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系統識別號 U0002-0702200923420900
中文論文名稱 併購決策與主併公司股東權益報酬之研究--以台灣上市(櫃)公司為例
英文論文名稱 The Study of M&A Decision and the Stockholder’s Equity Return of Acquiring Firms --The Perspective of Taiwan Listed Companies
校院名稱 淡江大學
系所名稱(中) 國際商學碩士在職專班
系所名稱(英) Executive Master's Program of Business Administration (EMBA) in International Commerce
學年度 97
學期 1
出版年 98
研究生中文姓名 陳啟典
研究生英文姓名 Chi-Tien Chen
學號 795520039
學位類別 碩士
語文別 中文
口試日期 2009-01-09
論文頁數 90頁
口試委員 指導教授-林志鴻
共同指導教授-陳瑞貴
委員-張慶暉
委員-許英傑
中文關鍵字 股東權益報酬  三因子模型  五因子模型 
英文關鍵字 Stockholder’s Equity Return  Three-Factor Model  Five-Factor Model 
學科別分類 學科別社會科學商學
中文摘要 本研究是研究探討我國上市(櫃)公司,宣告實施併購活動後,不同投資期間股東權益報酬,另也針對不同的投資期間進行基準模型之檢定力與配適度。本研究採用Fama and French(1993)提出的市場因素、公司規模、淨值市價比等三因子模型為主要研究架構,加入動能以及交易量因素形成一個五因子模型,探討這五個變數對主併公司併購活動宣告後,對股東權益報酬之解釋力,以驗證各效應的存在與否,並檢視何者才是解釋股東權益報酬的基礎
。經由本研究探討,歸納結論如下:

一、市場因素並非解釋股東權益報酬唯一因素,然市場因素對主併公司股東權益報酬率具有明顯的影響力,即股東的平均報酬的確包含系統風險的補償,但股票交易的週轉率對於股東權益報酬亦存在顯著的影響力。

二、非傳統產業大多從事相關產業的併購活動,有助於強化主併公司之研發技術與擴大營運規模,同時藉整合業務暨市場資源,快速達到經濟規模,相較於傳統產業較容易達到營運綜效。再者,非傳統產業以併購活動進行資源、技術或市場整合,較能被投資大眾場青睞。

三、企業進行相關產業購併活動時,相關購併較能發揮綜效。至於企業進行非相關產業購併活動,則能有效將資金分配至不同產業,增加現金流量及穩定性,分散財務風險,獲得所謂「財務綜效」。

四、價值型主併公司的超額報酬率,其檢定結果為顯著;成長型主併公司的超額報酬率,其檢定結果並不顯著。價值型主併公司股票在實施併購宣告之前,股價有被低估之虞,且主併公司實施併購活動之後,其超額報酬表現又優於成長型主併公司股票的表現。
英文摘要 The thesis analysis about the listed companies in Taiwan which being announced as Merger and Acquirement (M&A), the effect of stockholder’s
equity return among different investment horizons. Three-Factor model (Fama and French,1993) was utilized as the fundemental structure for this study. We also utilize the three-factor model and then develop five-factor model for capital assets pricing(three-factor added with momentum and trading volume factors), to examine which one would be the significant effect on stockholder’s equity return of the acquiring firms. The result was as the following statements:

1.Market factor is not the noly factor with significant influence on the stockholder’s equity return of acquiring firms, even stockholder’s average return is inclusive of system risk. Trading volume is also the other factor to be with significant influence on the stockholder’s equity return of acquiring firms.

2.While execute the M&A,un-tranditional industries would achieve the economies of scale rapidly, it achieve the operation synergy easier by business resource integrated, and with better performance than tranditional industries execute the M&A.

3.M&A activities among related industries would be with significant operating synergy than un-related industries, M&A activities among un-related industries would achieve financial synergy, caused by cash flow usefully allocated and then financial risk eliminated.

