Taiwan's corporate mergers and acquisitions under the stock price abnormal reward response

• Main Authors: Hu,Wei-Shan, 胡薳珊
• Other Authors: CHENG, MING-CHANG
• Format: Others
• Language: zh-TW
• Published: 2018
• Online Access: http://ndltd.ncl.edu.tw/handle/2z9fn2

碩士 === 國立中正大學 === 企業管理系研究所 === 106 === This study takes the sample of merger and acquisition listed in Taiwan from 2000 to 2017, and selects 1,216 samples, including 602 acquiring companies and 614 target companies, and analyze industry categories in timeline method. Classification of industries is divided into whole industry, science and technology industry, financial industry, and traditional industry. The research time is divided into 2000-2000, 2007-2009 and 2010-2017 as the time series, and the event research method is used to analyze the impact of the announcement on the cumulative abnormal returns after the merger and acquisition of the company, and the analysis of the synergy between the acquiring companies and the target companies. The empirical results show that in Taiwan's M&A activities, the target company abnormal return is significantly higher than that acquiring company, and the company has positive returns after the announcement date, indicating that market investors have positive effects in Taiwan M&A. It is expected that the company will have short-term abnormal return, but it will still depend on the operating ability of individual companies for a long time, and the impact of different industry categories on different events will be different.