企業併購是企業追求成長最主要、最快速的經營策略之一，近年來全球企業不斷透過併購來擴大事業版圖。併購交易的關鍵問題為是否能替股東創造價值，過去在探討併購宣告對股價反應的研究中，大部份研究結果顯示普遍有正向異常報酬，也有少數文獻研究結果為負向異常報酬，並會受到公司規模、產業別、併購資金來源等其他因素影響。 本研究採用事件研究法以2013年至2016年台灣上市櫃公司40家為樣本，探討在台灣的上市櫃公司併購活動對股價報酬影響，並分析公司治理因素之關聯性，運用事件研究法分析併購活動對股價的影響程度。實證結果併購宣告對主併公司國內上市櫃公司併購宣告日為負向異常報酬與國外學者研究結果一致，另外在公司治理相關變數驗證方面，所有結果顯示皆無顯著性影響。 ;Company mergers and acquisitions (M&A) is becoming one of the most important growth areas in business, and one of the fastest growing business strategies. In recent years, global companies have continued to expand their business territories through M&A. The key question is whether M&A has the ability to create value for shareholders; in past research investigating stock price reactions to M&A, most studies showed that there is generally a positive abnormal return rate, although there are some results in the literature showing a negative abnormal return rate, and these results are subject to influence from considerations such as company size, industry, M&A funding sources, and other factors.
This paper used event study methodology for 40 companies listed on the Taiwan Stock Exchange for 2013 to 2016 as study samples in order to: investigate the influence of M&A on the share price activity of Taiwan Stock Exchange listed companies; analyze the relevance of corporate governance factors; and use event study analysis to determine the degree of influence of M&A activities on stock prices. The empirical results showed that for M&A announcements from bidding domestic companies listed on the Taiwan Stock Exchange, there were negative abnormal return rates on the date of the announcement, which is consistent with the study results obtained from foreign scholars. In addition, in terms of verification of variables related to corporate governance, all of the results displayed no significant influence.
