臺灣博碩士論文加值系統

本文研究探討台灣地區在購倂風潮下，上市公司執行購倂活動與股東財富的相關性。對1992年至2007年間112件購倂宣告樣本進行報酬分析與迴歸檢定，其中對變數的設定為選取購倂事件前，市場對購倂活動的反應與活絡狀況，觀察購倂動能對短期與長期績效產生的變化，並依動能分組，觀察分組下的報酬趨勢。研究結果發現購倂動能在台灣市場並不明確，尤其是短期的市場反應，購倂動能在迴歸的檢測下沒有顯著的結果；但在探討長期績效時，若購倂宣告是在購倂活動密集發生的時候，長期報酬會呈現反轉的跡象，而宣告購倂活動前市場上購倂活動有不錯的績效時，反而會牽動主併公司長期報酬有較好的表現。

The paper is to examine the relations between the shareholders’ wealth of public firms and merge momentum from 1992 to 2007, applying portfolio and regression analyses for the short-run and long-run performances. The evidence shows that the short-run effect of merge momentum is uncertain. However, following merging activities, bidder’s return reverse in the long run if merge announcements are intensive, but the more the positive return the bidder has in the short run, the more improvements shareholder’s wealth will have in the long run.

摘要.................................................. I
目錄.................................................. III
圖表.................................................. IV
1. 前言............................................... 1
2. 相關文獻........................................... 3
3. 資料來源........................................... 5
4. 研究方法........................................... 7
4.1控制變數........................................... 7
4.2購倂動能變數....................................... 8
4.3 日曆時間序列投資組合（Calendar-time portfolio）... 10
5. 實證結果與分析..................................... 13
5.1基本資料統計....................................... 13
5.2短期績效與動能反應分析............................. 14
5.3購倂後短期績效的迴歸估計結果....................... 17
5.4長期績效與動能反應分析............................. 17
5.5購倂後長期績效的迴歸估計結果....................... 19
6. 結論............................................... 21
參考文獻.............................................. 32

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