併購如何創造綜效──以台灣與韓國為例

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姓名

吳承桓(Cheng-Huan Wu) 查詢紙本館藏

畢業系所

財務金融學系

論文名稱

併購如何創造綜效──以台灣與韓國為例
(Do Merge and Acquisition Really Creates Value: Evidence from Taiwan and South Korea)

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摘要(中)

本研究欲探討公司是否能藉由併購進而產生出綜效，針對台灣及韓國公開發行公司的國內併購交易做實證研究。學術上新古典經濟學之併購理論多認為 Q 比率高的公司併購 Q 比率低的公司，市場投資人會認為其創造較高的價值，也就是俗稱之綜效。但也有部分研究認為，低 Q 比率的主併公司併購高 Q 比率的目標公司，提高主併公司的長期成長性、管理手法或是減少日後的競爭威脅。本研究使用 Bradley, Desai and Kim (1988) 提出之合併股價累積異常報酬計算綜效，以避免傳統僅考慮主併公司的偏誤。過去學界多以市值帳面比(M/B ratio)做為前述 Q 比率之代理變數，本研究藉由 Rhodes-Kropf, Robinson and Viswanathan (2005)評價模型，排除 M/B ratio 定價錯誤之部分，推導出與公司基本面緊密相關之 V/B ratio 改做為 Q 比率之代理變數，發現可提高公開發行公司併購交易行為之解釋力。在台灣樣本，V/B ratio 較低的主併公司併購 V/B ratio 較高的目標公司可以創造較高的併購綜效；韓國樣本則為 V/B ratio 較高的主併公司併購 V/B ratio 較低的目標公司可以創造較高的併購綜效。本研究亦同時考量目標公司相對主併公司市值規模大小如何影響綜效，結果發現台灣樣本目標公司相對主併公司市值規模大小增加，合併公司累積異常報酬增加；韓國市場投資人則偏好目標公司佔合併公司規模 6%至 27%的併購案。本研究歸結兩國國內併購案結果不盡相同，主係因韓國則是以製造業為主，而台灣併購案以高科技業居多。本研究深入檢視台灣高科技業併購案，發現結果大致相同，且較台灣全部樣本更為顯著，故認為除了傳統的 Q 理論以外，主併公司可以透過併購創新技術取得成長機會，增加宣告報酬，並且使合併後公司價值上升。

摘要(英)

I focus on synergies driven by difference in Q ratio and relative sizes among acquirer and target firm in a merge and acquisition case. Neoclassical theory indicates a high-Q acquirer with a low-Q target can can reallocate the target’s asset to increase announcement return, operating performance and creates value for combined firm; while a low-Q acquirer can benefit from a high-Q target by maintaining long-term growth opportunities, improving management skills, or eliminating potential threats. I follow Bradley, Desai and Kim (1988) to measure the synergies by computing combined cumulative abnormal return. I use the decomposition introduce by Rhodes-Kropf, Robinson and Viswanathan (2005) to eliminate the mispricing in M/B ratio, and use V/B ratio for a better Q proxy. I find investors preferred low V/B ratio acquirer and high V/B ratio target for M&A cases in Taiwan; but high V/B ratio acquirer and low V/B ratio target for cases in South Korea. As for relative size (RS) among the acquirer and target, I find larger RS yields higher combined CAR in Taiwan M&A deals, while target accounts for 6% to 27% combined firm can generate the most value in South Korea M&A deals. Moreover, I find high-tech deals driven the empirical results in Taiwan, and that explain how a low-Q acquirer can benefit from a high-Q target by acquiring growth opportunities and creates value for combined firm.

關鍵字(中)

★ 併購
★ 購併
★ 創造價值
★ 評價
★ 綜效
★ 累積異常報酬
★ Q 比率

關鍵字(英)

★ Merge and Acquisition
★ M&A
★ Value Creation
★ Valuation
★ Synergies
★ Cumulated abnormal return
★ Tobin’s Q
★ Q ratio
★ Q-theory

論文目次

摘要 i
ABSTRACT ii
誌謝 iii
目錄 iv
圖目錄 v
表目錄 vi
一、緒論 1
1-1 前言 1
1-2 研究架構 4
二、文獻回顧與實證方法 5
2-1 主併公司與目標公司之Q比率差異 5
2-2 Q比率之代理變數與定價錯誤 7
2-3 公司市值規模相對大小 9
2-4 實證模型設定 10
2-5 研究假說 12
2-6 實證方法 13
三、變數定義與樣本選取 14
3-1 公司基本資料 14
3-2 財務報表 21
3-3 股價資料 24
3-4 併購樣本 32
3-5 多因子模型數據 40
3-6 論文處理流程 41
四、實證結果 42
4-1 單變量分析 42
4-2 多變量分析 44
五、研究結論與後續研究建議 54
5-1 研究結論 54
5-2 後續研究建議 55
參考文獻 56
附錄一會計項目對照表 59
附錄1-1 資產負債表 59
附錄1-2 綜合損益表 67
附錄1-3 現金流量表 74

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指導教授

李韋憲(Wei-Hsien Li)

審核日期

2017-7-18

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