4.The statistics test for the value acquiring firms about abnormal return is significant, but it led to non-significant statistics test for growth acquiring firms. In respect of stock price after M&A announced, value acquiring firms would be better performance than growth acquiring firms.
論文目次 目錄Ⅰ
表目錄Ⅱ
圖目錄Ⅲ
第一章 緒論1
第一節 研究背景與動機1
第二節 研究目的4
第三節 研究架構與流程6
第二章 文獻探討9
第一節 併購動機理論文獻探討9
第二節 國內外併購實證文獻探討18
第三章 研究方法與設計29
第一節 研究設計29
第二節 研究方法30
第三節 變數定義39
第四節 樣本與資料來源44
第四章 實證結果分析48
第一節 樣本敘述性描述48
第二節 單變量及多變量迴歸分析56
第三節 併購活動於不同的投資期間之實證結果60
第五章 結論與建議78
第一節 結論78
第二節 建議81
參考文獻83
表 目 錄
表2-1. 併購動機理論文獻彙總17
表2-2. 併購宣告效果文獻彙總27
表4-1. 併購事件與產業相關性及樣本公司類型之年度分配表52
表4-2. 樣本公司併購事件之產業類別統計表53
表4-3. Pearson相關係數分析表55
表4-4. 各自變數迴歸模式係數表59
表4-5. 全體樣本之迴歸模式實證結果63
表4-6. 非傳統產業之主併公司迴歸模式實證結果67
表4-7. 傳統產業之主併公司迴歸模式實證結果68
表4-8. 相關產業之主併公司迴歸模式實證結果72
表4-9. 非相關產業之主併公司迴歸模式實證結果73
表4-10.價值型之主併公司迴歸模式實證結果76
表4-11.成長型之主併公司迴歸模式實證結果77
圖 目 錄
圖1-1. 研究流程圖8
圖3-1. 資料期間與事件月份期間之關係圖45
圖4-1. 2000年至2007年各年年底之加權股價指數趨勢資料49
圖4-2. 2000年至2007年各年上市家數及交易成交金額50
圖4-3. 2000年至2007年各年上市公司股價獲利趨勢資料51

