臺灣博碩士論文加值系統

本文主要探討企業生命週期對主併公司的宣告效果是否有影響，研究對象為2009年到2017年的台灣上市櫃公司，參考Anthony and Ramesh (1992)及Bens, Nagar and Wong (2002)的方法將主併公司分為成長期、成熟期及衰退期三組，再以事件研究法的市場模式進行檢驗，並進一步以產業及公司規模分別探討。實證結果顯示，主併公司在生命週期每個階段皆有正向的購併宣告效果；以產業區分樣本，發現電子業的主併公司進行購併宣告的累積異常報酬高於非電子業，特別是在成熟期；以公司規模大小區分樣本，發現不論以資本額或是市值區分公司大小，發現小型公司購併宣告的累積異常報酬高於大型公司，顯示存在規模效應；隨著生命週期變化，小型公司購併宣告的累積異常報酬由小到大增加；最後以符號檢定法檢驗，發現衰退期的電子業及成長期的小型公司在宣告日前一天有顯著負向異常報酬。

This paper mainly investigates whether the life cycle has an impact on the announcement effect of acquirers. This paper uses the stock samples of Taiwan from 2009 to 2017. Using the research methods of Anthony and Ramesh (1992) and Bens, Nagar, and Wong (2002), I classify the acquirers in Taiwan by their life cycles: growth, maturity, and decline stages. Then I examine the abnormal returns by using the event study with the market model, and I further investigate the results separately by acquirers’ industry and sizes. Results show that acquirers have positive announcement effect of takeovers at each stage of the life cycle. Divided the samples by industry, it is found that the cumulative abnormal returns of the electronics acquirers are higher than those of the non-electronic samples, especially at the maturity stage. Divided the sample by size, it is found that whether the sample divided by capital or market value, the small companies have better cumulative abnormal returns than do big companies, and it confirms the size effect. Besides, as the life cycle changes, the cumulative abnormal returns of small companies changed from small to large. Finally, using sign test, I find that the declining electronics and the growing small companies report significant negative abnormal returns on the day before the announcements.

壹、前言1
第一節 研究背景與動機1
第二節 研究目的3
貳、文獻探討4
第一節 企業購併相關文獻4
第二節 生命週期相關文獻7
第三節 規模效應相關文獻9
參、研究方法10
第一節 研究假說10
第二節 樣本組成10
第三節 研究方法12
肆、實證分析20
第一節 樣本敘述統計20
第二節 實證結果分析23
伍、結論26
第一節 研究結論20
第二節 研究限制與建議20
參考文獻29
附錄34

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