台灣企業跨國併購宣告效果與資訊內涵

Abstract

併購已成為企業追求成長的重要方式，尤其跨國併購更是快速成長，對主併公司股東而言，併購能否帶來正向股東財富效果是其關心重點，當企業從事跨國併購宣告時，股價反應背後的資訊內涵亦是本研究探討重點。本研究以1995~2007年間台灣上市櫃公司跨國併購宣告樣本為研究對象，有效樣本共計98件，其中電子業樣本共63件，非電子業樣本共35件。探討主併公司宣告效果採事件研究法，進一步採複迴歸分析，探討內部人士持股、產業相關性、文化距離、主併公司規模大小、過去經營績效、代理問題、研發密集度對累積異常報酬影響。 研究結果顯示： 1.整體樣本之主併公司享有正向之併購宣告效果，符合綜效理論，電子業較非電子業享有較高的宣告效果，兩者皆有股價提前反應現象。 2.就整體樣本而言，主併公司規模大小，過去經營績效（包含變數Tobin’s Q、淨值成長率）為解釋累積異常報酬之主要變數。公司規模越大，隱含公司所從事的觸角越廣，投資人越無法有效監督管理者的行為，併購利得越低；Tobin’s Q越高，累積異常報酬越低，符合傲慢假說；淨值成長率越高，未來每股盈餘有較高成長潛力的公司，併購利得越高。 3.就電子業樣本而言，淨值成長率為解釋累積異常報酬之主要變數，主併公司規模及Tobin’s Q具部分解釋力。主併公司淨值成長率越高，規模愈小，Tobin’s Q越低，將能有效提高主併公司的股東財富。 4.就非電子業樣本而言，文化距離、主併公司規模大小及研發費用率為解釋累積異常報酬之主要變數。併購參與兩國間文化距離越小，主併公司能享有較高的宣告效果；主併公司規模越小，併購利得越高；研究發展費用率越高主併公司股東財富效果越低，不符合內部化理論。

Mergers and acquisitions (M&A) have become an important way for companies to grow, especially cross-border M&As have increased substantially over the last few years. Shareholders of acquiring firms have great concerned over whether firms can yield positive wealth gains. The sample was obtained from acquiring firms of stock listed company in Taiwan during the period from 1995 to 2007, which contained a total of 98 observations, with 63 electronic sample companies and 35 non-electronic sample ones. The objectives of this study were twofold. First, Event study was applied to assess whether the announcement of cross-border M&As create value for shareholders of acquiring firms. Second, try to find out important factors that affect announcement effect using regression models. The empirical results of this study suggest： 1.As a whole, stock market in Taiwan responds positively to the corporate M&A announcements, especially the electronic industry has experienced higher abnormal return. The results support the synergy hypothesis. It also shows that the M&A information may leak out in advance. 2.For the entire sample, the study shows that the announcement-period abnormal returns have significant positive relationship with the acquiring firms’ equity growth rate, and negatively related to acquiring firms’ size and Tobin’s Q and the results was supported by the hubris hypothesis (Roll, 1986) . 3.For the electronic industry, equity growth rate is the primary explanatory variable, whereas acquiring firms’ size and Tobin’s Q have partial explanatory power. Acquiring firms with higher equity growth rate, smaller absolute size, and lower Tobin’s Q will have higher announcement effects. Our results support the hubris hypothesis (Roll, 1986) . 4.For non-electronic industry, factors affecting short-term abnormal returns of M&A announcements are cultural distance, acquiring firms’ absolute size and R&D expenses. Acquiring firms with lower cultural distance, smaller absolute size, and lower R&D expenses will have substantial announcement effects. The results do not support internalization theory.