線上線下企業之併購與策略聯盟對於台灣上市櫃公司股價異常報酬的影響

文化大學機構典藏 CCUR > 商學院 > 財務金融學系 > 博碩士論文 > Item 987654321/52861

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题名:	線上線下企業之併購與策略聯盟對於台灣上市櫃公司股價異常報酬的影響 The Impact of OMO Enterprise on Abnormal Returns: Comparative Analysis between M&A and Strategic Alliances in Taiwan
作者:	高楷鈞
贡献者:	財務金融學系
关键词:	併購策略聯盟虛實整合事件研究法異常報酬異常交易量
日期:	2023
上传时间:	2023-08-02 13:31:30 (UTC+8)
摘要:	隨著網路科技不斷的進步與受到新型冠狀病毒的壟罩，人們的生活型態發生了極大的轉變，迫使過去台灣傳統實體企業和線上網路企業不得不考慮虛實整合，將實體企業與線上企業相互交叉併購或策略聯盟，藉由實體與線上的相互合作，來紓解短期困境。然而，在過去大部分的研究與文獻中，發現過去皆是以線上對線上抑或實體對實體的相互併購與策略聯盟為主，鮮少研究是以線上企業與實體企業的互補、相互併購或是相互策略聯盟為研究主題，因此本研究不管是對於國內外各大企業，或是未來想擴大公司營運規模的企業，還是要進行企業轉型的公司都有著突破性的貢獻。本研究利用事件研究法的市場模式來估計台灣上市櫃與興櫃企業在併購和策略聯盟訊息發布時，該事件是否會對公司造成異常報酬與異常成交量，而本文也使用到Fama-French三因子模型，來計算各家公司的異常報酬。實證結果表明，在併購消息公布日，均有正向顯著的累積異常報酬與累積成交周轉率，而策略聯盟則是在消息公布日，有負向顯著累積異常報酬率與成交量周轉率。 Following the continuous advancement of technology and the impact of the new coronavirus, people's lifestyle has changed dramatically, forcing the traditional physical industry and online network industry in Taiwan to consider the integration of the real and the virtual, and cross-merger or strategic alliance between the physical and online industries in order to alleviate short-term difficulties. However, most of the past studies and literature focus on strategic alliances or mergers and acquisitions in homogeneous industries, and few studies focus on complementary, mutual mergers and acquisitions, or mutual strategic alliances between online and physical industries. Therefore, this study is a breakthrough contribution to domestic and foreign companies, whether they want to expand the scale of their operations in the future or to undergo industrial transformation. This study uses the general least square method of event study and the Fama-French three-factor model to estimate the impact on stock prices when news of virtual mergers and acquisitions and virtual strategic alliances is released. In addition, this paper uses Google Trends Internet search trends to collect the search volume of the event sample companies during the event period, and to observe whether there is any effect between the abnormal search volume and the stock price return of the companies.
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