購併的市場資訊對股東財富造成的影響－以金融控股公司為例
Date Issued
2005
Date
2005
Author(s)
程珮雯
DOI
zh-TW
Abstract
Since the moment that Taiwan participated in the WTO, the financial competition environment has been subjected to change. Therefore, the financial industry does not only start to pursue economy of scale by merger within industry but seek to combine with different industries as well in order to confront the threat of globalization and diversification. First, by observing the effect of merger information announcement corresponding to the M&A transactions, this research seeks the links among probability of M&A success, value of synergy, and distribution of synergy. Second, by discussing how investors view toward merger information announcement, it reveals whether investors are confident with recent regulation of financial integration strategy. Furthermore, it also considers the effect of merger information announcement to the stock price and the sensitivity of event dates.
This research induced twelve different event dates from the important and highly related ones during the process of M&A events. Besides, to exclude the market factors from abnormal return, each event date is measured by four different models including Raw Return Model, Market Adjusted Model, Market Adjusted Model-Industry, and Market Model. It is also measured by two different event windows, three days and five days, to judge if there is any possible information leak. Under the measurement of different models and event windows, this research applied Brown & Warner (1985) Two-Tailed T Test and Sign Test to evaluate the significance of abnormal return and to discuss the influence of merger information announcement on the wealth of shareholders.
The results of this research provide explanation and evidence on 1) the effect of merger information announcement for acquiring firm, 2) the effect of merger information announcement for acquired firm, 3) whether the merger information announcement can be viewed as positive information to the market, and 4) comparison of outcomes between different models.
In this research, acquiring firm abnormal returns for both event windows are found to be insignificant; an outcome perfectly coincides with the anticipation. There are two possible reasons that could be posted to explain the outcome. For the first, the information leak is supposed to exist. For the second, the acquisition cost and exchange ratio are always higher than market anticipation. In addition, it can be concluded that abnormal return for five days is slightly larger than that for three days. This conclusion supports the previous explanation that the information leak actually exists.
Besides few exceptions, almost all merger announcements influenced the wealth of shareholders in acquired firms significantly. We can observe that positive abnormal returns are prevailing around the time of a merger information announcement. Therefore, it is quite sure to infer that the market always views the acquired firms as beneficiaries and considers them to be more eligible for confronting the threat stemmed from international competition.
For acquiring firms, most events seem to be neutral. However, positive influences are found in many events for acquired firms. These outcomes reveal that investors viewed the M&A events of bank holding companies as positive and felt confident with recent regulation of financial integration strategy. It is firmly believed that the integration of financial institutions helps to improve the development of financial strategy.
Usually, the outcomes of both Market Adjusted Model and Market Adjusted Model-Industry seem less significant than those of the other two models. Thus, we can conclude that the so-called abnormal return might not be caused simply by the M&A events but came from the reaction to overall market performance.
Subjects
購併
金控公司
M&A
Market Information
BHC
Type
other
File(s)![Thumbnail Image]()
Loading...
Name
ntu-94-R92722013-1.pdf
Size
23.31 KB
Format
Adobe PDF
Checksum
(MD5):42f584033820a80516d395d35bf7f430