大型半導體跨國企業併購對產業股價之影響──台灣環球晶併購德國世創之實證

The Impact of Mergers and Acquisitions of Large Semiconductor Multinational Corporations on Industry Stock Price-Evidence of Taiwan's GlobalWafers Merger with German Siltronic

本研究透過事件研究法，以臺灣環球晶併購德國世創晶圓來探討大型海外企業併購（Mergers and Acquisition，M&A）是否會造成半導體產業類股價的異常報酬以及是否存在併購訊息提前走漏之情形。檢定結果指出，在事件日當天及事件日後第四個交易日出現極為顯著平均異常報酬，而事件日前股市的表現，連續的七個交易日中出現了六個顯著的正向平均異常報酬。此應歸因於合併成功後的強強聯手所產生的綜效，極有可能彎道超車日系晶圓廠的龍頭地位，主導全球市場，而在新冠疫情肆虐，全球晶片供應鏈嚴重短缺吃緊下，歐美各國政府不斷向半導體大型台廠揮手前往投資設廠，此併購案的進行更易促使投資人有天時地利人和的樂觀反應。此外，研究結果顯示該併購案正式公布前，機構投資人對此訊息已有相當程度的確切掌握。而在併購案正式對外公布後，雖有最終併購案能否通過德國政府許可的不確定性風險，但市場投資人對該案的持續關注依然熱情不減。

This study examines Taiwan's Global Wafers' merger and acquisition (M&A) with German Siltronic AG to explore whether a mega cross-border semiconductor M&A will result in significant abnormal rates of return of the industry by event study methods. We also intend to explore whether there exists information leakage prior to this event. Our empirical results show that positive abnormal average returns were found significantly on the event day and the fourth trading day after the event day and the third and fourth days before the event day. In addition, six significant positive average abnormal returns of return were also evidenced in seven trading days before the event day. The findings reveal that information leakage has been detected throughout the continuous six days before the event and stock investors keep stay tuned to the prospect of this mega international M&A after the event period. These phenomena could be justified by Taiwan's leading role of global semiconductor supply chain that attracts the attention and high concern of qualified foreign institutional investors (QFII) and others as well.