| Summary: | 碩士 === 東吳大學 === 會計學系 === 95 === Large or small scale financial merger and acquisition， M&A cases appear across American. M&A can be regard as the fastest method for growth of a company who can obtains operating synergy、financial synergy and marketing synergy from the merged company. But M&A may be also the authority`s behavior to go against stockholder for maximizing his own profits. With the improvement of technology ,the change of economy condition , more and more companies have carried on cross-border acquisitions. Cross-border acquisitions can bring risk-diversification and accumulate wealth effect better than domestic acquisitions , but relatively also accompany the barrier and the risk. This research mainly discusses which effect of announcement is better ,when the US financial institutions separately announce domestic and cross-border acquisitions.
This research takes US financial institutions as the research object, and selectes the event,Ｍ&A from 1993 to 2005 , to be the sample. First, examine abnormal return which the announcement produces in the process of M&A；next discuss which effect of announcement domestic and cross-border acquisitions is better.
Real diagnosis result as follows:
1.Whether the M&A of financial company produces the abnormal return.
The M&A doesn`t have significant abnormal return on event day. However ,during event days the examination of accumulative abnormal return is that all sample and domestic acquisitions sample have significant negative abnormal return ,besides the examination of cross-border acquisitions is not at significant level.
２.Whether the effect of announcement cross-border acquisitions is better than domestic acquisitions.
In regression, the dummy variable result of cross-border acquisitions presents significant positive level. It reveals the negative abnormal return of announcement cross-border acquisitions is smaller than domestic acquisitions and correspondent with the originally anticipated direction. When the company carries on cross-border acquisitions, investor's reaction is better than domestic acquisitions.
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