本研究論文主要是探討主併公司併購宣告的短期與長期報酬，研究期間取自於2011年至2020年共計10年，研究對象為台灣上市、上櫃宣告並完成併購的公司。短期效果是以併購宣告日前後三天的股價累積超額報酬衡量；長期部分則是以併購後36個月買入並持有的異常報酬BHAR36作為併購後長期股票報酬的表現。併購的類型則依併購公司與被併公司在產業的關聯性分成水平式、垂直式和多角化購併三種類型。 實證結果發現，主併公司的併購宣告有顯著正向的累積異常報酬，且三種併購類型的宣告報酬皆為正。在併購後的長期報酬方面，水平式併購的長期報酬為正相關，但垂直式與多角化併購的長期超額報酬都顯著為負。 ;This paper investigates the short-run and long-run performance of acquirers in Taiwan stock market. The sample covers the acquisitions which are completed in the period from 2011 to 2020. The short-run performance is measured by the cumulative abnormal returns around the announcement day (that is, CAR(-3, +3)), and the long-run performance is computed as the 36 months buy-and-hold abnormal returns following the completion of acquisitions (BHAR36). The acquisitions are classified as horizon, vertical, and conglomerate deals based on the industries of the acquirer and the target firm belong to. The empirical results show that the announcement abnormal returns are significantly positive for all acquirers and acquires in the three types of deals. For the long-run performance, the BHAR36 of horizon deals is insignificant, but are significantly negative for vertical and conglomerate deals.
