| Summary: | 碩士 === 國立高雄第一科技大學 === 金融營運所 === 95 === Merger and Acquisition is a very hot topic among financial industry. Recently, Taiwanese government is actively amending its statute and implementing tax benefit in order to accelerate its connection with world financial business. Academic community always searches for the clear degree of profit return and risk analysis at specific time; as for business community looks for maximization of market share and profitability. They look at the different point of views and from different angles. Practically, the results are different between business operation and academic research.
There are many reports on “The Impacts of Merger and Acquisition” related topics. This study focused on fourteen local financial holding companies that were established recently and the study also utilized “Merger and Acquisition Announcement” as event study. This study has analyzed the samples in detail from these fourteen financial holding companies; the media reports from the merger and acquisition announcements by the financial holding companies; the company size of the financial companies’ subsidiary; and the capital share issued of the financial companies. Analyze the “Market Model” from “Event Studies” by utilizing Least Square formula and also utilize Standarized-Residual Cross-Sectional Method from parameter and Sign Test Method from non-parameter in order to find out the significant level of average standard of abnormal returns and average standard of accumulated abnormal returns. This research analyzed the impact of stock prices and excessive returns due to the “Announcement of Merger and Acquisition by the Financial Holding Companies.
The studies from all the samples indicated that the news of merger and acquisition sometimes will be leaked out before the event date and it also showed the evidence of abnormal figure. In fact, the investors are intelegent and will not be influenced by the media. Also, by separating the size of the financial holding companies, the figure always showed positive abnormal return no matter what scale of the companies are. However, the information from big company is somehow deeper-down. Also, the finding indicates positive abnormal return on the event day by inspecting different sizes of capital share issued companies. Although it is not so obviously, the information leaking from the small capital share issued companies is happened during the case study.
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