產業集中度與其他因素對購併溢價之影響-以美國市場水平購併案例為例

Abstract

有很多種不同的動機存在於購併進行的背後，在本文中我們將重點著重於追求規模經濟以及增加市場力量的動機上。欲從實際案例中觀察，使市場更為集中以及使本身在市場所佔比重上升的誘因，是否為水平購併的主要原因；產業集中度對於購併溢價的影響程度；以及不同的產業特性是否會導致不同的結果。我們選擇了自1996年以來經歷了購併風潮較盛之六個產業：汽車業、通訊業、藥品業、食品業、零售業、電子業。而除了產業集中性之外，為了增加實證結果的準確性，我們也同時將其他相關變數，例如：財務變數、法規變數，列入影響購併溢價時之考量變數。 而從實證結果中，我們也觀察到產業集中性和購併溢價之間的關聯在所選產業中並不全是呈現正相關，這可以歸因於產業間不同的特性。而除了產業集中性之外，我們也發現主併者在考量要支付多少購併溢價時，會將”被併者之負債比率”、”是否為不同州之購併”、”被併者之獲利率”、以及”被併者在購併發生前一年度之市佔率”這四個變數列入考慮。

There are many different motivations behind merger and acquisition (M&A) and we focused on motivations that hone in to pursue economies-of-scale and to the increase of market power. We want to see whether the incentives to pursue the larger market presence and to make the industry more concentrated are key causes of horizontal merger, how much the degree the industry concentration can affect merger premium, and whether different industry characteristics bring about different results. We picked six industries that experienced waves of M&As since 1996, including car, communication, pharmaceuticals, food, retailing, and electronics industries. Other than industry concentration, we also factor in other variables, such as financial variables and regulatory variables to enhance the accuracy of empirical results. From the empirical results, the relationships between industry concentration and merger premiums are not always positive in all industries. These can be attributed to the difference of characteristics amongst industries. Other than the factor of industry concentration, acquirers would make “Target’s Debt Degree”, “Intrastate”, “Target’s Profitability”, and “Target’s Market Share (t-1)” into the evaluating lists when deciding the amount of premium to pay.