The Research on Acquisition Announcement and Different Performance

[[abstract]]由於企業購併消息的宣告往往會影響公司股價產生異常波動之現象，因此，本文以事件研究法進行檢定事件期間每日異常報酬之顯著性，並檢定累積異常報酬率之顯著程度，以及在購併宣告時對主、被併公司之累積異常報酬率的影響。除了以事件研究法觀察事件期間異常報酬之顯著性外，本文也加入平衡計分卡之觀點，以事件期間之累積異常報酬率作為被解釋變數，探討財務面績效指標、內部程序面績效指標、學習成長面績效指標，以及顧客面績效指標與購併宣告期間累積異常報酬率之間的關聯性，並檢定迴歸係數之顯著性。實證結果顯示，平衡計分卡的四大構面績效指標與購併宣告期間之累積異常報酬率皆有顯著關係。[[abstract]]Because the news that the enterprise’s acquisition announced will often affect company's stock price to have phenomenon of the abnormal volatility therefore this study examine event period significance of the abnormal return and cumulative abnormal return by the event study as well as acquisition announcement influence cumulative abnormal return that is acquiring company and target company Besides significance of abnormal return by the event study observed this study also joins the balanced scorecard viewpoint Finally the financial performance index customer performance index internal process performance index and learning performance index were used as independent variables of multiple regression models and the cumulative abnormal return were used as dependent variable We find some result: the balanced scorecard’s performance index has the apparently effects on the cumulative abnormal retur