The Effects of Domestic and Cross-Border Acquisition on Shareholder’s Wealth
碩士 === 國立臺灣科技大學 === 財務金融研究所 === 107 === This paper examines the effect of announcement of merger and acquisition by using 81 listed companies at stock exchange and over-the-counter market in Taiwan as sample and tries to find the factor that is related to the accumulated abnormal returns when merger...
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| Format: | Others |
| Language: | zh-TW |
| Published: |
2019
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| Online Access: | http://ndltd.ncl.edu.tw/handle/77a2vd |
| Summary: | 碩士 === 國立臺灣科技大學 === 財務金融研究所 === 107 === This paper examines the effect of announcement of merger and acquisition by using 81 listed companies at stock exchange and over-the-counter market in Taiwan as sample and tries to find the factor that is related to the accumulated abnormal returns when merger and acquisition is announced to the public.
On the date of announcement, both the acquisition of domestic and cross-border result in positive abnormal returns but not statistically significant. And the internal and institutional shareholding ratio of acquiring company has positive effect to accumulated abnormal return but not statistically. Among the profit ratios of acquiring company, the return on assets shows statistically positive significant. But both return of fixed assets and net margin have negative effect on the accumulated abnormal return. As for the acquiring company’s business performance ratios, the accumulated abnormal return would be negatively affected by debt ratio but positively affected by operating expense ratio. Free cash flow of acquiring company also has positive effect on the accumulated abnormal return.
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