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    题名: 地區制度與產業相關性對購併宣告效果的影響-以中國上市公司為例
    The impact of Local Institution and Industrial Relatedness on M&A performance: Evidence from China’s listed companies
    作者: 何惠婷
    Ho, Hui-Ting
    贡献者: 譚丹琪
    Tan, Dan-Chi
    何惠婷
    Ho, Hui-Ting
    关键词: 異常報酬
    產業相關性
    中國市場化指數
    制度
    Abnormal return
    Industrial relatedness
    Marketization index of China’s provinces
    Institution
    日期: 2020
    上传时间: 2020-08-03 17:22:34 (UTC+8)
    摘要: 近年以來大陸地區經濟成長快速，在全球經濟體系中占據了重要的地位，由於大陸經濟市場熱絡，相較於台灣，大陸地區每年發生的購併案數量眾多，已然是台灣的好幾倍以上，因此對於研究購併來說，數據資料來源充足且資料間有足夠的差異性能作為研究討論。本研究採用事件研究法，探討購併時主併企業與被併企業兩者的產業相關性及主併企業位在的地區制度發展程度是否對購併的報酬造成影響，採用2015~2019年間中國上市公司的購併案件為樣本，其中需已完成收購程序且收購後主併企業持股需達50%以上，代表此收購事件發生後主併方可取得相當程度控制權，並刪除同一企業於同一天有多筆購併的樣本避免不同事件間產生交互影響，最終採用樣本數共131筆，購併的報酬以企業的累積平均異常報酬為指標，地區制度則採中國市場化指數。研究設計主要分成三個階段進行，首先觀察CAR在不同期間觀察窗口(購併宣告日前後一、三、五、十、十五天)的變化，之後進行T檢定，最後進行多元迴歸分析。觀察累積平均異常報酬，發現非相關購併CAR在五種觀察窗口下均較相關購併高且在前後十、十五天兩個窗口呈顯著。在制度方面發現得分位於中間的省分之CAR較高，差異隨觀察區間越長越明顯，最後進行迴歸分析，發現在宣告日前後十天之累積平均異常報酬與產業相關性呈顯著及負相關、與制度得分呈顯著且為倒U型關係。
    Because of rapid economic growth in China in recent years, China plays an important role in the global economy. Cases of mergers and acquisitions (M&As) happen in China more frequently than Taiwan, so its rich data resources provide researchers sufficient information to conduct a research study. This thesis examines the impact of targets’ relatedness and local institutions on acquirers’ values in China. Empirical findings based on a sample of M&A cases of China’s publicly traded companies from 2015 to 2019, indicates that industry unrelated acquisitions get higher CARs than industry related acquisitions. I also find that the provinces which get the middle scores at marketization index get the highest CAR. Regression analysis further confirms there is an inverted U shaped relationship between marketization scores and acquirers’ values.
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    描述: 碩士
    國立政治大學
    國際經營與貿易學系
    103351040
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0103351040
    数据类型: thesis
    DOI: 10.6814/NCCU202000674
    显示于类别:[國際經營與貿易學系 ] 學位論文

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