Title 100N18-國際合資宣告對股東財富的影響The Effects of International Joint Ventures on Shareholders’ Wealth
Name 郝培宏
Advisor 翁鶯娟 老師
畢業日期 2012/06
Attachment 100N18Adobe PDF
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Abstract 本研究運用民國89年至100年間台灣上市公司所進行大陸合資宣告投 資事件，得到樣本共206件。在本研究結果中發現，將總樣本分群為新設 及收購合資比較，發現新設合資事件在宣告前一天至後一天有正向異常報 酬的現象，同時在以宣告前一天至後一天(-1, 1)為窗口的期間中，有顯 著的正向累積異常報酬，然而，在同樣期間內，以收購合資事件分析並無 顯著的異常報酬和累積異常報酬發生。另外，研究進行迴歸分析後發現過 去經營績效與高科技或非高科技產業因素會影響累積異常報酬；市場認為 過去經營績效較佳的非高科技產業公司，強化
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