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研究生:周傳富
研究生(外文):Chou Chuan Fu
論文名稱:媒體報導對併購事件宣告效果的影響
論文名稱(外文):The Impact of Media Coverage for M&A Announcement Effects
指導教授:王祝三王祝三引用關係
指導教授(外文):WANG, CHU-SAN
口試委員:陳若暉林美珍
口試委員(外文):Jo-Hui ChenLin, Mei-Chen
口試日期:2012-06-15
學位類別:碩士
校院名稱:國立臺北大學
系所名稱:企業管理學系
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:中文
論文頁數:58
中文關鍵詞:媒體報導併購宣告支付方式
外文關鍵詞:Media CoverageAcquiring Announcement EffectPayment Method
相關次數:
  • 被引用被引用:2
  • 點閱點閱:258
  • 評分評分:
  • 下載下載:23
  • 收藏至我的研究室書目清單書目收藏:0
在過去的文獻中,諸如Stephens and Weisgach (1998)、Sherman and Titman (2002)和Liu, Sherman and Zhang (2007)等許多的學者都證實了媒體的報導會影響公司重大事件的宣告效果,這些事件涵蓋初次公開發行(IPO)及庫藏股等。然而,在這麼多媒體報導影響金融市場的研究之中,卻尚未有文獻針對媒體報導對併購事件的影響進行研究,因此本文之主要研究目的即為探討媒體報導對併購宣告效果之影響。
此外,在過去文獻中,Asquith, Bruner and Mullins (1983)、Travlos (1987)、Loughran and Vijh (1997)和Blackburn, Dark and Hanson (1997)等學者多支持主併公司採現金併購支付方式,其正向宣告效果高於採換股併購支付方式。故對於投資人而言,採現金併購是比採換股併購更加強烈的財務訊號,故本文進一步檢測不同支付方式之宣告效果差異與媒體關注程度之關聯性。
本文以1997年至2009年期間內我國上市上櫃普通股之併購宣告事件為研究標的,依媒體曝光程度及併購支付方式將研究樣本進行分組,再採用事件研究法,以CAR衡量併購之宣告效果。實證結果顯示,在不區分支付方式時,媒體關注程度越高,則主併公司之併購宣告效果反而較低。在支付方式的部份,高度媒體曝光組的主併公司,其現金支付與換股支付間報酬率的宣告效果差異,皆低於低媒體曝光組。此結果與Fang and Peress(2009)之實證結果相符,並支持Merton (1987)提出的「投資人認知假說」

Media coverage do have influence on announcement effect of company's major events including Initial Public Offering(IPO) and Stock Repurchase have been proved in prior literature. However, no studies take into account the impact of the media coverage on M & A events. Therefore, the main purpose of this study is to explore the impact of media coverage on the announcement effects of mergers and acquisitions events.
In addition, it is widely recognized in the literature (e.g., Asquith, Bruner and Mullins, 1983; Travlos, 1987; Loughran and Vijh, 1997; Blackburn, scholars in the Dark and Hanson, 1997) that the positive effect of M&A announcement in cash payment is higher than those in stock payment and therefore we infer that M&A in cash payment is a stronger financial signal for investors than those in stock payment. So, we further examine the relationship between M&A announcement effect in different kinds of payment and the degree of media attention.
According to the empirical evidence, we find that the higher degree of media attention the lower M & A announcement effects for the acquiring company while we do not distinguish the types of the payment. Besides, we find that the discrepancy of M & A announcement effects between cash payment and stock payment under high degree of media attention is smaller than those under low degree of media attention while we distinguish the types of the payment. These findings are consistent with the results reported by Fang and Peress (2009) and the 'Investor Recognition Hypothesis' reported by Merton (1987).

謝  詞 I
國立臺北大學一百學年度第二學期 碩士學位論文提要 II
Abstract III
目錄 IV
表次 VI
第壹章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 4
第貳章 文獻回顧 5
第一節 媒體報導於金融市場影響之文獻探討 5
第二節 併購方式之文獻探討 8
第三節 企業併購之宣告效果 12
第參章 研究方法 19
第一節 研究假說 19
第二節 研究樣本與資料來源 21
第三節 變數定義與實證模型 23
第肆章 實證結果 31
第一節 基本資料分析 31
第二節 檢測媒體報導對於併購宣告期間之主併公司 股票報酬之影響 35
第三節 檢測媒體報導對於不同支付方式之併購宣告效果之影響 43
第伍章 結論 49
第一節 實證結論與貢獻 49
第二節 研究限制 51
參考文獻 52
中文文獻: 52
英文文獻: 54


中文文獻:
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徐啟升與李淯靖(2008),台灣併購公司之股票長期績效分析,證券市場發展季刊,第20期第2卷,41-72。
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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10期第1卷、155-184。
陳安琳、湯惠雯與許銘峻 (2000),企業購併對主併公司股東財富的影響,亞太管理評論,第5期第2卷,171-182。
曾真真(2008),M&A 與 R&D:研發存量、技術相似性與併購績效之關係,管理評論,第27卷第4期,59-77。
謝尚倫(2008),媒體報導對初次上市股票績效之影響,國立政治大學財務管理研究所未出版碩士論文。
顏錫銘與葉秋美 (1994),台灣企業海內外購併支付方式對股東財富之影響,臺灣銀行季刊,第45期第4卷,222-244。
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