半導體產業購併對股東財富效果之影響-以聯發科公司為例;The Semiconductor Industry Merger on Shareholder Wealth Influences-In MediaTek’s Case

NCUIR > School of Management at National Central University > Executive Master of Finance Management > Electronic Thesis & Dissertation > Item 987654321/71768

Please use this identifier to cite or link to this item: http://ir.lib.ncu.edu.tw/handle/987654321/71768

Title:	半導體產業購併對股東財富效果之影響-以聯發科公司為例;The Semiconductor Industry Merger on Shareholder Wealth Influences-In MediaTek’s Case
Authors:	羅鈺珍;Lo,Yu-Chen
Contributors:	財務金融學系在職專班
Keywords:	購併;異常報酬;Acquisitions;Abnormal Return
Date:	2016-07-25
Issue Date:	2016-10-13 13:51:31 (UTC+8)
Publisher:	國立中央大學
Abstract:	在全球化過程日益加速的時空背景下，企業為了追求生存，會選擇內部成長或外部成長的方式作為永續經營的決策，其中又以「購併」為最直接快速的捷徑。近年來全球購併潮一波接著一波發生，經過統計，2015年全球購併總金額已超越金融海嘯時期，另一方面，從許多的文獻探討中也發現半數以上之購併案是以失敗為收場結局，換句話說，不是所有的購併活動，皆會帶來預期有利的效益，但是，購併風潮仍是有增無減，不禁令人產生好奇。本研究將從台灣半導體產業鏈購併最頻繁的IC設計公司中，擇一代表性公司進行個案研究及分析，探討購併對股東財富效果之影響，並分別從股價及購併綜效（營運綜效、財務綜效、市場綜效）進行研究。研究結果發現，購併宣告對個案公司在購併期間的股價變動產生正向累積報酬，表示投資人對個案公司所進行一連串生產供應鏈整合之購併活動是抱持樂觀態度；在購併綜效方面，營運綜效及財務綜效在購併後無顯著優於購併前，而市場綜效產生的效果是最快最直接，購併後優於購併前。;In the process of accelerating globalization, companies will choose organic growth or inorganic growth a business decision, among which "Merger and Acquisition" is the quickest and most direct. In recent years, global mergers and acquisitions continue to occur, 2015 global M & A has exceeded the amount during the financial crisis, on the other hand, many from the literature review also found more than half of mergers fail result, in other words, not all acquisitions are successful, however, M & A activity is still ongoing. In this study, Taiwan′s semiconductor industry chain from the acquisition of the most frequent IC design companies, select a company representative to explore the effect of the acquisition on shareholder wealth from the stock and synergy (operating synergy, financial synergy, market synergy). The results, in case the company stock price movements during the acquisition to generate positive cumulative returns on behalf of investors are optimism; in synergy, operating synergy and financial synergy no significant better than before, while the effect of market synergy generated by the fastest and most direct is better than before.
Appears in Collections:	[Executive Master of Finance Management] Electronic Thesis & Dissertation

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