主併公司與目標公司對併購宣告之股價反應

Abstract

本文主要研究主併公司與目標公司在併購宣告所產生的股價反應，選取台灣1997年至2014年上市櫃公司併購案件，主併公司有638個研究樣本，目標公司有241個研究樣本，經由兩個獨立群體樣本，觀察併購宣告與異常報酬變動情形，預期找出兩者間關聯性；研究結果發現，併購宣告對主併公司及目標公司皆具顯著正的累計異常報酬；進一步將各變數區分成兩個群體，利用平均數差異檢定法，檢定兩群體的差異，主併公司而言，影響主併公司異常報酬的重要變數包含併購區域、產業相關性、目標公司所屬交易市場別、支付方式、關係人交易、收購目標公司股權比例及目標公司相對主併公司規模大小，觀察目標公司所屬的區域，國際併購案件比國內併購案更能為主併公司帶來正向異常報酬；將目標所屬市場加以區分後，發現併購非上市櫃公司異常報酬優於併購上市櫃公司；觀看併購案件所選擇的支付方式，得知併購案件選擇現金支付的報酬優於非現金支付；依照涉及關係人交易案件與否分類，可知關係人交易的異常報酬優於非關係人交易；將收購目標公司的股權比例加以劃分，收購目標公司股權比例大於等於50%之異常報酬優於收購目標公司股權比例小於50%；由目標公司相對主併公司規模大小方面來看，發現主併公司資產大於目標公司資產相較主併公司資產較小者有更高異常報酬；其餘主併公司樣本各變數間存在不顯著差異性。目標公司樣本方面，影響目標公司異常報酬的重要變數包含併購區域、產業相關性、主併公司所屬交易市場別、支付方式、關係人交易、收購目標公司股權比例及目標公司相對主併公司規模大小。將主併公司所屬交易市場別加以區分，當主併公司是非上市櫃企業的異常報酬優於主併公司是上市櫃企業；其餘目標公司樣本各變數間存在不顯著差異性。由此可知，在不同的併購情境下，市場對於併購案的看法不一，併購宣告確實可以在短期間內為主併公司與目標公司帶來超額報酬，因此投資人需了解各種情境下的併購案件對於股價反應的效果，本研究期望對於投資大眾在選擇投資標的及買賣時點，可做為部分的參考依據。

This paper aims to explore the announce effects of merger and acquisition on acquirers and targets firms’ stock price .We uses the data of Taiwan’s case of merger and acquisition which were available from to 2014 merger cases. The acquirers have 638 study sample, and the targets have 241 research samples. Investigate the impact of firm’s stock price on the acquirers versus targets as announcement of merger and acquisition, attempt to find the correlation of the information between abnormal return. The declaration truly make the acquirers versus targets create some abnormal return. Further more, divided each variable into two groups. Use t-test for difference between means to discover the distinction among it. The finding is that acquirers versus targets exhibit significant positive returns. As for acquirers, the main variables affecting firm abnormal returns, including location, diversification, market of the targets, payment, related party transaction, equity ratio and the relative size. Observe location of the targets, the non cross-border have more return than the cross-border. Considering market of the targets, when targets of listed’ return superior to non-listed. About the payment term, the acquirers chose cash payment have more positive return than non-cash payment. With related party transaction, as the related party transaction have more return than the unrelated party transaction. Among acquirers have 50% and over of targets equity ratio superior to return than having less than 50%. On the relative size, the return of acquirers’ size bigger than target has better than the others. For targets’ part, the main variables affecting firm’s stocks price, including location, diversification, market of the acquirers, payment, related party transaction, equity ratio and the relative size. With the market of the targets. When targets are the listed firm’s return better than not listed ones. In conclusion, the abnormal return are unlike when different type of case, the investors need to know the relationship between the information versus abnormal return, the study expected can make investors are selecting targets and time by reference.