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題名 台灣企業國內外購併宣告對股價之影響
The Effect of Domestic and Foreign Acquisitions on Stock Prices in Taiwan
作者 葉以晨
貢獻者 譚丹琪
葉以晨
關鍵詞 跨國購併
事件研究法
異常報酬
台灣企業
日期 2015
上傳時間 20-Jul-2016 16:38:04 (UTC+8)
摘要 隨全球化趨勢的發展，愈來愈多企業希望能透過跨國購併使企業快速成長並增加企業競爭力，台灣在近十幾年來的跨國購併案件也明顯增加。本論文採用事件研究法，對2002年到2014年間台灣上市公司進行之併購案進行實證分析，透過檢測平均異常報酬與累積平均異常報酬，希望能了解購併宣告、跨國與否、時間先後與文化距離對主併公司股價之影響。
本研究結果發現: 1. 購併宣告可為主併公司帶來顯著正向的股票異常報酬。2. 國內、國外購併宣告之平均異常報酬檢定結果，兩者均產生正向顯著異常報酬。但經由差異檢定，國內外購併宣告之累積異常報酬並無顯著差異。3. 根據分期國內外累積異常報酬差異檢定，第一期與第二期之跨國購併報酬並無顯著差異，第三期在購併宣告日當天之累積異常報酬檢定結果是國內宣告效果顯著高於國外。4. 由平均異常報酬檢定，購併目標位在華人區與美加區的購併案都有顯著正向的平均異常報酬，而目標公司位於歐洲區的購併案出現顯著負向平均異常報酬。由差異檢定，華人區與美加區並未發現有顯著差異，華人區與美加區之累積異常報酬則各自顯著高於歐洲區的報酬，較遠文化距離並無證據顯示可為公司帶來更高的股價異常報酬。
參考文獻 一、 中文文獻
吳宜頻(2013)，「已開發國家食品產業跨國購併宣告效果之研究」，國立政治大學企業管理學系碩士論文。
李懷玉(2007)，「投資評等績效評估」，國立中山大學財務管理學系碩士論文。
沈中華、李建然(2000)，「事件研究法:財務與會計實證研究必備」，台北市:華泰出版社。
杜文禮、賴鈺城、謝永清(2004)，「金融全球化對國內金融機構發展之影響」，貨幣市場，8(4)，1-22。
林任達(2002),「台灣高科技及非高科技企業跨國購併宣告對股票報酬與財務績 效影響之研究」,中原大學企業管理研究所碩士論文。
林佳蓉(2008)，「台灣跨國併購與非跨國併購績效之研究」，國立政治大學會計學系碩士論文。
姚蕙芸(2001)，「企業購併類型、評價方法、及綜效之探討」，國立臺北商業技術學院學報，1，1-24。
梁韶芹(2011) ，「大中華地區跨國收購與企業經營績效之研究 」，東吳大學國際經營與貿易學系碩士論文。
陳安琳、湯惠雯、許銘峻(2000)，「企業購併對主併公司股東財富的影響」，亞太管理評論，5，171-182。
黃日燦(2012)，「台灣要升級全球"買"實力」，天下雜誌，502。
潘麗仙(2008) ，「台灣企業跨國併購宣告效果與資訊內涵」，國立台灣大學國際企業學系碩士論文。
薛伊琇(2010)，「開發中國家企業進行跨國購併對公司股東價值影響之實證研究」，政大國際經營與貿易學系碩士論文。
蘇倬漢(2010)，「台灣地區上市公司購併宣告對股東財富影響之研究」，國立中山大學企業管理學系碩士論文。
經理人月刊(2006)，「購併成功的7個關鍵」，經理人月刊網頁，http://www.managertoday.com.tw/articles/view/52。
二、 西文文獻
Ahammad, M. F. & Glaister, K. W. (2010). Motives for Cross Border Mergers and Acquisitions: Perspective of UK Firms. SSRN Working Paper Series, Retrieved from SSRN: http://ssrn.com/abstract=1549812
Aw, M., & Chatterjee, R. (2004). The performance of UK firms acquiring large cross-border and domestic takeover targets. Applied Financial Economics, 14, 337–349.
Aybar, B., & Ficici, A. (2009). Cross-border acquisitions and firm value: An analysis of emerging-market multinationals. Journal of International Business Studies, 40(8), 1317-1338.
