企業藉由併購策略兼併其他公司，是近年來企業為獲得新技術或提高市占率常使用的策略，併購成為企業取得外部成長的一種方式(Glueck, 1979)。全球化世代的到來，導致資源以及人才的需求，併購戰略也成為企業追求全球化的管道。1980年代後，總併購案件及併購總價值逐年成長；反之，敵意併購在1980年代後卻逐年下降。併購事件的異常報酬及宣告效果的研究很多，但是過去的文獻卻很少針對敵意併購的報酬進行研究。本文使用事件研究法，檢驗全球電子產業上市公司的敵意併購事件，分別分析主併公司以及目標公司的市場反應。本文敵意併購資料蒐集自Security Data Company (SDC)資料庫，研究期間為西元1981年至2016年，公司歷史股價從DataStream資料庫取得。本文研究貢獻為找出敵意併購案件減少的原因，以及敵意併購事件下，主併公司與目標公司分別產生的結果。本研究實證結果發現主併公司存在負向的異常報酬；目標公司的結果則為正向異常報酬。
Mergers and acquisitions(M&A) are a means of achieving globalization, inorganic growth, accessing the newest technologies, and enhancing capitalization. Glueck (1979) indicated M&A is a way that firm pursuit external growth. There are many studies on the abnormal returns and announcement effects of mergers and acquisitions, but few papers focus on hostile takeovers. This paper applies the event study method to examine hostile takeovers in the electronic industry around the world and delve into the abnormal returns of the acquirers and the targets. The data on hostile takeovers in 1981-2016 are sourced from Security Data Company (SDC). The historical share prices are obtained from DataStream. The contribution of our study is to validate the presence of significant abnormal returns on acquirers and targets and compare the abnormal returns between the acquirers and the targets. The result of this study are acquirers had significant negative abnormal return and targets had significant positive abnormal return.
