合併型態對廠商績效與股票報酬的影響

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蔡忠翰(Zhong-han Tsai) 查詢紙本館藏

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產業經濟研究所

論文名稱

合併型態對廠商績效與股票報酬的影響

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摘要(中)

本研究使用2002-2011年國內上市上櫃公司的併購案資料，探討相關產業併購對於主併購廠商的影響。實證結果顯示，相關產業併購未能帶給主併購廠商更高的績效成長以及生產力成長；在獲利率指標方面，從事相關產業併購的廠商相較於從事非相關產業併購的廠商擁有較高的資產報酬率以及股東權益報酬率。針對短期股價效果而言，主併公司之股價於宣告日之前有正顯著異常報酬，在併購宣告日則無明顯效果，反映出併購消息容易存在提前走漏的情況，並且由本文各個事件窗口可以得知，併購型態對於平均累積異常報酬並無明顯影響，顯示出市場並不會因為廠商從事相關產業併購而給予更高的評價。

摘要(英)

Using M&A events from Taiwan’s companies in 2002-2011, this paper examines the impacts of related mergers on acquiring firm. Results did not suggest related acquirers benefit more than unrelated acquirers in the growth of performance and productivity. But in the phase of profitability, related mergers sure bring acquiring firm higher ROA and ROE than unrelated mergers.
In the aspect of short-term stock price effect, there exists an positive and significant abnormal returns before the day in which acquiring firm announces and reflects no significant effects on the announcement date of merger, indicating that the M&A news always disclose ahead. However, the results of event study shows that merger type did not have a significant effect on the CAAR, showing that the market won’t give an higher appreciation whether the acquirer involves in related merger.

關鍵字(中)

★ 相關產業併購
★ 主併購廠商

關鍵字(英)

★ Related M&A
★ Acquiring firms

論文目次

目錄
目錄…………………………………………………………iv
圖表目錄…………………………………………………vii
第一章緒論 1
1.1 研究背景 1
1.2 研究動機與目的 3
第二章文獻回顧 5
2.1 併購的類型與說明 5
2.1.1 以法律層面解釋併購 5
2.1.2 以經濟層面解釋併購 7
2.2 併購動機 9
2.2.1 價值極大化 9
2.2.2 非價值極大化 12
2.3 併購理論文獻探討 13
2.4 併購對廠商績效影響之文獻 14
2.4.1 併購對廠商財務績效的影響 14
2.4.2 併購對員工雇用及薪資的影響 15
2.4.3 併購對廠商生產力的影響 16
2.4.4 相關產業併購對廠商績效的影響 17
第三章資料來源與變數說明 18
3.1 資料來源 18
3.2 樣本說明 18
3.3變數說明 22
3.3.1主要應變數 22
3.3.2 主要自變數 26
第四章實證模型 30
4.1 研究假說 30
4.2 模型設定 31
第五章實證結果 33
5.1 假說一：相關併購之成長率優於非相關併購 33
5.2 假說二：相關併購之生產力成長優於非相關併購 39
5.3 假說三：相關併購之獲利率優於非相關併購 42
第六章短期併購宣告效果分析 46
6.1 事件研究法 46
6.2 時間區間設定 46
6.3 預期報酬模式 47
6.4 異常報酬之計算 49
6.5 統計檢定 50
6.6 併購宣告效果分析 51
第七章結論與建議 55
7.1 研究結論 55
7.2 研究限制與後續研究建議 56
參考文獻 57

圖表目錄
圖1 判定併購型態(是否為相關併購)之流程圖........................21
圖2 相關併購與非相關併購平均累積異常報酬率走勢圖...................54
表1 併購樣本產業別以及相關併購與非相關併購件數.....................20
表2 主要解釋變數相關係數表.......................................27
表3 主要解釋變數統計值...........................................28
表4 併購型態對應主要應變數之t檢定.................................29
表5 本文三大構面與三大假說........................................30
表6 主要解釋變數之預期符號........................................32
表7 併購後一年成長率之複迴歸分析；以營收成長率與營業利益成長率為應變數
..................................................................35
表8 併購後一年成長力之複迴歸分析；以營業毛利成長率與稅後淨利成長率為應變數
..................................................................36
表9 併購後兩年成長率之複迴歸分析；以營收成長率與營業利益成長率為應變數
..................................................................37
表10併購後兩年成長率之複迴歸分析；以營業毛利成長率與稅後淨利成長率為應變數
..................................................................38
表11併購後一年生產力之複迴歸分析；以勞動生產力成長率與總要素生產力成長率為應變數
..................................................................40
表12併購後兩年生產力之複迴歸分析；以勞動生產力成長率與總要素生產力成長率為應變數
..................................................................41
表13併購後一年獲利率之複迴歸分析；以ROA與ROE為應變數
..................................................................44
表14併購後兩年獲利率之複迴歸分析；以ROA與ROE為應變數
.................................................................45
表15相關併購樣本之平均異常報酬率...................................52
表16非相關併購樣本之平均異常報酬率.................................53
表17兩事件窗口平均累積異常報酬率之比較與t檢定.......................54

參考文獻

中文文獻
林惠玲，陳正倉(2004)，「廠商合併行為與其生產力之研究-台灣製造業廠商之驗證」，《中央研究院經濟研究所》，32，535-571。
林婷鈴(2000)，「銀行業國際化併購整合性觀念模式之探討」，《中華管理評論》，3，29-52。
林彩梅，張曉楨，邱士傑(2009)，「中小型企業對越南投資與併購發展之研究」，《多國籍企業管理評論》，3，41-65。
黃志仁(2008)，「合併子公司之綜效與市場反應」，《交大管理學報》，28，105-130。
張盈盈(2013)，「成功與失敗之併購案比較-以我國上市公司為例」，國立中正大學企業管理研究所碩士論文。
曾美萍(2011)，「環境管制與總要素生產力--台灣製造業的實證」，行政院國家科學委員會專題研究計畫。

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指導教授

鄒孟文(Meng-wen Tsou)

審核日期

2014-7-25

推文