本研究透過觀察公司宣告收購事件期間的收益，探討股價的52週高點是否會成為投資人作為投資決策的參考錨點。本文搜集2000年至2016年間台灣上市公司進行的916項收購案，以事件研究法，將宣告日定為第0天，設定7天的事件期[-5, +1]衡量收購方股東的累積異常報酬，並作為收購宣告期間的利潤；另外也以收購公告後一年作為長期的事件期，衡量收購方股東的買進持有異常報酬。最後研究結果顯示，當收購事件宣告前，收購方公司的股價遠低於其過去52週的最高價時，收購方股東會獲得較高的異常報酬；而當收購的目標公司為私有公司或子公司時，這種參考價格效應最終會在長期內得到修正。總體而言，本研究發現以台灣市場為例，52週的股價高點很可能會影響投資人對收購事件的估值。

This research explores whether market participator will treat the 52-week high stock price as a reference anchor to make an investment decision by focusing on acquirer announcement-period returns. Specifically, I investigate 916 acquisitions made by Taiwan’s listed firms during 2000-2016. In this work, the cumulative abnormal return (CAR) of acquirers is measured over the 7-day announcement window [-5, +1] as the announcement- period profit, and buy-and-hold abnormal returns (BHAR) of acquirers is measured as a long-term profit indicator by calculating the cumulative return within one year after the acquisition announcement. My main results indicate that acquirer’s shareholders earn higher abnormal returns when the stock prices before the acquisition announcement are well below the 52-week high prices. However, when the acquisition involves private targets, this kind of reference price effect is eventually corrected in long-term. Overall, the evidence provided in this paper suggests that the 52-week high price may affect investors’ valuations of acquisitions.

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