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    題名: 併購決策與主併公司股東權益報酬之研究 : 以臺灣上市(櫃)公司為例
    其他題名: Study of M&A decision and the stockholder's equity return of acquiring firms : the perspective of Taiwan listed companies
    作者: 陳啟典;Chen, Chi-tien
    貢獻者: 淡江大學國際商學碩士在職專班
    林志鴻;Lin, Jyh-horng
    關鍵詞: 股東權益報酬;三因子模型;五因子模型;Stockholder’s Equity Return;Three-Factor Model;Five-Factor Model
    日期: 2009
    上傳時間: 2010-01-11 01:50:40 (UTC+8)
    摘要: 本研究是研究探討我國上市(櫃)公司,宣告實施併購活動後,不同投資期間股東權益報酬,另也針對不同的投資期間進行基準模型之檢定力與配適度。本研究採用Fama and French(1993)提出的市場因素、公司規模、淨值市價比等三因子模型為主要研究架構,加入動能以及交易量因素形成一個五因子模型,探討這五個變數對主併公司併購活動宣告後,對股東權益報酬之解釋力,以驗證各效應的存在與否,並檢視何者才是解釋股東權益報酬的基礎
    。經由本研究探討,歸納結論如下:

    一、市場因素並非解釋股東權益報酬唯一因素,然市場因素對主併公司股東權益報酬率具有明顯的影響力,即股東的平均報酬的確包含系統風險的補償,但股票交易的週轉率對於股東權益報酬亦存在顯著的影響力。

    二、非傳統產業大多從事相關產業的併購活動,有助於強化主併公司之研發技術與擴大營運規模,同時藉整合業務暨市場資源,快速達到經濟規模,相較於傳統產業較容易達到營運綜效。再者,非傳統產業以併購活動進行資源、技術或市場整合,較能被投資大眾場青睞。

    三、企業進行相關產業購併活動時,相關購併較能發揮綜效。至於企業進行非相關產業購併活動,則能有效將資金分配至不同產業,增加現金流量及穩定性,分散財務風險,獲得所謂「財務綜效」。

    四、價值型主併公司的超額報酬率,其檢定結果為顯著;成長型主併公司的超額報酬率,其檢定結果並不顯著。價值型主併公司股票在實施併購宣告之前,股價有被低估之虞,且主併公司實施併購活動之後,其超額報酬表現又優於成長型主併公司股票的表現。
    The thesis analysis about the listed companies in Taiwan which being announced as Merger and Acquirement (M&A), the effect of stockholder’s
    equity return among different investment horizons. Three-Factor model (Fama and French,1993) was utilized as the fundemental structure for this study. We also utilize the three-factor model and then develop five-factor model for capital assets pricing(three-factor added with momentum and trading volume factors), to examine which one would be the significant effect on stockholder’s equity return of the acquiring firms. The result was as the following statements:

    1.Market factor is not the noly factor with significant influence on the stockholder’s equity return of acquiring firms, even stockholder’s average return is inclusive of system risk. Trading volume is also the other factor to be with significant influence on the stockholder’s equity return of acquiring firms.

    2.While execute the M&A,un-tranditional industries would achieve the economies of scale rapidly, it achieve the operation synergy easier by business resource integrated, and with better performance than tranditional industries execute the M&A.

    3.M&A activities among related industries would be with significant operating synergy than un-related industries, M&A activities among un-related industries would achieve financial synergy, caused by cash flow usefully allocated and then financial risk eliminated.

    4.The statistics test for the value acquiring firms about abnormal return is significant, but it led to non-significant statistics test for growth acquiring firms. In respect of stock price after M&A announced, value acquiring firms would be better performance than growth acquiring firms.
    顯示於類別:[國際企業學系暨研究所] 學位論文

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