| Summary: | 碩士 === 嶺東科技大學 === 財務金融研究所 === 102 === This Study discusses the impact of financial holding company merger and acquisition on stock return and corporate value, adopting Chinaturst to be the object. The study term is from 2003-2011 for the four mergers that are Grand Commercial Bank, Fongshan Credit Cooperative, Enterprise Bank of Hualien, and Metropolitan Life Insurance Company. This study adopts Event Study to research what impacts of M&A acts react to Stock Return, the conclusion discovers the impact of market are almost negative just only Metropolitan Life Insurance Company has positive CAR. According to Tobin’s q results of M&A, Grand Commercial Bank , Enterprise Bank of Hualien can bring the achievements of firm. On the other hand, the study comes out of ROA and ROS can’t help company to earn more benefits.
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