市場對牽涉家族企業之併購案之反應－－以台灣為例

Abstract

本研究以過去台灣上市櫃公司間併購案例為樣本，同時考慮雙邊之公司型態，探討不同交易對手組合與公司短期股市表現之關係。研究結果發現，當家族併購非家族企業時，對主併公司與目標公司皆有較高的短期報酬，隱含家族企業併購優勢於併購非家族企業時較明顯。本研究亦發現同集團公司併購與併購短期績效呈負相關，而最終控制者席次控制權與盈餘分配權之偏離程度則與短期績效呈正相關。

This paper investigates the past merger and acquisition cases of public listed companies in Taiwan, and also considers the bilateral company types to explore the relationship between different counterparty combinations and the company's short-term stock market performance. The results of the study found that when a family acquires a non-family company, it has higher short-term returns to both the acquiring company and the target company, implying that the advantage of a family company M A is more obvious when acquiring a non-family company. This study also found that the merger and acquisition of the same group company and the short-term stock performance were negatively correlated, and the degree of deviation between the ultimate controller's seat control and the cash flow right was positively correlated with the short-term performance.