動法下之實證結果』國立中央大學產業經濟研究所未出版碩士論文，民國81 年
     7.蔣為峰，「企業購併與股東財富間關係之實證研究』，國立中與大學企業管理研究所未出版碩士論文，民國78 年
     8.顏鍚銘、彭一正，「台灣企業國際併購對股東財富影響之實證研究』，台銀季刊第44 卷第2 期，民國82 年6 月
     9.羅素良，『購併支付方式的理論探討與實證研究』，國立成功大學企業管理研究所未出版碩士論文，民國80 年
     二、英文部份
     1.Amiud, Y. , B. Lev and N. Travlos : " Corporate Control and The Choice of Investment Financing The Case of Corporate Acquisitions" Journal of Finance, June 1990 , pp603 - 616
     2.Asquith , P. : " Mergers Bids, Uncertainty and Stockholder Return" Journal of Financial Economics 11 ,1983, pp51 - 86
     3.Asquith ,P., R. Bruner and D. Mull ins : " The Gains to Bidding firms From Merger" Journal of Financial Economics ,Mar 1983 , pp121 - 140
     4.Auerbach, J. A. : " Meragers and Acquistions " Chicago :University of Chicago Press ,1988
     5.Bar-Yosef S. and L. D. Brown: " A Reexamination of Stock Splits Using Moving Betas" Journal of Finance ,Sep 1977 ,ppl069 - 1080
     6.Beattie , D. L. : " Conglomerate Diversification and Performance :A Survey and Time Series Analysis" Applied Economics 12,1980, pp251-273
     7. Blume, E. M. " On The Assessment of Risk" Journal of Finance ,Mar1971 , pp
     8.Bradley , M. ,A. Desai and E. Kim: " Synergistic Gains From Corporate Acquistions and Their Divison Between the Stock-holders of Target and Acquiring Firm" Journal of Financial Economics May 1988,pp 3 - 40
     9.Brown, D. and M. Ryngaert : " The Mode of Acquisition in takeovers Taxes and Asymmetric Information" Journal of Finance, June 1991,pp 653 - 669
     10.Brown, R. ,J. Durbin and Evans: "Techniqes for Testing the Constancy of Regrssion Relationships over Time" Journal of the Royal Statistical Society, Serier B. 37 , 1975
     11 .Brown, S. and J. Warner: " Measuring Security Price Performance" Journal of Financial Economics 8, 1980 , pp 205 -258
     12.Brown, S. and J. Warner : "Using Daily Stock Returns: The Case of Event Study" Journal of Financial Economics 14 , 1985 , pp3 -31
     13 .Chaney, P. ,L. Lovata and K. PhiIipich : " Acquiring Firm Characteristics and The Medium of Exchange" Quarterly Journal of Business and Economic ,Autumn 1991 , pp55 - 69
     14.Conn, R. and F. Connell : " International Mergers: Returns to U.S. and British Firms", Journal of Business finance and Accounting, Winter 1990 , pp689 - 711
     15 .Cooke, T. E. "International Mergers and Acquisitions" Basil Blacke-well ,1988, pp49 - 52
     16.Dodd, P. "Mergers Proposals, Management Discretion and stockholder wealth" , Journal of financial Economics 8, 1980, ppl05 - 138
     17.Doukas ,J. and N. Tralvos : "The Effect of Corporate Multinationalism on Shareholders` Wealth: Evidence From International Acquisition" , Journal of finance, Dec 1988, pp1161 - 1175
     18.Eckbo, B. E. : "Horizontal Mergers, Collusion and Stockholder Wealth" Journal of Financial Economics 11 ,1983 , pp 241 - 273
     19.Errunza, V. R. and L. W. Senbet : "international finance The Effects of International Operations on The Market Value of the Firm: Theory and Evidence" Journal of Finance may 1981 , pp 401 -417
     20 .Fama, E. E. , L. fisher, M. C. Jensen and R. Roll: " The Adjustment of Stock Prices to New Information" International Economic Review, Feb 1969
     21.Franks, J. R. and R. S. Harris: " Shareholder Wealth Effect of Corporate Takeovers:The U. K. Experience 1955 - 1985 " Journal of Financial Economics 23 , 1989 , pp 225 -249
     22 .Halpern, P. : "Empirical Estimates of The Amount of Distribution of Gains to Companies in Mergers" , Journal of Business 46 ,1973 , pp554- 575
