臺灣博碩士論文加值系統

公司的股票價格反映公司價值與公司未來前景，當股市全面下跌使得公司股價遭市場低估時，許多公司往往採取庫藏股購回之方式維護公司股價，但當股市全面下跌時亦是發動併購成本相對較低之情境。2012年8月台灣之半導體封測公司－日月光宣告收購同業競爭者－矽品，併購宣告日後激勵主併公司日月光股價上漲，對照同時期間其他公司選擇實施庫藏股以穩定股價，日月光之作法亦具有激勵公司股價的效果。引發研究動機試圖比較庫藏股購回與併購之宣告效果。
本次研究採用事件研究，以台灣上市公司之「庫藏股購回」與「併購」事件宣告效果，對於股價影響進行比較，研究希望探討市場對宣告事件之反應外，進一步考慮若公司股價被高、低估是否影響事件宣告效果，經研究得到結論如下：
一、公司實施庫藏股購回有短期宣告效果。
二、樣本顯示平均而言公司宣告併購後股價上升，惟統計上不顯著。
三、公司進行「庫藏股購回」較「併購」宣告可使影響公司股價回升。
四、低市價淨值比之公司宣告分別在「庫藏股購回」與「併購」事件中股價獲得較高的宣告效果，惟僅庫藏股購回事件之宣告效果顯著。
針對後續研究，建議增加研究樣本，如併購案之樣本數；以及增加事件內變數如庫藏股購回與併購金額、庫藏股購回價格與併購價格等事件因素以加強模型解釋能力；再者建議後續可再深入探討股市大盤表現對於宣告效果的影響，如若股災發生、股市全面下挫時，在此情境下對於庫藏股與併購案宣告效果的表現為何；亦建議可深入產業類別下的研究探討。

The company stock price reflect not only the value of the company, but also the the earnimg of the future. When the stock market depressed dramatically, the stock price will easily undervalue by the investors with less confidence. At that time, the companies will try to protect their stock price from being undervalued by means of rephurchasing stocks in the market. On the other hand, it’s also the good moment for companies want to engage in Mergers and Acquisitions(M&A) because of the undervalued stock price. On August, 2015, Advanced Semiconductor Engineering Inc.(ASE, TAIEX: 2311, NYSE: ASX) announced to acquire shares of Siliconware Precision Industries Co., Ltd.(SPIL, TAIEX: 2325) which was the one of the competiors in comprehensive semiconductor assembly and test services. The stock price of ASE raised after the announcement. In the same period, other Taiwanese companies chose stocks repurchase in order to maintain the stock price in the depressing stock market. The event was the tirgger of this study to compare the announcement effect of Stocks Repurchase and M&A.
By Event Study, we researched the Taiwanese listed companies which had announced Stocks Repurchase or M&A from 2008 to 2015. In advance, we take the Market to Books ratios(M/B ratios) into consideration to know if there was any differences. The results suggested that,
1. Stock rephurchase had the siginificant announcement effect in the short time.
2. M&A had positive effect to stocks price in average but insignificant.
3. Stock rephurchasing had more announcement effect than M&A.
4. Companies with lower M/B ratios had more positive announcement effect than companies with higher M/B ratios, and the sections of Stock Repurchase were significant.

摘 要 I
ABSTRACT II
誌 謝 III
目 錄 IV
表目錄 VI
圖目錄 VII
第壹章 緒論 1
第一節 研究動機與背景 1
第二節 研究目的 2
第三節 研究流程 4
第貳章 文獻探討 5
第一節 效率市場 5
第二節 庫藏股購回 6
第三節 合併與收購 10
第參章 研究方法 13
第一節 研究假說與研究設計 13
第二節 研究方法 15
第三節 資料來源與樣本說明 21
第肆章 實證結果與分析 28
第一節 公司宣告事件前後之異常報酬 28
第二節 庫藏股與併購事件宣告效果比較 35
第三節 市價淨值比對宣告效果的影響 37
第伍章 結論與建議 40
第一節 研究結論 40
第二節 研究建議 41
參考文獻 42
(一) 中文部分 42
(二) 英文部分 42
(三) 網路資料 45

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(三)網路資料
1.無尺碼(民104年8月28日)。〈台股青紅燈〉日月光打什麼算盤?。自由時報，取自http://news.ltn.com.tw/news/business/paper/910650