臺灣博碩士論文加值系統

　　在過去10年所進行的許多購併案件中，主併公司是否真能因購併活動而對其股東財富產生正面效益，此乃值得探討之問題。當企業從事購併消息揭露時，訊息的傳遞及對股東報酬的影響為本研究所要討論的重點。本研究以上市公司於1989年至2000年宣佈購併事件共146個樣本，採用事件研究法進行實證分析。由於傳統市場模式並未考量殘差項異質變異之情形，故本研究改採一般化自身迴歸異質變異數法(GARCH)估計市場模式。實證結果顯示：
　
1.國內上市公司購併宣告當天對主併公司股東報酬率有顯著的正向　效果。
2.高科技產業購併宣告對股東報酬率有正向效果。
3.相關性購併宣告對股東報酬率具有正面宣告效果。
4.在國外購併宣告日當天對股東報酬率有著正向的報酬率。
5.迴歸結果可發現購併地區、產業的相關性、過去績效表現等變數　對主併公司累積異常報酬率有顯著解釋能力。

　　The merger and acquisition (M&A) behaviors in Taiwan have grown rapidly for last ten years. By means of M&A activities, the enterprises of Taiwan are able to acquire more technology, know-how, capital, and resources of customers.
Obviously, it is the shortcut for the enterprises of Taiwan to improve their competition. For M&A cases happened in the last ten years, whether the M&A activities increase the stockholder’s wealth of merging companies is worthy to discuss. When the information of M&A activities is revealed, how do the stock prices change as time goes by? And will the declaration effect influence the stock prices in the short run? This research collects 146 samples of the M&A events declared from 1989 to 2000 and uses the event study method to analyze empirically. Since traditional market model does not take the residual variances into consideration, this research adopts GARCH model to estimate the results. The empirical results are as follows:
　
1. The M&A activities of the public-listed companies in Taiwan positively affect the stock rate of return on the declaration day.
2. The declaration of M&A activities positively influences the return of the stock prices of the Hi-tech industry.
3. The declaration of relevant M&A activities affects the stock prices positively.
4. The declaration of the foreign countries M&A activities in influences the stock prices in a positive way.
5. Variables including M&A area, the relationship of industry, the firm’s past performance, etc, have significant explanatory power for the accumulated abnormal rate of return.

論文口試委員審定書 iii
版權宣告 iv
目錄 vii
表目錄 ix
圖目錄 x
　
第一章 緒論 1
第一節 前言 2
第二節 研究背景與動機 3
第三節 研究目的 3
第四節 研究流程及論文架構 4
　
第二章 文獻探討 5
第一節 購併動機之理論文獻探討 5
第二節 購併宣告之相關實證文獻探討 6
第三節 文獻小結 12
　
第三章 研究設計 13
第一節 研究流程圖 13
第二節 研究樣本、資料來源及選樣標準 14
第三節 研究方法 16
　
第四章 實證結果與分析 28
第一節 樣本特性 28
第二節 資料檢定 31
第三節 事件期異常報酬率分析 32
第四節 實證小結 47
　
第五章 結論與建議 50
第一節 結論 48
第二節 研究限制與後續研究建議50
　
參考文獻 51
附錄 購併宣告全體樣本 55

