台灣不同經營型態企業的併購策略差異

Abstract

近年來，台灣併購市場持續升溫，完成的併購案件數量與金額規模基本上呈現穩定成長，然而除了以個案分析形式研究併購案件，台灣併購事件的實證研究還有眾多議題可以做數值化呈現。過往海內外學者的研究主要是分析企業併購後的績效表現，並沒有針對經營策略做深入探究，因此本文依照台灣經濟新報TEJ+中的企業型態分類，統計自1995年台灣併購事件被資料庫紀錄至2018年，單一家族主導企業、公股主導企業、專業經理人治理企業和共治型態企業等四種經營型態的併購策略差異。 實證結果表明，台灣家族企業與非家族企業在面對併購策略時並沒有顯著決策的差異，公股企業執行併購策略的可能性低於非公股企業企業，專業經理人治理企業執行併購策略的可能性高於非專業經理人經營企業，共治型態企業執行併購策略的可能性低於非共治型態企業。另外我們還考量了併購策略前的經營者所有權，單一家族主導、公股主導以及共治型態企業的所有權和併購策略執行的可能性存在正相關，因此所有權結構會是這些企業考量併購策略的重要決定因素，而專業經理人治理企業併購的可能性則與專業經營者持股所有權無顯著差異。 最後我們還發現，將企業併購事件拆分為作為主併方和作為被併方時，家族企業、專業經理人經營企業與共治型態企業相較下會更積極採取作為主併方的策略，公股主導企業則依舊消極面對併購策略，而所有型態企業在作為被併方策略上是沒有決策差別的。

In recent years, Taiwan M&A market has continued to heat up, and the number and size of completed M&A cases have grown steadily. However, in addition to case studies, there are many issues in the empirical study of Taiwan M&A events that can be numerically presented. In the past, the research of scholars mainly analyzed the performance of enterprises after mergers and acquisitions. They did not conduct in-depth exploration of business strategies. Therefore, according to the classification of enterprises in the Taiwan Economic Journal (TEJ). M&A events from 1995 to 2018 in Taiwan were recorded by the database. There are four types of M&A strategies, such as family enterprises, public-dominated enterprises, professional managers enterprises, and mixed-ownership type enterprises. The empirical results show that there is no significant difference in decision-making between Taiwanese family business and non-family business of M&A strategy. Public-dominated enterprises are less likely to merge than nonpublic-dominated enterprises are. Professional managers enterprises are likely to merge than professional managers enterprises are. And mixed-ownership type enterprises are less likely to merge than nonmixed-ownership type enterprises are. In addition, we also consider the ownership of the operators before the M&A strategy. There is a positive correlation between the ownership of family-led, public-dominated and mixed-ownership type enterprises and the possibility of execution of M&A strategies. Therefore, the ownership structure will be important for these companies to consider M&A strategies. The possibility of professional manager firm to execute merger strategy is not significantly different from the percentage of professional manager’s shares holding. Finally, we also found that when the M&A events are split into merging events and merged events, family, professional managers, and mixed-ownership type companies will be more active in adopting merging strategies. And all types of companies have no decision-making differences in merged strategies.