| Summary: | 碩士 === 國立交通大學 === 經營管理研究所 === 107 === With the global economic recovery, Taiwan's financial industry has followed the world's trend of vigorous development, and the over-developed solution has also led to excessive competition among financial industries. Under the circumstances of financial liberalization and internationalization, and the gradual lifting of regulations, various financial groups continue to transform and integrate through different methods. Among them, mergers and acquisitions are quite important means. This paper is based on the research literature purchased by financial institutions at home and abroad, the financial data of financial holding companies and securities companies, and uses the corporate evaluation model and event research method as the basis, aiming at the stock price impact before and after the merger and acquisition, as an abnormal reward. Measure the criteria to see if there is a financial consolidated benefit in the M&A event. This paper discusses the purchase value of the company through the announcement of the purchase of the TA CHONG securities by Taishin Financial Holdings Co., Ltd. The research results are as follows:
1. The merger and acquisition case of Financial Holdings Company shall be predicted by the P/E ratio method in the relative evaluation method, which is most appropriate.
2. If the main company is observed, the empirical result is that the purchase and declaration of the main company (ie Taixin Financial Control), in addition to the abnormal abnormal remuneration in the daily abnormal remuneration, the other event days Not significant.
3. If the observation is based on the company, the empirical result is that the target company (ie, TA CHONG Securities) has a significant positive abnormal return in terms of abnormal daily payments. In the case of accumulated abnormal returns, there is also a positive cumulative abnormal return that is also available around the date of the merger announcement.
4. From the analysis of many abnormal rewards and accumulated abnormal returns in this study, most of the dates have no significant abnormal rewards. The reason is that the number of samples is too small, including non-financial analysis, so it may cause bias and cannot eliminate interference events. The impact of abnormal returns, so some of the empirical results are not significant.
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