資訊不對稱對企業併購支付方式選擇及併購後績效的影響

Abstract

本研究以1988年至2025年間臺灣企業為收購方之併購交易為樣本，探討資訊不對稱對併購支付方式選擇之影響，並進一步分析支付方式與併購後市場反應及營運績效之關係。研究將資訊不對稱區分為買賣雙方公司間之資訊不對稱（以目標公司是否為非上市公司、是否屬跨國併購及是否屬跨產業併購衡量），以及收購方與市場投資人間之資訊不對稱（以資訊揭露程度與市場投資人看法分歧衡量），併購後績效則以不同期間之累積異常報酬，以及併購後一年與兩年的資產報酬率與股東權益報酬率衡量。實證結果顯示，當買賣雙方之資訊不對稱程度較高時，企業顯著較傾向採用現金支付。收購方資訊揭露程度對支付方式選擇未呈現穩定且顯著的影響，而當市場投資人對收購方公司價值的看法分歧程度愈大時，企業則較傾向以現金完成併購交易。此外，在收購方股價較可能被高估的情境下，資訊揭露與市場分歧相關變數對支付方式選擇的影響顯著加強。在整體樣本中，支付方式對短期市場反應與營運績效並未呈現顯著差異。然而，進一步依產業別與年度分組後發現，2017年以後採用現金支付之併購案件，在短期市場反應與營運績效上皆表現較佳。

This study examines how information asymmetry influences the choice of payment method in mergers and acquisitions and explores its implications for post-acquisition market reactions and operating performance. Using M&A transactions with Taiwanese firms as acquirers from 1988 to 2025, information asymmetry is categorized into two dimensions. The first captures information asymmetry between the acquirer and the target firm, proxied by whether the target is privately held, whether the transaction is cross-border, and the degree of industry relatedness between the two firms. The second reflects information asymmetry between the acquirer and market investors, measured by disclosure quality and investor opinion dispersion. Post-acquisition performance is assessed using cumulative abnormal returns as well as operating performance one and two years after the acquisition. The results indicate that higher information asymmetry between the acquirer and the target firm significantly increases the likelihood of cash payment. Disclosure quality does not exhibit a stable or statistically significant effect on the choice of payment method, whereas greater investor opinion dispersion is associated with a higher likelihood of cash payment. These effects are more pronounced when the acquirer’s stock is more likely to be overvalued. Overall, payment methods are not significantly related to short-term market reactions or operating performance. However, after 2017, cash-financed acquisitions are associated with superior market performance and operating outcomes.