标题: | 中国企业投资事件对台湾半导体封测业股价影响之研究 A Study of the Effect of the China Enterprise Investing Events on Taiwan Semiconductor Assembly and Test Industry Stock Prices |
作者: | 韩纮越 蔡璧徽 Han, Hung-Yueh Tsai, Bi-Huei 管理学院管理科学学程 |
关键字: | 事件研究法;效率市场假说;中资;紫光;资讯不对称;Event Study;Efficient-Market Hypothesis;China Capital;Tsinghua Unigroup;Information Asymmetry |
公开日期: | 2016 |
摘要: | 自2015年下半年起,台湾经济重心的半导体产业中的封装测试供应链,开始了一连串并购与投资的事件。以日月光并购矽品的事件为序幕,接续而来的中资紫光集团入股矽品精密、力成科技、南茂科技等封测大厂;中资首次入台投资核心高科技业的事件,在产业界引起极大的震撼。基于半导体产业为台湾主要核心竞争力产业,本研究为首度对于中国资金投资台湾半导体产业的事件进行分析,不仅对于封测业内的领先企业以及其他封测业者进行实证比较,同时也是首次对于进行投资的中国企业进行分析,可做为台湾半导体产业界制定因应策略及发展方向的重要参考。 本研究以事件研究法来对于中资紫光集团、被投资入股的封测公司以及其他封测业者的股价反应进行研究。发现主要被紫光投资的公司于事件日出现正向显着的异常报酬,而资讯不对称情况也影响着被紫光投资的公司。随后的异常报酬依效率市场假说理论,充分反应公开资讯后随即反转向下。而对于其他业者而言,由于市场区隔以及并购事件效益不明等因素影响之下,股价并未出现如预期的负向异常报酬。而中国企业的股价,由于并购美国半导体大厂的进展并不顺利,其效益未能反应于股票市场,所以未如预期的假说从这些并购投资事件得到显着正向的异常报酬。本研究实证了投资与并购事件对于资本密集的半导体产业是正向的,在中国市场崛起的趋势下,台湾业者须加速进行整合以提高其竞争力,并维持其领先的地位。对于核心产业因中资投入而威胁国家竞争力所产生的疑虑,使得政府角色在最后的审查中,扮演了投资事件是否能成功的决定性因素。 Since August 2015, there was a series of merging and investing events occurred in semiconductor assembly and test industry which is the core industry in Taiwan. From the event of ASE merging SPIL began, following the China Tsinghua Unigroup to announce investing SPIL, Powertech and ChipMOS companies which are leading testing and assembly companies in the world. These events inspired great reaction in Taiwan semiconductor industry. By using the Event Study, our researching results revealed the invested companies’ stock prices showed positive abnormal stock return with significant level. These results showed the impact of information asymmetry on major invested company at the same period. Following descending trend on abnormal stock return also approved the Efficient-Market Hypothesis. For other companies in the assembly and test industry, there was no significant level to approve negative abnormal stock return. The evidence disclosed China Tsinghua Unigroup didn’t get the benefit from the stock market on these events. |
URI: | http://etd.lib.nctu.edu.tw/cdrfb3/record/nctu/#GT070363130 http://hdl.handle.net/11536/143298 |
显示于类别: | Thesis |