| Summary: | 碩士 === 國立交通大學 === 財務金融研究所 === 97 === In this article, I use 118 acquisition events completed by firms listed in the Taiwan Stock Exchange (TSE) or the GreTai Securities Market (GTSM) from Jan 1, 2000 to Dec. 31, 2008 as my samples and I use the market model of event study to count the cumulative abnormal returns around the announcement date. Then multiple regression models are used to examine if internal corporate governance (CG) mechanisms have effects on acquisition CAR. Through the research I find that some internal CG mechanisms and bidder characteristics have significant effects on the acquisition CAR. Blockholders holding rate, firm size, and Tobin’s Q have positive effects on acquisition CAR. On the other hand, firms with lower foreign investors holding rate, leverage, and stock price runup have higher announcement returns.
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