Barkema, H. G., & Vermeulen, F. (1998) International expansion through start-up or acquisition: a learning perspective. Academy of Management Journal, 41(1), 7-27.
Beaver, W. H. (1982). Discussion of market-based empirical research in accounting: A review, interpretation, and extension. Journal of Accounting Research supplement, 20, 323-331.
Bhagat, S., Malhotra, S., & Zhu, P. C. (2011). Emerging country cross-border acquisitions: Characteristics, acquirer returns and cross-sectional determinants. Emerging Markets Review, 12, 250-271.
Boateng, A., & Glaister K. W. (2003). Strategic motives for international joint venture formation in Ghanal. Management International Review, 43(2), 107-128.
Bradley, M., Desai, A., & Kim E.H. (1988). Synergistic gains from corporate acquisitions and their division between the stockholders of target and acquiring firms. Journal of Financial Economics, 21(1), 3-40.
Buckley, P. J., & Casson, M (1976). The future of the multinational enterprise. London: Macmillan.
Buono, A. F., Bowditch, J. L., & Lewis, I. J. W. (1985). When cultures collide: The anatomy of a merger. Human Relations, 5, 477–500.
Caves, R.E. (1990). Corporate mergers in international economic integration. Working Paper, Centre for Economic Policy Research, Harvard University.
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Chen, Y. Y., & Young, M. N. (2010) Cross-border mergers and acquisitions by Chinese listed companies: A principal–principal perspective. Asia Pacific Journal of Management, 27(3), 523-539.
Coase, R. H. (1937). The nature of the firm. Economica, New Series, 4(16), 386-405.
Datta, D. K., & Puia, G. (1995). Cross-border acquisitions: An examination of the influence of relatedness and cultural fit on shareholder value creation in U.S. acquiring firms. Management International Review, 35(4), 337.
Davis, G. (1991). Agents without principle? The spread of poison pill through inter-corporate network. Administrative Science Quarterly, 36, 583-613.
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Dolley, J. C. (1933). Characteristics and procedure of common stock split-ups. Harvard Business Review, 11, 316–26.
Doukas, J., & Travlos, N. G. (1988). The effect of corporate multinationalism on shareholders’ wealth: Evidence from international acquisitions. Journal of Finance, 43, 1161-1175.
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Dunning, J. H. (1993). Multinational enterprises and the global economy. Wokingham: Addison-Wesley.
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描述 碩士
國立政治大學
國際經營與貿易學系
102351028
資料來源 http://thesis.lib.nccu.edu.tw/record/#G1023510281
資料類型 thesis
dc.contributor.advisor 譚丹琪zh_TW
dc.contributor.author (Authors) 葉以晨zh_TW
dc.creator (作者) 葉以晨zh_TW
dc.date (日期) 2015en_US
dc.date.accessioned 20-Jul-2016 16:38:04 (UTC+8)-
dc.date.available 20-Jul-2016 16:38:04 (UTC+8)-
dc.date.issued (上傳時間) 20-Jul-2016 16:38:04 (UTC+8)-
dc.identifier (Other Identifiers) G1023510281en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/99288-
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) 102351028zh_TW
