臺灣博碩士論文加值系統

本研究旨在探討全球化競爭之下，國內外企業透過併購來強化自身競爭力，但併購是否能產生異常報酬並提升股東權益。本研究以2015年至2017年台灣上市、上櫃公司併購案例為研究對象，研究探討併購宣告後的股市財富效果及影響股市累積異常報酬之因素。
實證結果發現：併購後主併公司於短期方面，有顯著正向平均累積異常報酬；併購以現金方式支付對主併公司股東有較高的併購效益。

This research focuses on whether domestic and foreign companies strengthen their competitiveness through mergers and acquisitions under global competition, but whether mergers and acquisitions can generate abnormal returns and enhance shareholder equity. The M&A cases of Taiwan's Public listed companies between 2015 to 2017 are selected as the research object, and its short-term effects of stock market wealth after the announcement of mergers and acquisitions are reviewed, including factors affecting the accumulation of abnormal returns in the stock market after mergers and acquisitions.

The results of the study were that the main merged company has a significant positive average cumulative abnormal return in the short-term after the merger; the results also indicated that acquisition is paid on the spot, and/or the higher the return on assets, the higher the merger benefit for the main merged company’s shareholders.

摘要 I
Abstract II
目錄 III
表目錄 V
圖目錄 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
第三節研究架構與流程 5
第貳章文獻探討 8
第一節併購相關理論之研究 8
第二節企業併購支付方式的相關理論 13
第參章研究方法 17
第一節研究假說 17
第二節資料來源與樣本 18
第三節研究變數之衡量 19
第肆章實證結果分析 22
第一節基本資料分析 22
第二節異常報酬之檢定 26
第三節迴歸分析結果 30
第伍章結論與建議 32
第一節研究結論 32
第二節建議 34
參考文獻 35

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