韓國與台灣股票市場併購之資訊價值

CCUR > College of Business > Department of Banking & Finance > Thesis > Item 987654321/25513

Please use this identifier to cite or link to this item: https://irlib.pccu.edu.tw/handle/987654321/25513

Title:	韓國與台灣股票市場併購之資訊價值 The Information Value of Merger and Acquisitions from Korean and Taiwan Stock Market
Authors:	洪鎭熙 Hong, Jin-Hee
Contributors:	財務金融學系
Keywords:	Merger and acquisitions (M&A) Announcement period Listed Firms Event study Abnormal Return (AR) Cumulative Abnormal Return (CAR) Financial Variable Financial Variable Information Value
Date:	2013-01
Issue Date:	2013-10-14 11:42:11 (UTC+8)
Abstract:	Mergers and acquisitions (M&A) are being increasingly used in the world for companies through gaining markets, capitalizing on economies, etc. While the agreement of M&A is considered as one of the strategies for growth, the companies are expected to perform better post merger so that those are proved successful. The event study is applied in this study to examine the reactions of stock price depending on the signed agreement (or Announcement) of M&A in both Korea and Taiwan. The sample is from the listed companies of Korea Exchange (KRE) and Taiwan Stock Exchange (TWSE) during 2006 to 2011. There are 46 and 40 sample data in listed electronic companies respectively. And cross-sectional multiple regression analysis is applied to test the relationship between cumulative abnormal return and financial variables. It is found that there existed negative investment performance before and after the announcement or the agreement of M&A for both Korean and Taiwanese firms. The only difference is that the post-merger negative performance of Korean firms is significant. Moreover, each of country this study found that ratio of return on asset by M&A activity is statistically significant. Additionally, it is significant of current ratio, sales growth in Korea. But it can have adversely negative significant stock markets in announcement period.
Appears in Collections:	[Department of Banking & Finance ] Thesis

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