     23.Hansen, R. " A Theory of The Medium of Exchange in Mergers and Acquisitions " Journal of Business 60, 1987 , pp75 - 96
     24.Harrington, S. E. : " The Relationship Between Risk and Return Evidence for Life Insurance Stocks" Journal of Risk and Insurance Dec
     1983 , pp587 - 610
     25.Harris, R. and D. Ravenscraft : " The Role of Acquistions in Foreign Direct Investment Evidence from The U.S. Stock Market ",Journal of finance ,Jul 1991 pp 825 - 844
     26.Hay, A. P. and Upton D. E. "A Shifting Regimes Approach to The Stationarity of The Market Model Parameters of Individual Securities" Journal of Financial and Quantitative Analysis ,Sep 1986 ,pp307- 321
     27.Jarrell, G. , J. Brickley and J . Netter: "The Market for Coporate Control :The Empirical Evdience Since 1980 " J Journal of Economic Perspectives Volume 2 ,1988 pp49 - 68
     28.Jarrell, G. , A. Poulsen : " The Returns to Acquiring firms In Tender Offers Evidence From Three Decades " Financial Management ,Autumn 1989 , pp 12 - 19
     29.Jensen, M. C. : " Agency Costs of Free Cash Flow, Corporate Finance and Takeover" American Economic Review, May 1986 , pp323 - 329
     30.Jensen, M. C. and R. Ruback: "The Market for Corporate Control: The Scientific Evidence" Journal of financial Economics 11 , 1983 , pp5-50
     31.Kim, E. and J. McConnell: “Corporate Mergers and The Co-Insurance of Corporate Debt" Journal of finance ,May 1977 ,pp 349 - 365
     32.Lee, C. H. : " Transfer of Technolgy from Japan and the United States to Korean Manufacturing Industries A Comparative Study" Hitotsub-as hi Journal of Economics 25 , Dec 1984 , pp 125 - 136
     33.Lewellen, W. G. :" A Pure Financial Rationale for The Conglomerate Merger " Journal of Finance ,May 1971 , pp 521 - 537
     34.Lewellen, W. , C. Loderer and A. Rosenfeld: " Merger Decisions and Executive Stock Ownership in Acquiring Firms" Journal of Accounting and Economics Apr 1985 , pp 209 - 232
     35 .Mandelker, G. "Risk and Return The Case of Merging Firms" Journal of Financial Economics, 1974 , pp 303 - 335
     36.McDonald, G. and W. D. Nichols: " Nostationarity of Beta and Test of Market Efficiency" Journal of Financial Resarch ,Winter 1984 , pp315- 322
     37 .Myers, S. and N. Majluf : " Corporate Financing and Investment Decisions When Firms Have Information that Investors Do Not Have" Journal of Financial Economics 13, 1984 , pp187 - 222
     38 .Roenfeldt, L. R. and G. L. Griepentrog and C. C. Pflanm : " Further Evidence on The Stationarity of Beta Coefficients" Journal of financial and Quantitative Analysis ,Mar 1978 , pp 117 - 121
     39.Roll, R. : "The Hurbis Hypothesis of Corporate Takerovers" Journal of Business, Apr 1986 , pp 197 - 216
     40.Schipper, K. and R. Thompson: " Evidence on the Capitalized Value of Merger Activity for Acquiring Firms" Journal of Financical Economics Mar 1983 , pp 85-120
     41.Seth, A. : " Value Creation in Acquistions : A Reexamination of Performance Issues· Strategic Managemant Journal 11, 1990 , pp 523 - 534
     42.Shaked, I., A. Michel and D. McClain : “The Foreign Acquirer Bonanza : Myth or Reality?" Journal of Business Finance and Accounting Apr 1991, pp 431 - 447
     43 .Singh, H. and C. A. Montgomery : " Corporate Acquistion Strategies and Economic Performance ,. Strategic Management Journal 8,1987, pp377-386
     44.Silhan, P. and H. Thomas: “Using Simulated Mergers to Evaluate Corporate Diversification Strategies" Strategic Managemant Journal 7,1986, pp 523 - 534
