整合線上線下公司之市場反應──併購與策略聯盟之比較分析

隨著網際網路技術的快速發展和新冠病毒疫情的影響，人們的日常生活方式已經發生了顯著變化。這種轉變迫使臺灣的傳統實體企業和網路企業重新思考虛擬與實體的結合策略，進行跨界併購或建立策略聯盟，以此方式來應對短期的挑戰。過去的研究多集中於線上對線上或實體對實體企業的併購和聯盟，對於線上與實體企業間的互補性、併購或策略聯盟則探討不足。因此，本研究對於國內外擴大營運、進行企業轉型或尋求新策略的公司提供了新的視角。
本研究採用事件研究法中的市場模型來評估臺灣上市櫃和興櫃企業在宣布併購和策略聯盟消息時，是否對公司股價和成交量產生異常表現。此外，本研究也運用了Fama-French三因子模型來分析公司的異常報酬。研究結果顯示，在併購消息發布當天，公司股價出現顯著的正向累積異常報酬和成交量，而在策略聯盟公布時，則顯示出負向的異常報酬率和成交量變化。

With the rapid development of internet technology and the impact of the COVID-19 pandemic, there has been a significant change in people's daily lifestyles. This transformation has forced traditional physical businesses and online enterprises in Taiwan to rethink their strategies for integrating virtual and physical operations, leading them to engage in cross-sector mergers or establish strategic alliances as a means to address short-term challenges. Previous studies have largely focused on mergers and alliances either between online businesses or physical businesses, with insufficient exploration of the complementary nature, mergers, or strategic alliances between online and physical enterprises. Therefore, this study offers a new perspective for both domestic and international companies looking to expand operations, undergo corporate transformation, or seek new strategies.
This study employs the market model of event study methodology to assess whether announcements of mergers and strategic alliances by listed, OTC, and emerging companies in Taiwan produce abnormal performance in terms of stock prices and trading volumes. Additionally, this study utilizes the Fama-French three-factor model to analyze the abnormal returns of these companies. The results indicate that on the day of the merger announcement, there are significant positive cumulative abnormal returns and trading volumes, whereas the announcement of strategic alliances shows significant negative cumulative abnormal return rates and changes in trading volumes.