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題 名 | 主併公司特質及購併型態對股東財富影響之研究--以臺灣上市公司為例=The Impact of Bidder's Performance, Characteristics to the Shareholders' Gains |
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作 者 | 翁霓; 杜曉君; | 書刊名 | 東吳經濟商學學報 |
卷 期 | 44 2004.03[民93.03] |
頁 次 | 頁55-80 |
分類號 | 555.77 |
關鍵詞 | 主併公司利得; 經營績效; 自由現金流量; Bidder gains; Managerial performance; Free cash flow; |
語 文 | 中文(Chinese) |
中文摘要 | 本研究從主併公司特質及購併型態兩層面,來分析台灣上市公司購併事件之宣告是否具有資訊內涵。以上市公司於1990年至1998年間曾經宣告之購併事件共79件為研究樣本,採用事件研究法進行實證分析。由於傳統市場模式 (Market Model) 並未考量殘差項異質變異之情形,因此,本研究改採一般化自身迴歸異質條件變異數法 (GARCH) 估計市場模式。實證結果顯示: (1) 主併公司資產報酬率愈好,購併宣告時的股東財富愈低。 (2) 對於投資於目標公司股權比例達50% (含50%) 之主併公司而言,自由現金流量愈低,購併宣告時的股東財富愈高。 (3) 實證結果無法證實國際購併典國內購併及相關購併與非相關購併之宣告效果不一致。 |
英文摘要 | The stability of economy, bull market, and the release of restrictions on M&A activities encourage the increasing M&A activities in Taiwan. This study attempts to examine the information content of M&A events. The sample includes 79 listed firms exchanged on the Taiwan Stock Exchange which ever declared to acquire other firm for the first time during the period 1990-1998 and for which necessary data are available. This study adopts event study methodology, and considers that if Arch effect is found in the market model, GARCH model will be used instead. This research finds out that: (1) The bidders who have worse managerial performance gain significantly more than the bidders who have better managerial performance. (2) The less the free cash flow of the bidder is, who invests target firm over 50 percents, the higher the bidder gains. (3) Performing international or domestic M&A event doesn't affect the bidder gains differently. |
本系統中英文摘要資訊取自各篇刊載內容。