The Comparison of the Long-term and Short-term performance between Related and Unrelated Mergers and Acquisitions in Technology Industry

• Main Authors: Ya Ting Zheng, 鄭雅婷
• Other Authors: 朱美琴
• Format: Others
• Language: zh-TW
• Published: 2005
• Online Access: http://ndltd.ncl.edu.tw/handle/17723944516808688703

碩士 === 南台科技大學 === 國際企業系 === 93 === This study mainly focused on the listed companies of technology industry in Taiwan which being announced as Merger and Acquirement (M & A) during 1999 to 2001. Based upon the main products of those companies, we divided them into related and un-related merger. Furthermore, we tried to compare the performance of related and un-related merger through the variance of long-term and short-term stock price. Market model was utilized in a short-term period and three-factor model was utilized in a long-term period which led to an average abnormal return and an accumulated abnormal return respectively. The results were shown as below: 1.An overall consideration in technology industry, the performance of stock prices in a long-term period showed better than the one in a short-term period. 2.According to the performance of short-term stock price, the performance of the related M & A showed better than the one in un-related M & A. 3.According to the performance of long-term stock price, the performance of the related M & A showed better than the one in un-related M & A. 4.An overall consideration in technology industry, both related and unrelated M & A showed that the performance of stock price in a long-term period were better than those in a short-term period.