探討併購對企業的股價影響:以Microsoft併購Nokia為例

Abstract

企業為了追求利益極大化，提高經營效率、市場佔有率，紛紛尋求併購。近年來，市場競爭激烈，併購行為日日漸長。雖然併購的方式可以擴大公司生產規模，但也存有許多潛在的風險。在科技發達的今天，3C產品處處可見，無論是手機、平板、GPS等，都已經成為了生活中不可或缺的配備。在這樣競爭如此劇烈的市場中，各個公司不斷推陳出新，以搏消費者青睞，但也有公司不抵衝擊。因此，當併購案發生在大家耳熟能詳的企業時，更是大大吸引外界的關注，此次Microsoft併購Nokia手機部門的行為，對於Microsoft，究竟是否是明智之舉呢？這正是本研究欲探討的主要重點，本研究透過迴歸方式，探討此併購案對於雙方的股價成長是否有正向影響。

研究結果為事件發生後對方股價變動的交叉效果互為負向關係，且僅在短期有統計顯著性。併購事件日對於Microsoft股價僅有短期影響，對於Nokia長短期皆有，但短期仍然較顯著。

To pursue the maximum profit, increase productivity, and raise the market share, many companies attempt to merge with other business. In recent years, the competition in the technology industry is fierce, which encourages the merger actions gradually. Enterprises believe that corporate mergers and acquisitions are able to enlarge a company’s operation scale so as to increase its competitive strength. However, a merger may bring some disadvantages and potential risks for the corporation. Nowadays, technology products can be seen everywhere, such as smart phone, tablet, GPS and so on. All of those products are indispensable in our lives. Corporations launch new products to fight in the competition; on the other hand, some companies are forced to be merged by others. Microsoft and Nokia are two well-known companies in the technology industry. When Microsoft merges Nokia’s mobile division, the action catches a lot of attention. The goal of this paper is to investigate whether the merger is in Microsoft favor or not. Using the data of the stock price of Microsoft and Nokia, this paper conducts a model of regression to examine the impact of merger. The result shows that the effect of the merger on Microsoft stock price is negative after the date of announcement. This fact is statistically significant only at short run term. On the other hand, the impact of the merger on Nokia’s stock price is not only statistically significant in the short run period right after the date of announcement, but also in the long run period. The evidence also indicates that the impact is much critical in the short run period.