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題 名 | 被未上市營建業購併之上市目標公司其購併宣告對股價影響之研究=An Empirical Study on the Effects of Acquired Companies' Acquisition Announcements on Their Stock Prices |
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作 者 | 洪裕勝; 蔡佳容; | 書刊名 | 臺灣土地金融季刊 |
卷 期 | 36:3=141 1999.09[民88.09] |
頁 次 | 頁141-160 |
分類號 | 563.54 |
關鍵詞 | 購併宣告; 股票價格; Acquisition announcement; Stock price; |
語 文 | 中文(Chinese) |
中文摘要 | 本研究探討臺灣在民國81年至民國87年間被未上市之營建業或以營建業為主體之 事業集團購併之上市目標公司其購併宣告對股價之影響。實證結果顯示,購併宣告當天之異 常報酬達 1.375 %且接近 10 %顯著水準,而宣告日前一天的異常報酬為 1.708 %,且達 5 %顯著水準。在累積異常報酬方面,向前總累積效果顯著,其中自宣告日前 10 天至宣告 日之累積平均異常報酬高達 8.009 %, 而自宣告日前 30 天至宣告日之累積平均異常報酬 則高達 16.240 %,另外,自宣告日前 60 天至宣告日累積平均異常報酬更高達 25.687 % ,此一結果顯示在購併宣告前目標公司的股票可能有被炒作的情形存在;而向後累積方面, 則無異常現象發生。另外,在目標公司之財務特徵進行差異分析方面,結果並不顯著。 |
英文摘要 | This study investigates the effects of acquisition announcements on companies' stock prices for acquired public companies that are listed in the Taiwan Security Exchange and acquired by real estate companies or groups that are not public traded companies in Taiwan Security Exchange. The empirical results show that the abnormal return for acquisition announcement day is 1.375 percent with around 10 percent significant level. At one day prior to acquisition announcement made, the abnormal return is 1.708 percent with 5 percent significant level. The results also show that the cumulative abnormal returns at the pre-announcement periods are significantly positive. On the other hand, the cumulative abnormal returns at the post-announcement periods are positive but insignificantly. |
本系統中英文摘要資訊取自各篇刊載內容。