中文部份
1.洪麗惠(1995)， 「購併宣告對股東財富的影響-Jensen閒餘現金 流量與Tobin’s Q 兩假說之驗證」，東吳大學管理研究所碩士論文。
　
2.翁霓與杜曉君(2003)，「主併公司特質及購併型態對股東財富影響之研究-以台灣上市公司為例。」, 東吳大學商學學報，第四十四期，55-79頁。
　
3.孫梅瑞與陳隆麒(2002)，「台灣地區上市公司從事購併活動對經營績效影響之研究」，中山管理評論，第十卷第一期，155-184頁。
　
4.陳匯中(1995 )，「上市公司購併宣告對股東財富的影響」，國立政治大學企業管理研究所碩士論文。
　
5.陳可欣(2001)，「台灣企業跨國購併宣告對股東財富的影響」，高雄第一科技大學財務管理研究所碩士論文 。
　
6.陳若暉與林任達(2005)，「台灣高科技及非高科技企業跨國購併對財務績效影響之研究」，中原學報，第三十三卷第二期，133-148頁。
　
７.葉秋美與顏錫銘(1993 )，「台灣企業海內外購併支付方式對股東財富之影響」，台灣銀行季刊，第四十五卷第四期，24-35頁。
　
8.彭一正(1992)，「台灣企業進行國際購併對股東財富影響之實證」，輔仁大學理學研究碩士論文。
　
10.蔣為峰(1989)，「企業購併與股東財富關係之實證研究」，國立中興大學企業管理研究所碩士論文。
　
11.謝惠貞(1997)，「購併活動對國內上市主併公司價值影響」，國立台灣大學會計學研究所士論文。
　
12.簡秀薇(1998)，「股權結構與購併宣告對股價之影響」，淡江大學企業管理研究所碩士論文。
　
13.羅素良(1991)，「購併支付方式之理論探討與實證研究」，國立成功大學企業管理研究所碩士論文。
　
14.羅明敏與呂兆文(1995)，「台灣企業海內外購併宣告對主併公司股東財富影響之實證研究」，臺灣銀行季刊第五十二卷第三期，83-101頁。
　
西文部份
1.Asquith, P. Robert, F. and W. David(1983), “The Gains to Bidding Firms from Merger,” Journal of Financial Economics, Vol.11, pp.121-139.
　
2.Agrawal, A., J.F., Jaffe and G. Mandelker(1992), “The Post-Merger Performance of Acquiring Firms: A Re-Examination of An Anomaly,” Joural of Finance, Vol.47, pp.1605-1621.
　
3.Bradley, M.A, A. Deasi and E.H. Kim(1988), “Synergistic Gains from Corporate Acquisitions and Their Division between The Stockholders of Target and Acquiring Firms,” Journal of Financial Economics, Vol.21, pp.3-40.
　
4.Brenner, M.(1979), “The Sensitivity of the Efficient Market Hypothesis to Altemative Specifications of the Market Model,” Jourmal of Finance, Vol.34, pp.915-929.
　
5.Boehmer E., J. Musumeci and A. Poulsen(1991), “Event Study Methodology under Conditions of event-induced variance,” Journal of Financial Economics, Vol.30, pp.253-272.
　
6.Bollerslev, T.(1986),“Generalized Autoregressiv Conditional Heteroscedasticity, ”Journal of Econometrics, Vol.31, pp.307-327.
　
7.Breusch, T.(1978), “Testing for Autocorrelation in Dynamic Linear Models,” Australian Economic Papers, 17, pp.334-355.
　
8.Bachman, D., Choi, J., Jeon, B. and J. Kenneth(1996), “Common factors in international stockprices: evidence from a cointegration study, ”International Review of Financial Analysis, 5(1):pp.39-53.
　
9.Copeland, Thomas E. and J. Fred Weston(1988), Financial Theory and Corporate Policy, 3rd Ed, Addison Wesley.
　
10.Draper, P. and K. Paudyal(1999), “Corporate Takeovers: Mode of Payment, Return and Trading Activity,” Journal of Business Finance and Accounting, June/July, pp.521-555.
　
11.Dodd, P.(1980), “Mergers Proposals, Management Decision and Stockholder Wealth,” Journal of Financial Economics, Vol.45, pp.105-138.
　
12.Doukas, J. and Nickolaos G. Travlos(1988), “The Effect of Corporate Multinationalism on Shareholders’ Wealth: Evidence from International Acquisitions,” The Journal of Finance, Vol.38, pp.1161-1175.
　
13.Engle(1982), “Autoregressive Conditional Heteroskedasticity with Estimates of the Variance of United Kingdom in Action,” Econometrica, Vol.50(4), pp.987-1007.
　
14.Fama, E. F., L. Fisher, M. C. Jensen and R. Roll(1969), “The Adjustment of Stock Prices to New Information,” International Economic Review, Vol.10, pp.1-21.
　
15.Jensen, M.C. and W.C. Meckling(1976), “Theory of the Firm: Managerial Behavior, Agency Costs and Capital Structure,” Journal of Financial Economics, Vol.3, pp.305-360.
　
16.Kiymaz, H. and T. K. Mukherjce(2000), “The Impact of Country Diversificationon Wealth Effects in Cross-Border Mergers,” The Financial Review , Vol.35, pp.37-58.
　
17.Levy, H. and M. Sarnat(1970), “International diversification of investment portfolios,” American Economic Review, Vol.60, pp.668-675.
　
18.Loughran T. and M. Vijh(1997), “Do Long-Term Shareholders benefit from Corporate Acquisitions?” Journal of Finance, Vol.5, pp.1765-1790.
　
19.Mandelker, G.(1974). “Risk and Return: The Case of Merging Firm,” Journal of Financial Economics, Vol.24, pp.303-335.
　
20.Patell, James M.(1976), “Corporate forecasts of earnings per share and stock price behavior: Empirical tests,” Journal of Accounting Research, Vol.14(2), pp.246-274.
　
21.Richard, R.(1986), “ The hubris Hypothesis of Corporate Takeover,” Journal of Bussiness, Vol.59, pp.197-216.
　
22.Said, S.E. and Dickey, D.A.(1984), “Testing for Unit Roots in Autoregressive-Moving Average Models of Unknown Order,” Biometrika, Vol.71, pp.599-607.
　
23.Scherer, F.M. and D. Ross(1990), Industrial Market Structure and Economic Performance, Boston: Houghton Mifflin Company.
　
24.Shelton L. M.(2000), “Merger Market Dynamics: Insight into the Behavior of Target and Bidder Firms,” Journal of Economic Behavior and Organization, Vol.41, pp.363-383.
　
25.Travlos, Nickolaos, G.(1987), “Corporate Takeover Bids, Methods of Payment, and Bidding Firms’ Stock Return,” Journal of Finance, Vol.42, pp.943-963.