溢價與支付方式對併購後績效之影響

Abstract

美國企業有70%選擇以併購來達到多角化，因此併購交易件數日趨增加，但成功率似乎卻沒有同步上升，若干以併購為主題的研究指出，過去七十五年來，有一半以上的併購案都未創造預期價值，因此如何找出併購的關鍵成功因素更顯重要。 本研究以西元2000年到2006年共385件之美國非金融業合併案為樣本，採用併購後兩年市值成長率來做為併購後績效指標，探討併購溢價與支付方式對併購後績效之影響，並以複迴歸模型試圖找出分別會影響現金併購案與股票併購案成功的因素，研究結果顯示： 1.溢價比例反映主併公司對併購後綜效實現之信心強度，對併購後績效有顯著的正面影響。 2.不同支付方式反映主併公司握有私有訊息之多寡，通常現金為支付媒介之併購案併購後績效顯著優於股票併購案。 3.現金併購案中，過去經營績效與負債比率對未來市值成長率有顯著的負面影響。 4.股票併購案中，過去經營績效對未來市值成長率有顯著的負面影響，相對股權對未來市值成長率有顯著影響。

70% of U.S. enterprises diversify their business by merger and acquisition (M&A). As the number of M&A cases keeps increasing; however, it doesn’t enhance the rate of success at the same pace. Over the past 75 years, more than half of M&A cases didn’t reach the expected synergy; thus, how to find key success factors of an M&A case becomes more important. This study investigates the effect of merger premium and payment method on post-merger performance of 385 non-financial industry merger cases completed during 2000 to 2006. Furthermore, this study divides the full sample by method of payment and utilizes growth rate in equity market value 2 years after the merger activity as indicator of merger synergy. Other potential factors of success are regressed on merger synergy and the empirical results are as follows: 1.The merger premium reflects the extent of confidence that the acquiring firm has in realizing expected post-merger performance in the future and has significantly positive effect on merger synergy. 2.The method of payment reveals how much information the acquiring firm has, and in most of the cases, M&A by cash payment outperforms in post-merger performance than those by stock payment. 3.For cash mergers, the debt ratio and prior performance of acquiring firms have significantly negative effect on post-merger performance. 4.For stock mergers, prior performance of acquiring firms has significantly negative effect on post-merger performance but there is a significantly positive relation between the relative control of acquiring firms and post-merger performance .