參考文獻 一、中文部份
1. 伍忠賢(2002),企業併購理論與實務,台北:新陸書局股份有限公司。
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3. 林元傑(1997),「購併宣告對上市公司股票報酬率之影響-介入模型之應用」,中興大學企業管理研究所碩士論文。
4. 洪宏達(2003),「併購活動對主併公司經營績效之影響」,中山大學財務管理研究所碩士論文。
5. 洪麗惠(1994),「購併宣告對股東財富的影響-Jensen 閒餘現金流量與 Tobin Q兩假說之驗證」,東吳大學管理科學研究所碩士論文。
6. 胡力中(2002),「企業購併成敗與股價變化的關聯性研究-以台灣上市(櫃)企業為例」,中原大學企業管理研究所碩士論文。
7. 胡慈容(2003),「企業購併之長期績效評估」,東海大學企業管理研究所碩士論文。
8. 徐俊明(2005),財務管理,台北:雙葉書廊有限公司。
9. 陳匯中(1994),「上市公司購併宣告對股東財富影響之研究」,政治大學企業管理研究所碩士論文。
10. 陳漢波(2002),「探討台灣電子產業水平購併對財務經營績效之影響-以三家特定電子公司為例」,中原大學企業管理研究所碩士論文。
11. 陳鴻林(2001),「相關與非相關產業購併之研究-動機、股東財富、支付方式」,政治大學財務管理研究所碩士論文。
12. 張正賢(2003),「品牌購併之研究-以TCL併Thomson彩電&Alcatel行動通訊部門、聯想電腦併IBM 個人電腦部門與明基併西門子手機部門為例」,交通大學管理科學研究所碩士論文。
13. 鄭至宏(1994),「從內部化理論與代理理論探討台灣企業併購活動之股價效果」,輔仁大學管理科學研究所碩士論文。
14. 羅明敏(1997),「台灣企業海內外購併宣告對主併公司股東財富影響之實證研究」,朝陽大學財務金融研究所碩士論文。
二、英文部份
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2. Berger, Philip G.., and Ofek Eli (1995) “Diversification’s effect on firm value,” Journal of Financial Economics, 37, 1, 39-65
3. Charles M. C. Lee, and Bhaskaran Swaminathan (2000) “Price Momentum and Trading Volume,” Journal of Finance, 55, 5, 2017-2069.
4. Corwin D.Edwards (1955) “Conglomerate Bigness as a Source of Power in Business Concentration and Price Policy,” National Bureau of Economic Research Conference Report. Princeton, NJ: Princeton University Press, 331-359.
5. David Ikenberry, Josef Lakonishok, and Theo Vermaelen (1995) “Market Underreaction to Open Market Share Repurchases,” Journal of Financial Economics, 39, 2-3, 181-208
6. Dennis C. Mueller (1969) “A Theory of Conglomerate Mergers,” Quarterly Journal of Economics, 83, 4, 643-659.
7. Dennis R. Schmidt, and Karen L. Fowler (1990) “Post-Acquisition Financial Performance and Executive Compensation,” Strategic Management Journal, 11, 7, 559-569
8. Elazar Berkovitch, and M.P. Narayanan (1993) “Motives for Takeovers: An Empirical Investigation,” Journal of Finance and Quantitative Analysis, 28, 3, 347-362
9. Eugene F. Fama, and Kenneth French (1993) “Common Risk Factors in the Returns on Stocks and Bonds,” Journal of Financial Economics, 33, 1, 3-56
10. Friedrich Trautwein (1990) “Merger Motives and Merger Prescriptions,” Strategic Management Journal, 11, 4, 283-295
11. James Ang, Yingmei Cheng, and Gregory Nagel (2003) “On the Origin of Diversification Discounts,” Working Paper.
12. Jens Gammelgaard (2004) “Access of Competence: An Emerging Acquisition Motive,” European Business Forum, l, 17, 44-47
13. J. Mossin (1966) “Equilibrium in a Capital Asset Market,” Econometrica, 34, 768-783
14. John Lintner (1965) “Security Prices, Risk and Maximal Gains from Diversification,” Journal of Finance, 20, 587-615
15. John R. Graham, Michael L. Lemmon, and Jack G. Wolf (2002) “Does Corporate Diversification Destroy Value? ” Journal of Finance, 57, 2, 695-720
16. Joseph Yagil (1996) “Mergers and Macro-Economic Factors,” Review of Financial Economics, 5, 2, 181-190
17. Julian Franks, Robert Harris, and Sheridan Titman (1991) “The Postmerger Share-Price Performance of Acquiring Firms,” Journal of Financial Economics, 29, 1, 81-96
18. Larry H. P. Lang, René M. Stulz, and Ralph A. Walkling (1991) “A Test of the Free Cash Flow Hypothesis,” Journal of Financial Economics, 29, 2, 315-335.
19. Marcia Millon Cornett, and Hassan Tehranian Cornett (1992), “Changes in Corporate Performance Associated with Bank Acquisitions,” Journal of Financial Economic, 31, 2, 211-234
20. Mark L Mitchell, and Erik Stafford (2000) “Managerial Decisions and Long-Term Stock Price Performance,” Journal of Business, 73, 3, 287-329
21. Michael Bradley, Anand Desai, and E. Han Kim (1998), “Synergistic Gains from Corporate Acquisitions and their Division between the Stockholders of Target and Acquiring Firms,” Journal of Financial Economics, 21, 1, 3-40.
22. Michael C. Jensen, and William H. Meckling (1976) “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure,” Journal of Financial Economics, 3, 4, 305-360
23. Michael C. Jensen, and Richard S. Ruback (1983) “The Market for Corporate Control: The Scientific Evidence,” Journal of Financial Economics, 11, 1-4, 5-50
24. Michael C. Jensen (1986) “Agency Cost of Free Cash Flow, Corporate Finance and Takeovers,” American Economic Review, 76, 2, 323-329
25. Nai-Fu Chen, Richard Roll, and Stephen Ross (1986) “Economic Forces and the Stock Market,” Journal of Business, 59, 386-403
26. Narasimhan Jegadeesh, and Sheridan Titman (1993) “Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency,” Journal of Finance, 48, 1, 65-91
27. Ninon Kohers and Theodor Kohers (2000) “The Value Creation Potential of High-Tech Mergers,” Financial Analysts Journal, 56, 3, 40-51.
28 Paul Asquith, Robert F. Bruner, and David Mullins (1983) “The Gains To Bidding Firms from Merger,” Journal of Financial Economics, 11, 1-4, 121-140.
29. Paul Asquith (1983) “ Merger Bids, Uncertainty and Stockholder Return,” Journal of Financial Economics, 11, 1-4, 51-83.
30. Paul A. Gompers, and Josh Lerner (2003) “The Really Long-Run Performance of Initial Public Offerings: The Per-Nasdaq Evidence,” The Journal of Finance, 58, 4, 1355-1392.
31. Paul H. Malatesta (1983) “The Wealth Effect of Merger Activity and the Objective Functions of Merging Firms,” Journal of Financial Economics, 11, 1-4, 155-181
32. Paul M. Healy, Krishna G. Palepu, and Richard S. Ruback (1992) “Does Corporate Performance Improve after Mergers ?” Journal of Financial Economics, 31, 2, 135-175
33. P. Raghavendra Rau, and Theo Vermaelen (1998) “Glamour, Value and the Post-Acquisition Performance of Acquiring Firms,” Journal of Financial Economics, 49, 2, 223-253
34. Randall Morck, Andrei Shleifer and Robert W. Vishny (1990) “Do Managerial Objectives Drive Bad Acquisitions?” Journal of Finance, 45, 1, 31-48.
35. Richard Roll (1986) “The Hurbis Hypothesis of Corporate Takeovers,” Journal of Business, 59, 2, 197-216
36. Robert L. Conn, Andy Cosh, Paul M Guest, and Alan Hughes (2003), “The Impact on UK Acquirers of Domestic, Cross-Border, Public, and Private Acquisitions,” Working paper.
37. Tim Loughran, and Anand M. Vijh (1997) “Do Long-Term Shareholders Benefit from

