本文是一篇金融学论文，本研究主要有两个重点。首先，在多个不同的事件窗口下研究和分析了并购对短期财务绩效的影响。平均异常收益率和累计平均异常收益率用来表征并购的短期绩效。其次，本研究也旨在提供更多的了解股权与收购方超额收益之间的关系。研究的重点是泰国证券交易所在21天的事件窗口期内对并购公告的市场反应。本研究使用的交易样本是基于数据的可用性，范围为2009年1月1日至2018年12月31日。收购方股票的异常回报率用于反映收购方在并购公告日的表现。作为控制变量的决定因素包括目标公司的上市状况，支付方式、地理来源、收购策略（无论是横向、纵向还是集团整合）以及交易规模。
CHAPTER 1: INTRODUCTION
1.1) Research Purpose
This research aims to gain more understanding of the short-term mergerand acquisition (M&A) performance via the use of CAAR or cumulativeaverage abnormal return methodology. The study focuses on the M&A dealsamples that happened in the range of time between Jan 1st, 2009 to Dec 31st,2018. This paper also aims to study the relationship between the sixdeterminants and acquirer’s short-term stock performance during the M&Aannouncement. The determinants involved in the study include listing statusof target firm whether the target is private or public firm, payment methodwhether the deal is accomplished by cash or share payment method,geographical origin where the acquirer and target share the same location,acquisition strategy whether the merger and acquisition is horizontal, verticalor conglomerate integration, ownership stake which focuses on the impact oftarget’s share owned by acquirer and size of deal. The determinant selectionis based on many previous similar pieces of research which are mentioned inthe literature review section.
........................
1.2) Research Subject
As far as many researchers have done, different approaches wereemployed to study and analyze this topic. CAAR or cumulative averageabnormal return (CAAR) is frequently used to study the short-termperformance of the firms after an important event such as the M&Aannouncement by many researchers. Moreover, due to the ease of using thismethod, the CAAR method is also applied in this study. This methodologyfocuses on accumulating the average unusual profit gain generated fromsecurity so it can represent the performance over a range of time.
The value of this study is to understand how much each determinanthas an effect on M&A performance for listed acquiring companies in Thailand.The study contributes to the existing knowledge from various research throughtesting and empirical evidence. Analysis of each determinant of the M&Aperformance behavior is also discussed and concluded in this study.
.........................
CHAPTER 2: BACKGROUND
2.1) Overview of Global M&A
Over the last few decades, Merger and Acquisitions (M&A) have becomeone of the main strategic instruments of enterprise investment. To survive inthis competitive world, corporate sectors are obliged to maintain not only theirlevel of prosperousness but also their growth rate. To achieve that, merger andacquisition is used as one of great tools for corporates to keep up with the paceof fast-growing global competition and rapid market evolution.
Figure 2.1: Global M&A volumes 2002-2018 ($trillion)Source: Dealogic data as of 12/31/2018
..........................
2.2) Benefits of M&A
Many companies have different business goals; hence, different strategiesin investments decision making. Merger and acquisition are one of theimportant instruments firms use to achieve the higher growth in business andto deliver greater value to the shareholders. The motives behind are the benefitsa firm can gain if the merger and acquisition is successful. The examples ofthose benefits are the ability to exploit scale and scope economies, gain marketshare by having smaller number of competitors, economize transaction costs,diversify business risks, access to existing know-how and skilled and talentedhuman resource. A study done by Walker (2000), the motives or the wealthincreasing objectives of merge and acquisition have been studied and classifiedinto five common reasons. Firstly, acquisitions can increase efficiency by exploiting economic of scale; secondly, they can remove the barrier ofasymmetric information between acquiring firm and targeted firm; they canmiti
