The relationship between the enterprise's anti-takeover strategy and stock holder's wealth- a case study of ASE and SPIL
|關鍵字:||反併購策略;事件研究法;個案分析法;虛擬變數;Anti-takeover Strategy;Event Study;Case Study;Dummy Variable|
This research is conducted using case study based on acquisition with appropriate analysis of the defense strategy by two major domestic IC packaging and testing plant. The main focus will be on the three levels of defense strategy, namely the shareholder level, staff level, customer level. This research will be conducted with the event study to further analyze the result of the target companies and explore whether the defense acquisition strategy has significant impact on shareholder wealth effect basis. The result of this study is that the strategy companies taking the case of the defense acquisition doesn’t have significant impacts on the shareholders’ wealth effects. The following reasons: 1. Messages may be leaked in advance so that there is no significant impact of the event. 2. The defense strategy is belonging to unquantifiable response, but there is also impact on preventing mergers and acquisitions (ex. employees, vendors). In conclusion, the study of the suggestions adopting defense strategy for the target company should be under the considerations of maximizing shareholder equity so that the target company will ensure operation rights of shareholders and keep the strategy appropriate. If they won’t do that, it will result in harms definitely. No matter the merger will occur or not, it will allow shareholders to mistrust to managers then affect the company’s overall operations, and so do the whole industries.
|Appears in Collections:||Thesis|