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標題: 台灣上市公司危機與購併事件對同產業內其他公司股價之影響
Contagion and Competitive Effects of Distress and M&A Announcements in Taiwan
作者: 許睿芬
Hsu, Jui-Fen
關鍵字: Intra-industry effects
Contagion effect
Competitive effect
Abnormal return
Cumulative abnormal return
出版社: 財務金融系所
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摘要: Abstract This paper investigates the intra-industry effect of the distress and M&A announcements by target firm affect the stock price of the other firms in the same industry. We use event study methodology to calculate the abnormal returns and cumulative abnormal returns for the Taiwan public firms from 1996 to 2007. Previous studies decomposed the intra-industry effect into contagion and competitive effect. The contagion effect is that we show the stock price of industry rivals in the same direction to target firm, whereas the competitive effect is the stock price of industry rivals in the opposite direction to target firm. So the first we should examine the target firm's abnormal return. The results show the some target firms have significantly abnormal return. Then the traditional industry is more strong response than electronic industry and distress announcement is more obvious than M&A announcement. Therefore we could examine the intra-industry effect of distress and M&A announcements by target firm affect the stock price of the other firms in the same industry. Our results show that some of all industries have obvious contagion and competitive effect and general exist that the industry firms have the contagion effect more than the competitive effect. The phenomenon of the traditional industries often express significantly for event day then after the event day the abnormal return will reverse. On the contrary the electronic industries represent to small abnormal returns. In the summary, our results show the contagion effect phenomenon is general existence in Taiwan public industries. Then the traditional industry firms are more than electronic industry firms. It could express the traditional industries have high degree of concentration and high similarity of cash flows, whereas the electronic industries express the high degree of competition and high independence. Therefore the traditional industries are obvious contagion effect and the electronic industries express more competitive effect. However according to the different event announcements, different traditional or electronic industries and different products in the same electronic industry, they will express different intra-industry effect.
摘要 本篇以事件研究法,針對1996年至2007年研究台灣上市公司在危機與購併事件宣告下,除了一般對事件公司的影響外,是否還存在所謂的產業內蔓延與競爭效果,即產業內其他競爭對手公司在事件宣告後,其股價與同產業事件公司的股價呈現同方向波動為蔓延效果,反之與事件公司的股價呈現反方向波動為競爭效果,其研究結果顯示,危機與購併事件宣告後,對事件公司有股價異常報酬影響性為傳統產業的反應強烈於電子產業,而危機事件的宣告效果明顯於購併事件宣告。 本文主要目的在研究事件宣告對同業的股價影響性,其結果為危機事件與購併事件宣告後,皆有對某產業有顯著的蔓延效果與競爭效果,而且普遍存在蔓延效果產業家數多於競爭效果產業家數,其中傳統產業多半表現於事件當日,而宣告日後有報酬反轉的現象,相較於電子產業則是異常報酬反應程度較小。 以分析影響產業效果為蔓延性或是競爭性的結果,可分為危機及購併事件宣告下,台灣上市產業仍多為蔓延效果表現,而傳統產業的蔓延效果較強,表示產業集中度較高,現金流量相似度高,而電子產業的競爭程度相較大,競爭公司規模大自主性較高,競爭效果較明顯,但是依事件宣告的屬性不同、產業的類別不同及分別視電子產業的產品別不同,而仍會表現出不同的產業效果。
其他識別: U0005-3006200817422900
Appears in Collections:財務金融學系所



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