The Comparison of Long Term Performances between Merging and Non-Merging Firms in Taiwan Electronic Industry

• Main Authors: Yu-Tung Hung, 洪榆棟
• Other Authors: Kuo-Jung Lee
• Format: Others
• Language: zh-TW
• Published: 2009
• Online Access: http://ndltd.ncl.edu.tw/handle/50711465437044630254

碩士 === 國立屏東商業技術學院 === 國際企業所 === 97 === The issue of whether corporate gain benefit from M&As has been a widely interested topic. This study explores this topic especially by comparing the performances of merging companies with that of non-merging companies. For 41 merging companies of electronic industry from the listed and OTC firms in Taiwan during 2004 and 2005, this study uses Fama and French(1993) three-factor model to examine the long-term merger performances (1 through 3years) and these results will be compared with that of non-merging companies. Furthermore, the merging performances will be examined further under different classification. The empirical results indicate that there are no significant stock abnormal returns in the 3 years for merging and non-merging firms. Under the further classification, there are no significant performances of mergers in the short and long terms for semiconductor companies or electronic component companies and listed or OTC companies.