臺灣博碩士論文加值系統

本研究以2002 年至2007 年台灣上市櫃公司之購併案件為研究對象，探討主
併公司短期股票價格在購併宣告日前後之反應以及長期財務績效。實證結果顯
示，就短期而言，主併公司在購併宣告日當天有顯著為正的股價超常報酬，而且
主要是集中在主併公司有較高的Tobin’s Q 或較高的市值時，與主、被併公司為同
業的情況。且合併案件會比收購案件有較高的股價超常報酬，另外，以產業別來
看，短期超常報酬主要是集中在紡織業、電腦週邊設備與電子零組件產業。在橫
斷面複迴歸中，負債比率、銷貨成長率與公司規模會對電子產業之購併宣告前一
日及當日的累積超常報酬造成顯著的影響。本文也以長期財務指標來分析企業的
綜效效果，實證顯示，台灣上市櫃公司在購併後之長期表現能達到市場綜效，顯
示購併案對台灣企業長期而言，對市佔率的提升會有正面的影響。

This paper investigates the short-term market impact and long-term financial
performance of company listed on Taiwan stock exchange corporation and over the
counter market during 2002 to 2007. Acquires earn significant positive short-run
abnormal returns when they have higher Tobin’s Q,higher market value,the target is in
the same industry and merger event. By partition the sample by industry. The textile
industry, computer and peripheral equipment industry and electronic parts/components
industry have significantly positive short-term standard abnormal returns. The
multi-regression model indicates that CAR(-1,0) of the electronic industry significantly
affected by debt ratio,sales growth and acquirer’s market value.
Synergy is the main motive for M&A. This study also examines long term
financial performance and find that, after M&A, acquirer may earn the synergy effect,
including operating, financial and market synergy, this result indicate that M&A can
bring better short term stock performance and long term market share for M&A
acquirers.

目錄
摘要........................................................................................................................................... i
ABSTRACT .............................................................................................................................. ii
誌謝......................................................................................................................................... iii
目錄....................................................................................................................................... iv
表目錄...................................................................................................................................... v
圖目錄..................................................................................................................................... vi
壹、 緒論.......................................................................................................................... 1
貳、 文獻探討................................................................................................................. 3
一、 購併類型......................................................................................................... 3
二、 購併會計處理方法........................................................................................ 4
三、 與購併相關之理論........................................................................................ 5
四、 購併效率理論................................................................................................ 5
五、 影響購併績效的因素.................................................................................... 6
六、 研究購併後績效之方法............................................................................... 9
參、 研究方法............................................................................................................... 10
一、 資料來源與樣本選取.................................................................................. 10
二、 實證模型....................................................................................................... 10
肆、 實證結果與分析................................................................................................... 18
一、 樣本來源與敘述統計.................................................................................. 18
二、 超常報酬率統計檢定方法......................................................................... 19
三、 購併短期績效分析...................................................................................... 21
四、 主併公司宣告期間超常報酬-橫斷面複迴歸分析................................. 43
五、 長期績效分析.............................................................................................. 47
伍、 結論與建議........................................................................................................... 49
參考文獻............................................................................................................................... 51
表目錄
表3-1 綜效指標變數定義表---------------------------------------------------------------------- 17
表4-1 總研究樣本之產業分佈與宣告年度表------------------------------------------------ 18
表4-2 電子業樣本之產業分佈與宣告年度表------------------------------------------------ 19
表4-3 總樣本購併宣告期間之SAR、SCAR ------------------------------------------------- 24
表4-4 同業購併與異業購併宣告期間之SAR、SCAR ------------------------------------ 26
表4-5 合併與收購宣告日期間之SAR、SCAR ---------------------------------------------- 30
表4-6 樣本依Tobin’s Q 分類後，購併宣告期間之SAR、SCAR ---------------------- 32
表4-7.總樣本依市值大小分類-------------------------------------------------------------------- 34
表4-8 總樣本依市值大小分類後事件期間之SAR ----------------------------------------- 35
表4-9 總樣本依市值大小分類後事件期間之SCAR --------------------------------------- 37
表4-10 電子產業與非電子產業購併宣告期間之SAR、SCAR ------------------------- 40
表4-11 樣本依產業分類後各事件窗口之SAR、SCAR ----------------------------------- 42
表4-12 以OLS 進行市場模式所的CAR(-1,0)之複迴歸結果-------------------------------- 45
表4-13 以GARCH 進行市場模式所的CAR(-1,0)之複迴歸結果--------------------------- 46
表4-14 綜效指標迴歸結果------------------------------------------------------------------------ 48
圖目錄
圖3-1 事件研究之參數設定---------------------------------------------------------------------- 11
圖4-1 總樣本購併宣告期間之SAR、SCAR ------------------------------------------------- 23
圖4-2 同業與異業購併宣告期間之SAR、SCAR------------------------------------------- 25
圖4-3 合併與收購宣告期間之SAR、SCAR ------------------------------------------------- 29
圖4-4 樣本依Tobin’s Q 分類後，購併宣告期間之SAR、SCAR -------------------- 33
圖4-5 電子產業與非電子產業購併宣告期間之SAR、SCAR --------------------------- 39

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