     45 .Smith, C. ”Investment Banking and The Capital Acquistion Process" Journal of Financial Economics ,Jan/Feb 1986 I pp 3 - 29
     46 .Stillman, R. " Examining Antitrust Policy Towards Horizontal Mergers” Journal of Financial Economics 11 , 1983 , pp 225 - 240
     47.Travlos, N. G. : "Corporate Takeover Bids, Methods of Payment and Bidding Firms` stock returns" Journal of Finance No4 , 1987 , pp 943- 964
     48 .Wansley, W., W. Lane and H. Yang : " Abnormal Return to Acquired Firms by Type of Acquisition and Method of Payment" Financial Management 12 , 1983 , pp16 - 22
     49 .Weston, J., K. Chung and S. Hoag : " Mergers, Restructuring and Corporate Control· Prentice Hall 1990 , pp 425 – 437
描述 碩士
國立政治大學
國際經營與貿易學系
G80351025
資料來源 http://thesis.lib.nccu.edu.tw/record/#B2002004173
資料類型 thesis
dc.contributor.advisor 顏錫銘zh_TW
dc.contributor.advisor Yan, Xi-Mingen_US
dc.contributor.author (Authors) 葉秋美zh_TW
dc.contributor.author (Authors) Ye, Qiu-Meien_US
dc.creator (作者) 葉秋美zh_TW
dc.creator (作者) Ye, Qiu-Meien_US
dc.date (日期) 1993en_US
dc.date.accessioned 29-Apr-2016 16:43:35 (UTC+8)-
dc.date.available 29-Apr-2016 16:43:35 (UTC+8)-
dc.date.issued (上傳時間) 29-Apr-2016 16:43:35 (UTC+8)-
dc.identifier (Other Identifiers) B2002004173en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/89012-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 國際經營與貿易學系zh_TW
dc.description (描述) G80351025zh_TW
dc.description.abstract (摘要) 嘗試放棄傳統事件研究法 (event study)的固定系統 ，先針對股價的結構變化點作檢定，找出子區間的分到傳統的方法，根據系統風險改變的時點找出估計期窗口(-5, 5)中 AR、CAR 的變化情形，以測試資本市告之反應，並試圖找出其可能的影響因素。實證結果告對主併公司的股東財富雖然有正面影響(僅1.82﹪) ，但整個宣告窗口的累積效果似乎不大；而跨國購併之間的差異(國際效果)，除了購併宣告當日外顯然另外，水平型態的購併事件與產業的技術密集程度之宣告日後才顯現出來，至於支付方式對宣告效果所產國外的實證結果不符，而購併成功與否對主併公司之顯。zh_TW
dc.description.tableofcontents 第一章緒論..........1
     第一節研究背景及動機..........1
     第二節研究目的及架構..........4
     第二章購併基本概念..........6
     第一節購併動機..........6
     第二節購併型態..........12
     第三章相關文獻回顧..........17
     第一節國內購併對公司股東財富之影響..........17
     第二節跨國購併對公司股東財富之影響..........25
     第三節主併公司利得之探討..........31
     第四章研究方法..........38
     第一節傳統固定系統風險的事件研究法..........38
     第二節系統風險穩定性之探討..........40
     第三節本文的研究方法..........42
     第五章實證結果..........46
     第一節樣本及實證研究限制..........46
     第二節實證結果及分析..........54
     第六章結論及建議..........72
     第一節結論..........72
     第二節建議..........73		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#B2002004173en_US
dc.subject (關鍵詞) 購併zh_TW
dc.subject (關鍵詞) 結構變化點zh_TW
dc.subject (關鍵詞) 事件研究法zh_TW
dc.subject (關鍵詞) 台灣zh_TW
dc.subject (關鍵詞) 股東zh_TW
dc.subject (關鍵詞) 購併宣告zh_TW
dc.subject (關鍵詞) Mergers & Acquisitionsen_US
dc.subject (關鍵詞) Structure changeen_US
dc.subject (關鍵詞) Event studyen_US
dc.subject (關鍵詞) International-tradeen_US
dc.subject (關鍵詞) Businessen_US
dc.title (題名) 台灣企業購併宣告對股東財富之影響zh_TW
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 一、中文部份
     1.王明傳，「台灣股票市場風險穩定位之實證研究』國立台灣工業技術學院未出版碩士論文，民國79 年
     2.伍忠賢「 國際購併』省屬行庫中小企業聯合輔導中心，民國八十年五月初版
     3.林玉樹，「上市公司股票系統風險之研究-製造業之實證』，私立淡江大學管理科學研究所未出版碩士論文，民國79 年
     4.林嬋娟，吳安妮，「台灣企業併購綜效及績效之實證研究」，會計評論第26 期， 民國81 年4 月
     5.陳坤銘，「從美、日兩國經驗展望台灣的企業合併」，經濟前瞻第21號，民國80 年1月10日
     6.張大成，「公司重整與股東財富-移動法下之實證結果』國立中央大學產業經濟研究所未出版碩士論文，民國81 年
     7.蔣為峰，「企業購併與股東財富間關係之實證研究』，國立中與大學企業管理研究所未出版碩士論文，民國78 年
     8.顏鍚銘、彭一正，「台灣企業國際併購對股東財富影響之實證研究』，台銀季刊第44 卷第2 期，民國82 年6 月
     9.羅素良，『購併支付方式的理論探討與實證研究』，國立成功大學企業管理研究所未出版碩士論文，民國80 年
     二、英文部份
     1.Amiud, Y. , B. Lev and N. Travlos : " Corporate Control and The Choice of Investment Financing The Case of Corporate Acquisitions" Journal of Finance, June 1990 , pp603 - 616
