| Summary: | 碩士 === 國立彰化師範大學 === 企業管理學系國際企業經營管理 === 100 === ABSTRACT
Due to needs, such as adjustment of industrial structure, enhancement of operational efficiency, and elevation of competitiveness, Taiwanese corporations have continued to use merger to achieve external growth. This phenomenon causes the formation of business groups in Taiwan. Investors would use the reputation and performance of business group concept stocks to consider investment, and business group corporate managers generally focus on market responses to changes in prices in the stocks of related corporations. There are two methods by which business groups incorporate public companies as subsidiary companies. The first is to merge then become public, and the second is to merge public companies. This study discusses the effects of these two approaches on the stock price on the day of announcement and the stock prices of the business group’s core company and public subsidiary companies in the business group. The research data are sourced from Taiwan Economic Journal Database (TEJ) to summarize the public members of business groups in Taiwan, and observe the announcement of new subsidiary companies and merged public companies in business groups in 2000- end of April, 2012, as well as the stock price of estimation periods and event periods. Based on the Taiwan Economic Journal (TEJ) database, this study makes computation based on the event study, and summarizes the next four points:
1. After new public companies in business groups become public, their stock prices show abnormal returns.
2. After new public companies in business groups go public, stock price changes of the new public company produce positive returns for the stock prices of the core companies in business group on the day of the event, and there should be inside trading, but after the event date, there is negative return.
3. After event of merged public companies in business groups, after the stock price is incorporated into the business group, it shows negative accumulated abnormal returns after 20 days of event.
4. After event of merged public companies in business groups, the change in stock prices has positive returns on the stock prices of the core companies of the business groups on the event day, and there is an inclination toward more positive return after the event date.
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