A Study on the Impact of the Announcement of the International and Domestic M&A on the Long-term and Short-term Performance Evidence from High-tech Enterprises in Taiwan

[[abstract]]本研究主要針對台灣高科技企業進行購併宣告的上市上櫃公司，依購併的類型，分為國際與國內購併，以長、短期股價的變化來比較國際與國內購併的績效。採用民國88年至92年間97件揭露國際與國內購併宣告消息的台灣證券交易所公開上市之主併公司為研究對象，且曾經由工商時報、經濟日報或專業財經網站所揭露的購併事件之企業為樣本，採用事件研究法之市場模式探討其購併宣告對主併公司股票異常報酬的影響，及企業購併事件前後，股價變化與購併事件的關聯性。 本研究結果獲得之結論如下： 一、就整體高科技企業的短期績效而言，主併公司在購併宣告日當天可獲取顯著且正向的平均異常報酬。 二、就整體高科技企業的長期績效而言，主併公司在購併宣告當月之後可獲取顯著且負向的累積異常報酬，隨著購併後月份愈長，負向的累積異常報酬之顯著水準愈高。 三、就國際購併的長期績效而言，主併公司的負向累積異常報酬之顯著水準高於全體購併事件；換言之，投資人並非持續解讀國際購併宣告為正面的消息，或忽略此項國際購併宣告 四、就國內購併的長期績效而言，主併公司的負向累積異常報酬之顯著水準低於國際購併事件；換言之，國內併購宣告長期績效優於國際併購。[[abstract]]This thesis mainly focused on the listed companies of technology industry in Taiwan which being announced as Merger and Acquisition (M&A) Based upon the type of the announce of M&A we divided them into transnational and domestic merger Furthermore we tried to compare the performance of transnational and domestic merger through the variance of long-term and short-term stock price The sampling period of this study is from 1999-2003 and there were 97 acquiring firms which listed on the Taiwan Stock Exchange declared their transnational and domestic M&A The data were obtained from the Taiwan Economic Journal Commercial Times Economic Daily News and economic websites We used a market model of event study to analyze abnormal returns at the announcement date of M&A The purpose is to investigate the relationship between the stock prices before the announcements and after the announcements of the M&A The conclusion of this thesis are as follows: 1 Overall for the short-term performance of stock prices there is a significant positive average abnormal returns at the event day in order for the bidders of all firms 2 for the long-term performance of stock prices there is a significant negative cumulative abnormal returns at the month after the event month in order for the bidders of all firms For the month after the event month more long negative cumulative abnormal returns is more high significant 3 According to the long-term performance of the transnational merger there is a high significant negative cumulative abnormal returns more than the bidders of all firms Thus stockholders didn’t deciphes the transnational merger as a good news or lose sight of the transnational merger 4 According to the long-term performance of the domestic merger there is a significant negative cumulative abnormal returns under the transnational merger Thus domestic M&A perform better than the transnational M&