     2.Asquith , P. : " Mergers Bids, Uncertainty and Stockholder Return" Journal of Financial Economics 11 ,1983, pp51 - 86
     3.Asquith ,P., R. Bruner and D. Mull ins : " The Gains to Bidding firms From Merger" Journal of Financial Economics ,Mar 1983 , pp121 - 140
     4.Auerbach, J. A. : " Meragers and Acquistions " Chicago :University of Chicago Press ,1988
     5.Bar-Yosef S. and L. D. Brown: " A Reexamination of Stock Splits Using Moving Betas" Journal of Finance ,Sep 1977 ,ppl069 - 1080
     6.Beattie , D. L. : " Conglomerate Diversification and Performance :A Survey and Time Series Analysis" Applied Economics 12,1980, pp251-273
     7. Blume, E. M. " On The Assessment of Risk" Journal of Finance ,Mar1971 , pp
     8.Bradley , M. ,A. Desai and E. Kim: " Synergistic Gains From Corporate Acquistions and Their Divison Between the Stock-holders of Target and Acquiring Firm" Journal of Financial Economics May 1988,pp 3 - 40
     9.Brown, D. and M. Ryngaert : " The Mode of Acquisition in takeovers Taxes and Asymmetric Information" Journal of Finance, June 1991,pp 653 - 669
     10.Brown, R. ,J. Durbin and Evans: "Techniqes for Testing the Constancy of Regrssion Relationships over Time" Journal of the Royal Statistical Society, Serier B. 37 , 1975
     11 .Brown, S. and J. Warner: " Measuring Security Price Performance" Journal of Financial Economics 8, 1980 , pp 205 -258
     12.Brown, S. and J. Warner : "Using Daily Stock Returns: The Case of Event Study" Journal of Financial Economics 14 , 1985 , pp3 -31
     13 .Chaney, P. ,L. Lovata and K. PhiIipich : " Acquiring Firm Characteristics and The Medium of Exchange" Quarterly Journal of Business and Economic ,Autumn 1991 , pp55 - 69
     14.Conn, R. and F. Connell : " International Mergers: Returns to U.S. and British Firms", Journal of Business finance and Accounting, Winter 1990 , pp689 - 711
     15 .Cooke, T. E. "International Mergers and Acquisitions" Basil Blacke-well ,1988, pp49 - 52
     16.Dodd, P. "Mergers Proposals, Management Discretion and stockholder wealth" , Journal of financial Economics 8, 1980, ppl05 - 138
     17.Doukas ,J. and N. Tralvos : "The Effect of Corporate Multinationalism on Shareholders` Wealth: Evidence From International Acquisition" , Journal of finance, Dec 1988, pp1161 - 1175
     18.Eckbo, B. E. : "Horizontal Mergers, Collusion and Stockholder Wealth" Journal of Financial Economics 11 ,1983 , pp 241 - 273
     19.Errunza, V. R. and L. W. Senbet : "international finance The Effects of International Operations on The Market Value of the Firm: Theory and Evidence" Journal of Finance may 1981 , pp 401 -417
     20 .Fama, E. E. , L. fisher, M. C. Jensen and R. Roll: " The Adjustment of Stock Prices to New Information" International Economic Review, Feb 1969
     21.Franks, J. R. and R. S. Harris: " Shareholder Wealth Effect of Corporate Takeovers:The U. K. Experience 1955 - 1985 " Journal of Financial Economics 23 , 1989 , pp 225 -249
     22 .Halpern, P. : "Empirical Estimates of The Amount of Distribution of Gains to Companies in Mergers" , Journal of Business 46 ,1973 , pp554- 575
     23.Hansen, R. " A Theory of The Medium of Exchange in Mergers and Acquisitions " Journal of Business 60, 1987 , pp75 - 96
     24.Harrington, S. E. : " The Relationship Between Risk and Return Evidence for Life Insurance Stocks" Journal of Risk and Insurance Dec
     1983 , pp587 - 610
     25.Harris, R. and D. Ravenscraft : " The Role of Acquistions in Foreign Direct Investment Evidence from The U.S. Stock Market ",Journal of finance ,Jul 1991 pp 825 - 844
