本研究搜集研究期間為1989-2005年2月的購併樣本，將主併公司按市值區分大小後，發現大公司在事件窗口(-30,10)有顯著負向的累積異常報酬率(Cumulative Abcdrmal Return;CAR)，大公司在上市市場上，在金融證券業及其他產業下都有顯著負向的累積異常報酬率；大公司顯著有較高的現金比例、營運現金流量比例、Tobin’s Q和較低的帳面對市場價值比，在除去金融證券業樣本後，負債比率顯著小於小公司；集團購併、當被併公司為上市櫃、及以股票為支付方式時，大公司也都有顯著負向的累積異常報酬率；大公司購併時的相對規模顯著小於小公司。迴歸結果中，公司規模之替代變數皆顯著和累積異常報酬成負向關係。股票支付方式其累積異常報酬也顯著低於現金支付方式。Tobin’s Q的係數則顯著為正。在產業部份，金融證券業和其他產業相較之下，在宣佈購併時會得到市場較正面的反應。企業併購法的修訂實行對迴歸式並未造成結構性的改變。 / After collecting the acquisition samples of bidding firms from 1989 to February 2005 and differentiate their sizes, we found large firms have significant negative CAR (Cumulative Abcdrmal Return) in the windows of (-30,10). Large firms have significant negative CAR in public market, financial and security industry, and other industries. Large firms have higher ratio of cash/book assets, operating cash flow/book assets, Tobin’s Q and lower B/M ratio. They also have lower debt ratio after removing the samples in financial and security industry. Large firms also have significant negative CAR when they are conglomerates, the targets of theirs are public companies, or when they use equity as the method of payment. The relative size of large firms is much smaller than that of small firms. In the result of regression, the proxy of firm size has negative relation with CAR. Using equity as the method of payment has lower announcement return than cash. Tobin’s Q has a positive coefficient. Financial and security industry can get more positive responses from investors than other industries. Finally, the revised edition of Business Mergers and Acquisitions Act which has been brought into force on May, 5, 2004 does not cause structural changes in the regression models.
| Identifer | oai:union.ndltd.org:CHENGCHI/G0923570281 |
| Creators | 朱淳銘 |
| Publisher | 國立政治大學 |
| Source Sets | National Chengchi University Libraries |
| Language | 中文 |
| Detected Language | English |
| Type | text |
| Rights | Copyright © nccu library on behalf of the copyright holders |
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