Corporate Acquisitions?” Journal of Finance, 52, 5, 1765-1790.

38. Tim Loughran, and Jay R. Ritter (2000) “Uniformly Least Powerful Tests of Market Efficiency,” Journal of Financial Economics, 55, 3, 361-389.
39. Vinay T. Datar, Narayan Y. Naik, and Robert Radcliffe (1998) “Liquidity and Assets Returns: An Alternative Test,” Journal of Finance Markets, 1, 2, 203-220
40. Wilbur G. Lewellen (1971) “A Pure Financial Rationale for Conglomerate Merger,” Journal of Finance, 26, 2, 521-537.
41. William F. Sharpe (1964) “Capital Asset Prices: A theory of Market Equilibrium under Conditions of Risk,” Journal of Finance, 19, 425-442
42. William L. Megginson, Angela G. Morgan, and Lance Aaron Nail (2004) “The Determinants of Positive Long-Term Performance in Strategic Mergers, Corporate Focus and Cash,” Journal of Banking and Finance, 28, 3, 523-552.
43. W. Scott Bauman, and Robert E. Miller (1997) “Investor Expectations and the Performance of Value Stocks versus Growth Stocks,” Journal of Portfolio Management, Spring , 23, 3, 57-68.
44. Yakov Amihud, and Baruch Lev (1981) “Risk Reduction as a Managerial Motive for Conglomerate Mergers,” Bell Journal of Economics , 12, 2, 605-617.
45. Yakov Amihud, Baruch Lev, and Nickolaos G. Travlos (1990) “Corporate Control and the Choice of Investment Financing: The Case of Corporate Acquisitions,” Journal of Finance, 45, 603-616.
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