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系統識別號 U0026-0808201322503300
論文名稱(中文) 公司併購對新產品宣告股價報酬的影響
論文名稱(英文) The Impact of Mergers and Acquisitions On The Stock Market Response to New Product Announcements
校院名稱 成功大學
系所名稱(中) 企業管理學系專班
系所名稱(英) Department of Business Administration (on the job class)
學年度 101
學期 2
出版年 102
研究生(中文) 吳旻瑾
研究生(英文) Min-Chin Wu
學號 r47001335
學位類別 碩士
語文別 中文
論文頁數 53頁
口試委員 指導教授-張紹基
口試委員-方世杰
口試委員-許永明
口試委員-周信輝
中文關鍵字 併購  新產品宣告  異常報酬率 
英文關鍵字 Mergers and Acquisitions  New Product Announcements  Abnormal Return 
學科別分類
中文摘要 企業併購的原因除了追求快速成長,利用併購後資源整合所帶來的研發及創新加乘效果更於近幾年成為併購的重要原因之一,過去相關文獻顯示,併購整合後對研發及創新的影響是正或負,尚未獲得一致的結論,而過去多以研發費用和專利數量來衡量併購後的創新能力,公司獲取創新能力的最終目標為推出可獲得利潤或市佔率的新產品,故本研究將採用企業併購前後,於新產品上市宣告的股價異常報酬率有何變動為研究指標,以判斷企業併購後創新能力是否會增加。
本研究以1996年至2010年台灣上市公司中有從事併購活動及於併購前後皆有新產品上市宣告的公司為研究對象。採用事件研究法及橫斷面複迴歸分析法等統計方法,以驗證公司併購前後對新產品宣告股價異常報酬的影響。研究結果顯示:(1)異業併購對公司併購前後新產品宣告的股價異常報酬率有正向的調節效果;(2)主併公司為高科技產業對公司併購前後新產品宣告的股價異常報酬率有正向的調節效果。其餘會影響併購前後新產品宣告股價報酬的項目,如跨國併購、併購次數多寡、自由現金流量多寡及主併公司經理人自滿程度高低等交乘項目則不顯著。
英文摘要 In addition to facilitating rapid development, a critical reason for enterprise mergers and acquisitions (M&A) is that integrated resources yield synergistic effects for research and development (R&D) and innovation. Previous research has inconclusive regarding whether M&A positively affect R&D and innovation. In the past, R&D expenditures or patents were often used to assess the innovation capacity of an enterprise following M&A. However the main reason that enterprise to acquire innovation capabilities is to launch new products and gain a large market share. Therefore, this study adopts the stock market response to new product announcements to measure the impact of M&A on innovation capabilities.
Sampling from all publicly listed companies that undertaking M&A and launching new products before and after M&A during 1996 and 2010. This study used event study and cross-sectional regression analysis to exam the results. The results showed that: (a) cross-industry M&A positively regulated announced abnormal stock returns for the new products introduced before and after M&A; and (b) high-tech industrial acquiring firms positively regulated announced abnormal stock returns for new products introduced before and after M&A. Other factors, such as cross-border M&A, the M&A experiences, the amount of free cash flow, and the degree of hubris of professional expert of acquiring firm did not reach the level of significance.
論文目次 摘要 I
ABSTRACT II
誌謝 III
表目錄 VI
第一章 緒論 1
第一節 研究背景 1
第二節 研究動機 2
第三節 研究目的 3
第四節 研究架構 4
第二章 文獻探討 5
第一節 併購之相關理論 5
壹、併購之定義 5
貳、併購之動機與理論 7
第二節 創新與新產品之相關理論 10
壹、創新之定義 10
貳、新產品之定義 10
參、新產品上市宣告的股價報酬表現 11
第三節 假說發展 13
第三章 研究方法 19
第一節 樣本資料敘述 19
第二節 變數定義 20
第三節 分析方法 24
第四章 研究結果分析 31
第一節 樣本結構敘述 31
第二節 整體樣本迴歸分析 37
第五章 結論與建議 42
第一節 研究結論 42
第二節 管理意涵 45
第三節 研究限制與未來研究方向 45
參考文獻 48
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