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    题名: 企業併購決策與TobiuQ 之相關性研究
    其它题名: Empirical Examination of the Relationship between M&A Decision and Tobin`s Q.
    作者: 謝劍平
    贡献者: 財務管理學系
    关键词: 托賓Q;併購
    Tobin`s Q;Acquisition
    日期: 1994
    上传时间: 2014-09-10 17:47:09 (UTC+8)
    摘要: 企業成長的方式有內部擴充和外部擴充兩種,外部擴充也就是購併的方式,但此種方式往往會使公司的股價受到購併宣告的影響而產生異常波動的現象。本研究係以近來逐漸受到重視的Tobin`s Q比率與董監事及經理人持股比率等變數,探討其與購併宣告產生的異常波動現象之間的關係。本研究共計選取民國76年到82年間於台灣證券交易所上市的五十一個樣本公司,以事件研究法及迴歸統計方法,按樣本公司Tobin`s Q比率之高低給予不同的分類與分析。研究結果顯示,主併公司的股東財富會因購併宣告而微幅增加,而低Tobin`s Q比率之主併公司對購併宣告反應的超額報酬顯著程度大過於高Tobin`s Q比率的主併公司,可能是高Tobin`s Q比率的主併公司股價已被高估,投資人不願意再支付超額報酬所致。
    Company growth can take two forms: internally through the acquisition of real assets that are then placed into service, or externally through the acquisition of another firm. However, the announcements of the acquisition of another firm often affect the stock prices of acquiring firms. This paper attempts to examine the relationship between Tobin`s Q ratio, ownership structure, and abnormal returns of Taiwanese stock-listed company. Event study methodology and regression analysis are employed to test a sample of 51 announcements regarding M&A decisions over the seven-year period 1987 through 1993. The paper reports that abnormal returns associated with M&A announcements are marginally positively significant. Acquiring firms with low Q ratios tend to receive significant abnormal returns in response to the announcements of M&A, while acquiring firm with high Q ratio insignificantly react to the announcements. This result is contrary to the hypothesis. We conjecture that the stock prices of the high Q ratio firms over the test period had been inflated, thus investors were unwilling to pay extra premium for the stock prices of those firms.
    關聯: 行政院國家科學委員會
    計畫編號NSC83-0301-H004-092
    数据类型: report
    显示于类别:[財務管理學系] 國科會研究計畫

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