階段式購併、內部資源與企業成長選擇權

Abstract

企業在考慮擴張事業版圖時，透過購併的方式進行是最快的方法。過去許多研究透過不同理論闡述購併對公司績效的影響，然卻少有學者關注購併的過程中，企業所採取的方法有所不同，以往多採一次性購併，但近來越來越多階段式購併手法，將對公司績效帶來不同的影響。因此本研究特別針對階段式購併手法探討，藉由實質選擇權理論及資源基礎觀點來比較購併方式的差異是否會影響動態的評量方式—成長選擇權價值。 本研究在資料蒐集方面，以2001年至2010年在美國地區上市公司發生的購併事件為主，以SDC和Compustat資料庫為主要資料來源進行研究，對於企業進行階段式購併和一次性購併的行為與成長選擇權價值之關係做深入探討。然而，在探討此關係時應考量到公司內部資源多寡，因資源多寡將影響組織中管理階層的決策及策略走向。研究結果顯示，企業採行階段式購併所產生的成長選擇權價值優於一次性購併。然而，當公司負債比例越低(即內部擁有充裕的資源可供運用)，則採取階段式購併的作法有助於提升購併後的成長選擇權價值，相對地負債比例高(公司資源貧乏時)應採取一次性購併以提升成長選擇權之價值。 本研究最後提供了實務上的策略意涵，即企業面臨購併決策時，應詳加考量內部資源彈性以做出最適決策，藉此極大化購併後的綜效。

Acquisition has been a common strategy when enterprises consider expanding their horizons. In previous research, many concentrated on the firm performance after acquisitions in various manners. However, we tried to make comparisons between two sorts of acquisition behavior—one-time acquisition and sequential acquisition, especially focusing on the dynamic performance evaluation method based on value of growth options. According to data collected from SDC and Compustat from 2001 to 2010 in the United States, we examined the relationship between sequential acquisition and value of growth options, contingent on the amount of resources available within a company. The result implies that sequential acquisitions could have a better value of growth options given ample resources within the firm. Besides, it also shows that the more resources firms have, the more possible they are likely to take sequential acquisitions and the higher value of growth options there will be. On the contrary, those lack of resources should take one-time acquisitions to gain higher value of growth options. We finally come to realize the decision of management on sequential acquisition could have an impact on the synergy after acquisitions, and we tried to display the strategic insight for management that they may refer to when facing acquisition decisions.