臺灣博碩士論文加值系統

本文使用2006年至2019年台灣上市上櫃785件購併樣本，對投資人情緒是否具有影響購併時機和績效的能力進行實證研究。研究發現公司購併宣告沒有偏好於特定投資者情緒時機。投資人情緒對購併發生機率有顯著的負面影響，並且財務績效越好的公司，購併發生的機率也會越高。投資人情緒對購併宣告績效在情緒高漲時有顯著的負面影響，而公司規模、成長機會與獲利能力等財務變數，對購併宣告績效有負面影響，但是當投資人情緒高漲時，公司獲利能力對購併宣告績效轉變為正向影響。最後，美國投資人情緒對台灣購併宣告短期績效並無顯著的影響力。

This paper conducts an empirical study on whether investor sentiment has the ability to influence the timing and firm performance in M&As Taiwan. Using 785 M&As during the period of 2006-2019 in the Taiwan market, this study finds that firms announced M&As have no preference in relation to investor sentiment. Instead, investor sentiment is negatively associated with the probability of M&As and firms with better performance have higher probability to engage in M&As. Given high investor sentiment, investor sentiment is negatively associated with short-term abnormal return. The abnormal returns are negatively related to firm size, growth opportunity and profitability. Finally, this study finds that US investor sentiment has no influence to Taiwan M&A market.

目錄
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 6
第三節 本文預期貢獻 7
第四節 研究流程 8
第二章 文獻回顧 9
第一節 投資人情緒指標之衡量與製作 9
第二節 投資人情緒對市場報酬率的影響 12
第三節 情緒與不同市場連動之關聯性 14
第四節 投資人情緒對公司活動之影響 16
第五節 文獻結論與假設 18
第三章 研究變數及方法 19
第一節 研究樣本 19
第二節 投資人情緒指標 20
第三節 公司財務與購併事件變數 25
第四節 事件研究法 28
第五節 羅吉斯分析模型 31
第六節 橫斷面分析模型 33
第四章 實證分析 35
第一節 敘述統計 35
第二節 購併宣告時機之分析 38
第三節 購併宣告時機之羅吉斯分析 39
第四節 購併宣告短期報酬之探討 41
第五節 購併宣告報酬之迴歸分析 47
第六節 美國投資人情緒對台灣購併宣告報酬之迴歸分析 53
第五章 結論 56
第一節 結論 56
第二節 未來研究建議 58
參考文獻 59
國內文獻 59
國外文獻 61

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