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    Title: 台灣企業國內外購併宣告對股價之影響
    The Effect of Domestic and Foreign Acquisitions on Stock Prices in Taiwan
    Authors: 葉以晨
    Contributors: 譚丹琪
    葉以晨
    Keywords: 跨國購併
    事件研究法
    異常報酬
    台灣企業
    Date: 2015
    Issue Date: 2016-07-20 16:38:04 (UTC+8)
    Abstract: 隨全球化趨勢的發展,愈來愈多企業希望能透過跨國購併使企業快速成長並增加企業競爭力,台灣在近十幾年來的跨國購併案件也明顯增加。本論文採用事件研究法,對2002年到2014年間台灣上市公司進行之併購案進行實證分析,透過檢測平均異常報酬與累積平均異常報酬,希望能了解購併宣告、跨國與否、時間先後與文化距離對主併公司股價之影響。
    本研究結果發現: 1. 購併宣告可為主併公司帶來顯著正向的股票異常報酬。2. 國內、國外購併宣告之平均異常報酬檢定結果,兩者均產生正向顯著異常報酬。但經由差異檢定,國內外購併宣告之累積異常報酬並無顯著差異。3. 根據分期國內外累積異常報酬差異檢定,第一期與第二期之跨國購併報酬並無顯著差異,第三期在購併宣告日當天之累積異常報酬檢定結果是國內宣告效果顯著高於國外。4. 由平均異常報酬檢定,購併目標位在華人區與美加區的購併案都有顯著正向的平均異常報酬,而目標公司位於歐洲區的購併案出現顯著負向平均異常報酬。由差異檢定,華人區與美加區並未發現有顯著差異,華人區與美加區之累積異常報酬則各自顯著高於歐洲區的報酬,較遠文化距離並無證據顯示可為公司帶來更高的股價異常報酬。
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    Description: 碩士
    國立政治大學
    國際經營與貿易學系
    102351028
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G1023510281
    Data Type: thesis
    Appears in Collections:[國際經營與貿易學系 ] 學位論文

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