台灣公司進行跨國併購案的異常報酬分析

Abstract

本文針對台灣對國外發起的跨國併購案進行研究，並藉由事件研究法(Event Study Method)檢測台灣公司在進行跨國併購案時，特定窗期內是否顯著存在累積異常報酬，並接著以迴歸模型檢測本文選定的幾項變數，相對規模(Relative Size)、法規背景(Regulation Background)、政治穩定度(Political Stability)、政府效能(Government Effectiveness)、貪腐控管(Corruption Control)是否影響台灣公司進行跨國併購時的累積異常報酬率。 本文的實證結果顯示台灣的公司在進行跨國併購時，在五天以及一天的窗期內有顯著的累積異常報酬，並且迴歸模型的結果顯示台灣的公司進行跨國併購時，對累積報酬影響最大的變數是相對規模變數。另外，政治穩定度對於台灣的主併公司的累積異常報酬有負向的影響。

This thesis focus on finding out whether Taiwanese companies enjoy cumulative abnormal return while acquiring foreign companies. The method adopted by this thesis was Event Study Method. After conducting Event Study Method, this thesis also conducted Regression Analysis to find out whether five specific factors affect Taiwanese companies’ cumulative abnormal return while conducting cross border acquisition. The five factors are Relative Size, Regulation Background, Political Stability, Government Effectiveness, and Corruption Control. Our result shows that Taiwanese companies enjoy cumulative abnormal return during the five days, and one day period before and after the date when acquisitions were announced. And also, our result find out that relative size is the most important factor affecting Taiwanese companies’ cumulative abnormal return while conducting cross border acquisitions. On the other hand, this thesis find that Political Stability has a negative effect on Taiwanese Companies’ cumulative abnormal return.