地理關係對美國產險業併購績效之影響

Abstract

本研究使用美國產險業公司作為樣本，探討併購公司與併購標的的地理關係(距離及雙方地理位置)對併購績效之影響，並加入網路普及化之因素。研究結果發現以下三點：(1)併購公司與其併購標的距離越近，併購績效越好；(2)併購公司與其併購標的地理位置越佳，併購績效越好；(3)當併購公司與併購標的之地理位置佳，距離與併購績效的負相關將減弱。本研究亦發現網路普及化提高併購公司取得資訊的容易程度，與併購績效呈現正向關係，並降低地理位置對併購績效的正面影響。

This paper investigates the U.S. property-liability insurance industry to study the effect of geographical relationship (distance and location) between the merger or acquirer and its target on the M&A performance, adding the use of internet as a factor. This paper comes out the following three conclusions: (1) Mergers and acquisitions which occur within shorter distances are more likely to perform better. (2) Mergers and acquisitions with better locations are more likely to perform better. (3) The better locations the merger or acquirer and its target have, the less impact distances have on the M&A performance. This paper also finds a positive correlation between the use rate of internet and the performance of mergers and acquisitions, while the use rate of internet will reduce the positive correlation of location and the M&A performance.