인수합병공시가 인수 기업가치에 미치는 영향에 관한 실증적 연구 - 글로벌 물류기업을 중심으로 -

This paper empirically studies on the Effects of the M&A announcement of global logistics firms on the values of acquirer firms. In this empirical study, the t-test for 51 case which was derived from M&A global logistics firms was made with the use of AR, CAR which was calculated by Adjusted Market Model. We found the following interesting results. As a result of investigation the short-term effect of M&A announcement by global logistics firms, there were positive(+) CAR(cumulative abnormal return) during the period of (-15, -1). On the contrary, CAR has nosedived after M&A announcement and has declined during(0, +15). As a result of investigation the short-term effect of M&A there were positive(+) CAR(cumulative abnormal return) during the period of (-30, +30). In this result means CAR(cumulative abnormal return) which have been increased by a leakage of M&A information. Actually, investors judge that M&A information is good signal and investors use those judgments to decide investment. The age of limitless competition, acquirer firms increase competitiveness, monopolistic strength by M&A. To grow global logistics firms, a small business domestic logistics firms should increase investment in global network. First of all, we have to consider the most efficient and quick way would be M&A.