臺灣博碩士論文加值系統

在併購日漸興盛的風潮下，部分中國企業也漸漸展現出雄厚的資本實力併購
其他企業。而在此種浪潮之下，投資人卻對併購案反應有極大的落差，因此不禁
讓人好奇究竟何種因素會使市場反應有所區別。
本研究以中國2004年至2017年所有曾發生併購案件之上市公司為研究對象，
探討影響累積異常報酬之因素為何，以做為投資人日後投資之參考依據。本研究
發現若主併公司為國有企業，則會對累積異常報酬有負面影響。此外，股權併購
經驗次數會正面影響累積異常報酬；不過海外營收占比則使累積異常報酬有負面
影響。

Recently, there are more and more M&A cases in the world. Some Chinese
companies have gradually demonstrated strong capital and merged other companies. In
this situation, investors have a huge difference in the reaction to the M&A case. So, it’s
let me wonder what factors will make this difference in Chinese market reaction.
This study based on an event study of a sample of Chinese firms which have had
M&A during the period 2004-2017, to explore what factors affecting cumulative
abnormal returns(CAR), as a reference for investors’ future investment. This study finds
that if the acquirer is a state-owned enterprise, it will have a negative impact on CAR. In
addition, ownership M&A experiences will positively affect CAR, but foreign operation
income ratio will negatively affect CAR.

第一章 緒論 ................................................................................................................ 1
第一節、研究背景 ...................................................................................................... 1
第二節、研究動機與目的 .......................................................................................... 2
第三節、研究架構 ...................................................................................................... 5

第二章 文獻回顧 ........................................................................................................ 6
第一節、併購定義 ...................................................................................................... 6
第二節、併購理論 ..................................................................................................... 10
第三節、宣告日股價之異常報酬 ............................................................................ 12

第三章 研究方法 ....................................................................................................... 16
第一節、假說設計 ..................................................................................................... 16
第二節、資料來源與樣本 ......................................................................................... 17
第三節、變數衡量 ...................................................................................................... 18

第四章 實證結果與分析 ........................................................................................... 21
第一節、敘述性統計 .................................................................................................. 21
第二節、異常報酬檢定 .............................................................................................. 25
第三節、迴歸分析結果 .............................................................................................. 28

第五章 穩健性分析 .................................................................................................... 34
第一節、海外營收占比對異常報酬影響 ................................................................. 34
第二節、海外營收佔比與公司總專利數對累積異常報酬影響 ............................ 40

第六章 結論與建議 ..................................................................................................... 46
第一節、研究結論 ........................................................................................................ 46
第二節、研究建議 ........................................................................................................ 48

參考文獻 ....................................................................................................................... 50

一、國內文獻與網路資料
1. PWC 2017 年中國企業併購市場回顧與2018 年展望(https://pwc.to/2MvRg6c)
2. 2017 年中國企業併購研究報告(https://bit.ly/2WN6mbi)
3. 陳宛琦(2011)：從國際多角化衡量國際化的價值：以比較法的觀點，輔仁大學
金融與國際企業學系金融碩士班碩士論文
4. 周子翔(2014)：併購溢價與宣告日併購方股票異常報酬：以中國併購方之海外
併購為例，國立成功大學國際企業研究所碩士論文
5. 賴怡安(2014)：多角化策略與國家經濟發展程度對績效的影響:台灣與中國實
證，成功大學國際企業研究所碩士論文
6. 林孝貞(2016)：中國股票市場效率檢定，逢甲大學金融碩士在職專班碩士論文
7. 劉孟俊(2017)：近年中國大陸全球大型併購之趨勢及意涵，中華經濟研究院第
一研究所(https://bit.ly/2Wd6mNM)
8. 胡薳珊(2018)：台灣企業併購活動下股價異常報酬反應，國立中正大學企業管
理研究所碩士論文

二、國外文獻
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multinationals: Implications for firm performance”, Journal of World Business,
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