公司是否選擇好日子去併購其他公司?以台灣公司之併購案執行日為例

Abstract

本研究主要探討公司在執行併購決策時，是否會參照農民曆上的建議而選擇日子，亦探討在好日子執行併購的公司是否具備較高的持有報酬率。除此之外，更加希望探究哪些因素會影響公司選擇好日子或避免壞日子。我們假設景氣指標與股權集中度會影響公司是否選日子，其中股權集中度的指標包含外資持股比率與公司是否為家族企業。假設景氣較低迷的時候，公司會偏向選日子；外資持股較高的公司較不會選日子；屬於家族企業的公司較會選日子。本研究的結果顯示，當公司執行併購案時，並不會傾向選擇日子，然而，本篇發現在好日子執行併購的公司在樣本期間內確實擁有較高的持有報酬率。除此之外，探究景氣指標和股權集中度是否影響公司選擇好日子或避免壞日子時，我們並沒有發現之間具有統計上顯著的結果。

This study mainly explores whether firms follow the advices from Chinese Lunar Calendar to choose specific dates to exercise M&A deals. We also wonder that whether firms experience higher performance on lucky- than unlucky dates. Moreover, we investigate whether the economic situation and ownership concentration have the impact on either firms exercising M&As with choosing lucky dates or preventing unlucky dates. The empirical results verify that firms may not choose dates when exercising M&A deals whereas firms do get better performance on lucky dates than on unlucky dates. Moreover, this study confirms that the economic situation and the ownership concentration have no significant effect on firms’ selecting date decision when exercising their M&A deals.