Event Study on the Merger and Acquisition of Commercial Bank in Viet Nam

• Main Authors: Thi- Thoa Bui, 裴氏妥
• Other Authors: 董澍琦
• Format: Others
• Language: zh-TW
• Published: 2017
• Online Access: http://ndltd.ncl.edu.tw/handle/f48nfu

碩士 === 國立中興大學 === 財務金融學系所 === 106 === After taking part in WTO in 2007, Vietnam’s economy has faced internationalised trend officially. In order to reach the company size, and to reduce the cost, many enterprises select merger and Event Study method. Merger and Acquisition are very new things to Vietnam’s economy. Not many scholar researches in the field of empirical results of bank merging in Vietnam, therefore, this thesis tries to study on this topic. In the past, when lots of foreign literatures discuss on enterprise merger and Acquisition and make use of proclamation merger news came out earlier, information spread, the announcement effects on the stock prices of acquirer. This thesis use the listed commercial banks in Vietnam as the research sample, research time is from 2011 to 2015, with 3 events of bank merging in total. This thesis applied event study method and analysed the influence of bank mergers and acquisitions to the share price. The study result indicates that excessive remuneration after announcing the merger will increase of share price which caused by information leakage before announcing the merger. At the same time, accumulated abnormal remuneration part shows that merging bank will make positive abnormal remuneration at the time of merger announcement, but not obvious, it did not reach a significant level.