     26.Hay, A. P. and Upton D. E. "A Shifting Regimes Approach to The Stationarity of The Market Model Parameters of Individual Securities" Journal of Financial and Quantitative Analysis ,Sep 1986 ,pp307- 321
     27.Jarrell, G. , J. Brickley and J . Netter: "The Market for Coporate Control :The Empirical Evdience Since 1980 " J Journal of Economic Perspectives Volume 2 ,1988 pp49 - 68
     28.Jarrell, G. , A. Poulsen : " The Returns to Acquiring firms In Tender Offers Evidence From Three Decades " Financial Management ,Autumn 1989 , pp 12 - 19
     29.Jensen, M. C. : " Agency Costs of Free Cash Flow, Corporate Finance and Takeover" American Economic Review, May 1986 , pp323 - 329
     30.Jensen, M. C. and R. Ruback: "The Market for Corporate Control: The Scientific Evidence" Journal of financial Economics 11 , 1983 , pp5-50
     31.Kim, E. and J. McConnell: “Corporate Mergers and The Co-Insurance of Corporate Debt" Journal of finance ,May 1977 ,pp 349 - 365
     32.Lee, C. H. : " Transfer of Technolgy from Japan and the United States to Korean Manufacturing Industries A Comparative Study" Hitotsub-as hi Journal of Economics 25 , Dec 1984 , pp 125 - 136
     33.Lewellen, W. G. :" A Pure Financial Rationale for The Conglomerate Merger " Journal of Finance ,May 1971 , pp 521 - 537
     34.Lewellen, W. , C. Loderer and A. Rosenfeld: " Merger Decisions and Executive Stock Ownership in Acquiring Firms" Journal of Accounting and Economics Apr 1985 , pp 209 - 232
     35 .Mandelker, G. "Risk and Return The Case of Merging Firms" Journal of Financial Economics, 1974 , pp 303 - 335
     36.McDonald, G. and W. D. Nichols: " Nostationarity of Beta and Test of Market Efficiency" Journal of Financial Resarch ,Winter 1984 , pp315- 322
     37 .Myers, S. and N. Majluf : " Corporate Financing and Investment Decisions When Firms Have Information that Investors Do Not Have" Journal of Financial Economics 13, 1984 , pp187 - 222
     38 .Roenfeldt, L. R. and G. L. Griepentrog and C. C. Pflanm : " Further Evidence on The Stationarity of Beta Coefficients" Journal of financial and Quantitative Analysis ,Mar 1978 , pp 117 - 121
     39.Roll, R. : "The Hurbis Hypothesis of Corporate Takerovers" Journal of Business, Apr 1986 , pp 197 - 216
     40.Schipper, K. and R. Thompson: " Evidence on the Capitalized Value of Merger Activity for Acquiring Firms" Journal of Financical Economics Mar 1983 , pp 85-120
     41.Seth, A. : " Value Creation in Acquistions : A Reexamination of Performance Issues· Strategic Managemant Journal 11, 1990 , pp 523 - 534
     42.Shaked, I., A. Michel and D. McClain : “The Foreign Acquirer Bonanza : Myth or Reality?" Journal of Business Finance and Accounting Apr 1991, pp 431 - 447
     43 .Singh, H. and C. A. Montgomery : " Corporate Acquistion Strategies and Economic Performance ,. Strategic Management Journal 8,1987, pp377-386
     44.Silhan, P. and H. Thomas: “Using Simulated Mergers to Evaluate Corporate Diversification Strategies" Strategic Managemant Journal 7,1986, pp 523 - 534
     45 .Smith, C. ”Investment Banking and The Capital Acquistion Process" Journal of Financial Economics ,Jan/Feb 1986 I pp 3 - 29
     46 .Stillman, R. " Examining Antitrust Policy Towards Horizontal Mergers” Journal of Financial Economics 11 , 1983 , pp 225 - 240
     47.Travlos, N. G. : "Corporate Takeover Bids, Methods of Payment and Bidding Firms` stock returns" Journal of Finance No4 , 1987 , pp 943- 964
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