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題名:臺灣企業海內外購併宣告對主併公司股東財富影響
書刊名:臺灣銀行季刊
作者:羅明敏 引用關係呂兆文
出版日期:2001
卷期:52:3
頁次:頁83-101
主題關鍵詞:購併事件研究法異質條件變異數分析法二因子變異數分析法橫斷面複迴歸分析平均異常報酬累積平均異常報酬M&AARCAR
原始連結:連回原系統網址new window
相關次數:
  • 被引用次數被引用次數:期刊(7) 博士論文(1) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:7
  • 共同引用共同引用:12
  • 點閱點閱:7
     本研究主要以探討我國上市主併公司宣告從事海內外購併活動,是否會對股東財富 當造成正向的影響為出發點,透過資本市場上公司股票價格的的漲跇情況來斷其影響方向及 程度。研究時間為民國七十八年至八十六年 共篩選出86個研究樣本,以事件研究法之市場 模式來進行殘差分玎,並且考慮金融性資產具高度變異數異質的現象,因此,以一般化自身 迴歸異質條件變異數分析法(GARCH)與最小平方法(OLS)來進行型參數的估計。除了研究八 體購併樣本的宣告效果外,並藉由分群購併樣本來探討不同購併特質所具有的資訊內涵。除 此之外,並進一步以二因子變異數分析及橫斷面複迴歸分析,來研究購併宣告果的差異變化 與影響因素。實證結果發現臺灣地區企業從事購併宣告對主併公司股東財富確實具有正面且 顯著的影響:國際購併相較國內購併在購併宣告後期對股東財富有較大的影響程度;高科技 產業之購併宣告效果具有提前反應的現象,且相較非高科技產業具有較大且即期的平均異常 報酬(AR);在探討購併宣告兩日(-1,0)累積平均異常報酬率(CAR)之影響因素中,僅高科技產 業因與主併公司的經營績效因素具解釋能力。
期刊論文
1.Conn, R.、Connell, F.(1990)。International Mergers: Returns to U.S. and British Firms。Journal of Business Finance and Accounting,17(5),688-711。  new window
2.Dodd, P.(1980)。Mergers proposals, management discretion and stockholder wealth。Journal of Financial Economics,8(2),105-138。  new window
3.Doukas, J.、Travlos, N.(1988)。The Effect of Corporate Multinationalism on Shareholders' Wealth: Evidence from International Acquisitions。Journal of Finance,43,1161-1175。  new window
4.Kaplan, Steven N.、Weisbach, Michael S.(1992)。The Success of Acquisitions: Evidence from Divestitures。Journal of Finance,47(1),107-138。  new window
5.顏錫銘、彭一正(19930600)。臺灣企業國際併購宣告對股東財富影響之實證研究。臺灣銀行季刊,44(2),139-173。new window  延伸查詢new window
6.Boehmer, E.、Musumeci, J.、Poulsen, A. B.(1991)。Event-study Methodology under Conditions of Event-Induced Variance。Journal of Financial Economics,30(2),253-272。  new window
7.Harris, R.、Ravenscraft, D.(1991)。The Role of Acquisitions in Foreign Direct Investment: Evidence from the U. S. Stock Market。Journal of Finance,46(3),825-844。  new window
8.Shaked, Israel、Michel, Allen、McClain, David(1991)。The Foreign Acquirer Bonanza: Myth or Reality?。Journal of Business Finance and Accounting,18(3),431-447。  new window
9.Bradley, M.、Desai, A.、Kim, E.(1988)。Synergistic gains from corporate acquisitions and their division between the stock-holders of target and acquiring firm。Journal of Financial Economics,21,3-40。  new window
10.劉壽祥(19930700)。臺灣企業赴美購併經驗之檢討。經濟前瞻,8(3)=31,126-130。  延伸查詢new window
11.謝劍平、張竣傑(19960900)。臺灣企業購併決策與Tobin's Q比率之相關性研究。臺灣銀行季刊,47(3),35-55。new window  延伸查詢new window
12.Cebenoyan, A. Sinan、Papaioannou, George J.、Travlos, Nickolaos G.(1992)。Foreign Takeover Activity in the U. S. and Wealth Effects for Target Firm Shareholders。Financial Management,21(3),58-68。  new window
13.Dood, P.、Ruback, R.(1977)。Tender offers and stockholder returns: An empirical analysis。Journal of Financial Economics,5(3),351-373。  new window
14.Dennis, D. K.、McConnell, J. J.(1986)。Corporate Mergers and Security Return。Journal of Financial Economics,7,151-174。  new window
15.Firth. Michael(1980)。Takeovers, Shareholder Returns, and the Theory of the Firm。The Quarterly Journal of Economics,94(2),235-260。  new window
16.Rahman, H.、Yung, K.(1992)。Inter-currency Transmission of Volatility in Foreign Exchange Futures。Journal of Future Market,12,609-620。  new window
17.Limmack, R. J.(1991)。Corporate Mergers and Shareholder Wealth Effects: 1977-1986。Accounting and Business Research,21,239-252。  new window
18.Lee, S.、Ohk, K.(1992)。Stock Index Futures Listing and Structural Change in Time-Varying Volatility。Journal of Futures Market,12,493-509。  new window
19.Bollerslev, Tim(1987)。A Conditionally Heteroskedastic Time Series Model for Speculative Prices and Rates of Return。The Review of Economics and Statistics,69(3),542-547。  new window
20.Jensen, Michael C.、Ruback, Richard S.(1983)。The market for corporate control: The scientific evidence。Journal of Financial Economics,11(1-4),5-50。  new window
21.Franks, Julian R.、Harris, Robert S.(1989)。Shareholder Wealth Effects of Corporate Takeovers: The U.K. Experience 1955-1985。Journal of Financial Economics,23(2),225-249。  new window
學位論文
1.陳匯中(1995)。上市公司購併宣告對股東財富影響之研究(碩士論文)。國立政治大學。  延伸查詢new window
2.楊維君(1993)。臺灣企業購併支付方式與財務特質關係之實證研究(碩士論文)。國立中央大學。  延伸查詢new window
3.葉秋美(1993)。臺灣企業購併宣告對股東財富之影響(碩士論文)。國立政治大學。  延伸查詢new window
 
 
 
 
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