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https://nccur.lib.nccu.edu.tw/handle/140.119/62017
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| Title: | 企業創新於併購上的價值分析
Do Mergers for Innovation Create Value for Investors? |
| Authors: | 陳韋丞
Chen, Wei Cheng |
| Contributors: | 湛可南
陳韋丞
Chen, Wei Cheng |
| Keywords: | 併購
創新
事件研究法
mergers and acquisitions
innovation
event study
Calendar time portfolio |
| Date: | 2013 |
| Issue Date: | 2013-12-02 17:50:34 (UTC+8) |
| Abstract: | Through overviewing the merger waves during the last century, we know the latest two waves result mainly from technological innovation. With the presence of M&A market, acquirers are able to gain innovation capacities by taking over innovative targets. Innovation is considered to be a source of synergies and a major motive for M&A decision. Therefore, my research focuses on whether acquisitions for innovation create value for investors in short-term and long-term perspective.
By using various innovation measures, I employ event study and calendar time portfolio to examine the significance of abnormal returns. I find the abnormal returns of bidding innovative targets do not show significant difference from the peers in short-term market reaction. However, in the long-run, the group with innovative targets reports significant abnormal returns. Under multiple regression analysis, I find patent counts, total citations, and citation-weighted patent counts have positive relation with abnormal returns under WLS procedure, while only average citation yields the most consistent result under both OLS and WLS. Lastly, I confirm the relation between abnormal return and average citation measure by employing calendar time portfolio approach. |
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| Description: | 碩士
國立政治大學
財務管理研究所
100357003
102 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0100357003 |
| Data Type: | thesis |
| Appears in Collections: | [財務管理學系] 學位論文
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