摘 要

本研究目的乃在檢測購併宣告對主併公司股價的累積異常報酬與購併後撤資成敗之相關性，評估撤資成功和失敗之先前購併宣告報酬是否有顯著的不同。
實證結果顯示：約有21.33%的主併公司會於購併後再將被併公司予以撤資，而被分類為失敗的撤資之購併宣告時，對主併公司股票呈顯著的負累積異常報酬(CAR)，並低於成功的撤資購併以及無撤資購併之累積異常報酬(CAR)。此外，多角化購併與撤資以及與撤資失敗二者的機率並無顯著相關，因此，本研究無法說明多角化購併是較相關購併易於撤資且失敗。最後，對於主併公司股票之購併宣告累積異常報酬與購併後的撤資機率是呈顯著負相關，但是卻與購併後被歸類為失敗的機率並無顯著的關係。

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目 錄
第壹章 緒論………………………….…………………………………..4
第一節 研究背景與動機…….……………….….……………………..4
第二節 研究目的..……………………….…….……………………….7
第三節 研究架構………………………………………………………….8

第貳章 理論回顧與文獻探討……….………………………………….11
第一節 理論回顧……………………………………………………....11
第二節 相關實證文獻………………………………………..………..17

第參章 研究設計….…………………………………………………….23
第一節 樣本設計………………………………………………………..23
第二節 研究假說..……………………………..………………….….27
第三節 研究方法……………………………………………..………..30

第肆章 實證結果分析…..….…….…………………………………..37
第一節 購併宣告對公司股價之影響…………………………………..37
第二節 公司股價受購併宣告影響之因子….………………………….44
第三節 多角化購併策略與撤資之分析…….………………………….48
第四節 撤資失敗之機率分析……………………………………….….50
第五節 敏感性分析……………………………………………………..51

第伍章 結論與建議….………………….…….……………………….53
第一節 結論………………………………………………………….….53
第二節 建議………………………………………………….………...57
參考文獻………………………………………………………………….58

參考文獻

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