A Study on the Effect of Mergers and Acquisitions in Taiwan Financial Holding Companies
碩士 === 朝陽科技大學 === 財務金融系碩士班 === 95 === In the past years, the operations of the M&A become the popular subject in Taiwan. Because financial institutions have been facing against the transformed period of industrial structure and operational procedure, the financial institutions diversify their pr...
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| Format: | Others |
| Language: | zh-TW |
| Published: |
2007
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| Online Access: | http://ndltd.ncl.edu.tw/handle/88685803646545830484 |
| Summary: | 碩士 === 朝陽科技大學 === 財務金融系碩士班 === 95 === In the past years, the operations of the M&A become the popular subject in Taiwan. Because financial institutions have been facing against the transformed period of industrial structure and operational procedure, the financial institutions diversify their products by M&A became a trend.
This study attempts to examine the effects of stock returns and financial ratios at the announcement date of mergers and acquisitions events in Financial Holding Company. The sampling period of this study is from 2001 to 2004 and there were 14 acquiring firms which listed on Taiwan Stock Exchange declared the information about M&A. We used a market model of event study to analyze if the acquiring firm’s stock returns at the announcement date of M&A would appear abnormal returns. And we used mean test to analyze the financial ratio changes after this event.
According to the test result of this research, when the domestic financial holding company declares an important M&A event, this news is probably advanced in to expose in the market. And there is significantly and positive abnormal returns before announcement date of M&A. Besides, the financial holding company significantly improved its property quality by M&A.
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