dc.description.abstract (摘要) 隨全球化趨勢的發展，愈來愈多企業希望能透過跨國購併使企業快速成長並增加企業競爭力，台灣在近十幾年來的跨國購併案件也明顯增加。本論文採用事件研究法，對2002年到2014年間台灣上市公司進行之併購案進行實證分析，透過檢測平均異常報酬與累積平均異常報酬，希望能了解購併宣告、跨國與否、時間先後與文化距離對主併公司股價之影響。
本研究結果發現: 1. 購併宣告可為主併公司帶來顯著正向的股票異常報酬。2. 國內、國外購併宣告之平均異常報酬檢定結果，兩者均產生正向顯著異常報酬。但經由差異檢定，國內外購併宣告之累積異常報酬並無顯著差異。3. 根據分期國內外累積異常報酬差異檢定，第一期與第二期之跨國購併報酬並無顯著差異，第三期在購併宣告日當天之累積異常報酬檢定結果是國內宣告效果顯著高於國外。4. 由平均異常報酬檢定，購併目標位在華人區與美加區的購併案都有顯著正向的平均異常報酬，而目標公司位於歐洲區的購併案出現顯著負向平均異常報酬。由差異檢定，華人區與美加區並未發現有顯著差異，華人區與美加區之累積異常報酬則各自顯著高於歐洲區的報酬，較遠文化距離並無證據顯示可為公司帶來更高的股價異常報酬。		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 研究問題 2
第二章 文獻探討 3
第一節 購併定義與類型 3
第二節 跨國購併之動機 6
第三節 購併績效文獻探討 9
第三章 研究設計 20
第一節 研究假說 20
第二節 研究方法 23
第四章 結果分析 36
第一節 樣本特性 36
第二節 異常報酬分析 39
第五章 結論與建議 60
第一節 研究結論 60
第二節 研究限制與未來研究方向 62
第三節 管理意涵 63
參考文獻 64
一、 中文文獻 64
二、 西文文獻 65		zh_TW
dc.format.extent 2072381 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G1023510281en_US
dc.subject (關鍵詞) 跨國購併zh_TW
dc.subject (關鍵詞) 事件研究法zh_TW
dc.subject (關鍵詞) 異常報酬zh_TW
dc.subject (關鍵詞) 台灣企業zh_TW
dc.title (題名) 台灣企業國內外購併宣告對股價之影響zh_TW
dc.title (題名) The Effect of Domestic and Foreign Acquisitions on Stock Prices in Taiwanen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 一、 中文文獻
吳宜頻(2013)，「已開發國家食品產業跨國購併宣告效果之研究」，國立政治大學企業管理學系碩士論文。
李懷玉(2007)，「投資評等績效評估」，國立中山大學財務管理學系碩士論文。
沈中華、李建然(2000)，「事件研究法:財務與會計實證研究必備」，台北市:華泰出版社。
杜文禮、賴鈺城、謝永清(2004)，「金融全球化對國內金融機構發展之影響」，貨幣市場，8(4)，1-22。
林任達(2002),「台灣高科技及非高科技企業跨國購併宣告對股票報酬與財務績 效影響之研究」,中原大學企業管理研究所碩士論文。
林佳蓉(2008)，「台灣跨國併購與非跨國併購績效之研究」，國立政治大學會計學系碩士論文。
姚蕙芸(2001)，「企業購併類型、評價方法、及綜效之探討」，國立臺北商業技術學院學報，1，1-24。
梁韶芹(2011) ，「大中華地區跨國收購與企業經營績效之研究 」，東吳大學國際經營與貿易學系碩士論文。
陳安琳、湯惠雯、許銘峻(2000)，「企業購併對主併公司股東財富的影響」，亞太管理評論，5，171-182。
黃日燦(2012)，「台灣要升級全球"買"實力」，天下雜誌，502。
潘麗仙(2008) ，「台灣企業跨國併購宣告效果與資訊內涵」，國立台灣大學國際企業學系碩士論文。
薛伊琇(2010)，「開發中國家企業進行跨國購併對公司股東價值影響之實證研究」，政大國際經營與貿易學系碩士論文。
蘇倬漢(2010)，「台灣地區上市公司購併宣告對股東財富影響之研究」，國立中山大學企業管理學系碩士論文。
經理人月刊(2006)，「購併成功的7個關鍵」，經理人月刊網頁，http://www.managertoday.com.tw/articles/view/52。
二、 西文文獻
Ahammad, M. F. & Glaister, K. W. (2010). Motives for Cross Border Mergers and Acquisitions: Perspective of UK Firms. SSRN Working Paper Series, Retrieved from SSRN: http://ssrn.com/abstract=1549812
Aw, M., & Chatterjee, R. (2004). The performance of UK firms acquiring large cross-border and domestic takeover targets. Applied Financial Economics, 14, 337–349.
Aybar, B., & Ficici, A. (2009). Cross-border acquisitions and firm value: An analysis of emerging-market multinationals. Journal of International Business Studies, 40(8), 1317-1338.
Barkema, H. G., & Vermeulen, F. (1998) International expansion through start-up or acquisition: a learning perspective. Academy of Management Journal, 41(1), 7-27.
Beaver, W. H. (1982). Discussion of market-based empirical research in accounting: A review, interpretation, and extension. Journal of Accounting Research supplement, 20, 323-331.
Bhagat, S., Malhotra, S., & Zhu, P. C. (2011). Emerging country cross-border acquisitions: Characteristics, acquirer returns and cross-sectional determinants. Emerging Markets Review, 12, 250-271.
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