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研究生:劉思妤
研究生(外文):Szu-YuLiu
論文名稱:產業競爭與股票市場對於公司宣告多角化的反應
論文名稱(外文):Industry Competition and Stock Market Reaction to Announcement of Corporate Diversification
指導教授:張紹基張紹基引用關係
指導教授(外文):Shao-Chi Chang
學位類別:碩士
校院名稱:國立成功大學
系所名稱:國際企業研究所碩博士班
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2012
畢業學年度:100
語文別:英文
論文頁數:34
中文關鍵詞:多角化股價表現
外文關鍵詞:M&ADiversificationStock Market Reaction
相關次數:
  • 被引用被引用:0
  • 點閱點閱:97
  • 評分評分:
  • 下載下載:7
  • 收藏至我的研究室書目清單書目收藏:0
先前的研究多著重在公司多角化是否會影響公司價值,Lang and Stulz (1994) 提出多角化可能會減損公司價值,而Villalonga (2004b) 則從不同的衡量方法中多角化不會造成折價的現象。因此,Santalo and Becerra (2008) 針對產業特性的部分,提出當公司多角化進入的產業具有較少的競爭者專精在該產業的話,多角化不但不會造成折價反而會有溢酬產生。因此我以投資者的角度延伸探討Santalo and Becerra (2008) 的論點,並作更進一步的測試當公司多角化進入專精競爭者較少的產業,是否會有較好的股價表現。實證結果發現,當公司多角化進入新產業,該產業中專精競爭者的數量與多角化公司的異常報酬呈現顯著且負向相關的關係,此結果也支持Santalo and Becerra (2008) 提出的論點。
Previous studies focus on the whether M&As influence the corporate value or not. Lang and Stulz (1994) point out that diversification may destroys the firm value. However, Villalonga (2004b) finds evidence of a diversification premium by using different measurement. Santalo and Becerra (2008) find that firms enjoy a premium in those industries in which only a few focus firms compete. To measure whether the argument that firms diversifying into industries with more diversified rivals are expected to experience greater stock market reactions than those into industries with more focused rivals is considered by investors or not. I follow the Santalo and Becerra (2008) idea to interpret and discuss the results. Moreover I highlight the theoretical and practical implications in my findings. The result shows that firms diversifying into new industry, the number of focus firms are significantly and negatively correlated with abnormal return of acquiring firm. The evidence is robust to different event windows and different measure of control variables. The result supports the idea of Santalo and Becerra (2008).
Chapter 1 Introduction 1
Chapter 2 Literature Review and Hypothesis 5
Chapter 3 Data and Methodology 11
3.1 Sample and Methodology 11
3.2 Definition and measure of the variables 14
Chapter 4 Empirical Results 19
4.1 Sample Description 19
4.2 The Analysis of Focus Firms 22
4.3 Cross-Sectional Regression Model 23
4.4 Additional Robustness Tests 26
Chapter 5 Conclusion 29
5.1 Theoretical Implication 29
5.2 Limitation and Suggestion 30
References 32

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