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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/99323


    Title: 結合的事後分析—以事件分析法為例
    Ex-post Evaluations of Merger–An Application of the Event Study Analysis
    Authors: 鄭靖蓉
    Jeng, Jing Rung
    Contributors: 羅光達
    鄭靖蓉
    Jeng, Jing Rung
    Keywords: 結合事後評估
    事件研究法
    水平結合
    市場力量假說
    效率假說
    Date: 2016
    Issue Date: 2016-07-20 17:11:42 (UTC+8)
    Abstract: 本研究主要介紹「結合決定的事後評估」(ex-post evaluations of merger decisions)中常用的「事件研究法」,篩選出國內重要之水平結合案件,以事件研究法(event study)針對結合參與事業與其水平競爭事業進行完整的事後評估,並將估計結果以市場力量假說(market power hypothesis)、效率假說(efficiency hypothesis)及其他經濟理論加以解釋。
    研究結果發現,結合參與事業與其競爭水平事業在結合事件期間之累積異常股價變化與效率假說的預測部分一致,拒絕了市場力量假說,效率假說指出水平結合案會使參與事業之股價上升,因結合案會導致規模經濟或協同效應,提高企業之生產效率,降低成本進而增加利潤,但對其水平競爭事業的股價影響並不確定,取決於協同效應 (synergy) 與資訊紕漏效應 (information revelation)作用之大小,而研究結果也發現競爭法主管機關之結合決定並未完全被市場所預期。
    本研究結果也指出,參與結合的主併公司其累積異常報酬率之正負值與被併的目標公司營運情形息息相關,若目標公司長年虧損,會使市場不看好此結合案,導致主併企業之累積異常報酬為負值;若結合參與事業生產之商品為同質性(本研究為不鏽鋼平板),可能會影響雙方之生產力下降,使結合參與企業利潤下跌進而影響股價下滑,表示市場不看好此結合案。
    Reference: 中文文獻:
    公平交易委員會(2012),「認識公平交易法」,增訂第14版,45-52。
    林宜男(2014),「水平聯合行為之特定市場界定—公平交易法實務案例之研析與間接證據之論證」,《公平交易季刊》,22(1),45-118。
    胡偉民、陳嘉雯(2015),「結合決定事後影響評估之研究」,《公平交易委員會》。
    顏雅倫(2014),「臺灣金融產業的競爭政策-以競爭法的觀點出發」,《公平交易季刊》,22(1),171-240。
    吳秀明(2004),「從依賴性理論探討相對市場優勢地位,競爭法制之發軔展開」,《元照出版公司》,26-28。
    英文文獻:
    Aktas, Nihat (2004), “Market Response to European Regulation of Business Combinations,” The Journal of Financial and Quantitative Analysis, 39, 731-757.
    Aktas, Nihat (2007), “Is European M&A Regulation Protectionist?” The Economic Journal : The Journal of the Royal Economic Society, 117, 1096–1121.
    Brown, Stephen J. (1985), “Using Daily Stock Returns the Case of Event Studies,” Journal of Financial Economics, 14, 3-31.
    Bruner Robert F. (2001), “Does M&A Pay? A Survey of Evidence for the Decision-Maker,” Journal of Applied Finance, 12, 48-68.
    Buccirossi, Paolo (2006), “Ex-post Review of Merger Control Decisions,” LEAR report and DG Comp.
    Dolley, J. C. (1993), “Characteristics and Procedure of Common Stock Split-Ups,” Harvard Business Review, 11, 316-26.
    Duso, Tomaso (2007), “The Political Economy of European Merger Control: Evidence Using Stock Market Data,” The Journal of Law & Economics, 50, 455–489.
    Duso, Tomaso (2011),“How Effective is European Merger Control?” European Economic Review, 55, 980-1006.
    Eckbo, B. Espen (1983), “Horizontal Mergers, Collusion, and Stockholder Wealth,” Journal of Financial Economics, 11, 241-273.
    Eckbo, B. Espen (1985), “Antimerger Policy under the Hart-Scott-Rodino Act: A Reexamination of the Market Power Hypothesis,” The Journal of Law & Economics, 28, 119-149.
    Ellert, James C. (1976), “Mergers, Antitrust Law Enforcement and Stockholder Returns,” Journal of Finance, 31, 715-732.
    Fama, Eugene F. (1969), “The Adjustment of Stock Prices to New Information,” International Economic Review, 10, 1-21.
    Fee, C. Edward (2004), “Sources of Gains in Horizontal Mergers: Evidence from Customer, Supplier, and Rival Firms,” Journal of Financial Economics, 74,366-377.
    Odagiria H. (2011), “The Impact of Mergers on Profits, Share Value, Innovation, and Product Prices in Japan in the 2000s,” CPDP, 51.
    Simpsom, J., (2001), “Did May Company`s Acquisition of Associated Dry Goods Corporation Reduce Competition? An Event Study Analysis,” Review of Industrial Organization, 18, 351-362.
    Stillman, Robert (1983), “Examining Antitrust Policy towards Horizontal Mergers,” Journal of Financial Economics, 11, 225-240.
    Warren-Boulton, Frederick (2001), “Staples and Office Depot: An Event-Probability Case Study,” Review of Industrial Organization, 19, 4.
    網路資源:
    公平交易委員會的「本會行政決定」,上網日期104年10月20日,檢自:
    http://www.ftc.gov.tw/internet/main/decision/decisionList.aspx
    公開資訊觀測網站,上網日期105年1月23日,檢自:
    http://mops.twse.com.tw/mops/web/t05st03
    工研院產業情報網 ,上網日期105年1月23日,檢自:http://ieknet.iek.org.tw/
    Description: 碩士
    國立政治大學
    財政學系
    103255029
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0103255029
    Data Type: thesis
    Appears in Collections:[財政學系] 學位論文

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