The Effect of Traditional Financial Information and COSO Internal Control of Accumulate Abnormal Return of Merger and Acquisition Event Announcement

• Main Authors: Wei-jen Fan, 范瑋真
• Other Authors: Lee-hsuan Lin
• Format: Others
• Language: zh-TW
• Published: 2009
• Online Access: http://ndltd.ncl.edu.tw/handle/06022297410036289202

碩士 === 元智大學 === 會計學系 === 97 === This study observed the effect of stock price in the M&A event announcement. We investigated the effect of traditional financial information and COSO internal control of accumulate abnormal return（CAR）of M&A event announcement. We divided our sample into high-tech industries and nonhigh-tech industries. The samples we used were obtained from the Taiwan Economic Journal, Commercial Times and Economic Daily News. The study periods were started from January 2000 to December 2007. 　　First of all, this study uses market model of event study to calculate the cumulative abnormal returns. Then we observed it contains positive or negative cumulative abnormal returns. Secondly we use multiple regression model to investigate the effect of traditional financial information and COSO internal control for accumulate abnormal return. The empirical findings of this study are as follows: 1.The overall samples and high-tech industries sample appeared significantly positive cumulative abnormal returns before the merger announcement date. But non-high-tech industries sample not appeared significantly positive cumulative abnormal returns. 2.the overall samples, the result indicated that asset turnover were negative to CAR. Management earnings forecast errors were positive and financial forecast frequency were negative to CAR. 3.In the high-tech samples, the result indicated that asset turnover were negative to CAR. Managerial stockownership、accounting line manager turnover and related party transactions were positive to CAR, and CEO duality were negative to CAR. 4.In the nonhigh-tech sample, the result indicated that profitability were positive and asset turnover were negative to CAR. Guarantee、management earnings forecast errors and information technology investment were negative to CAR.