醫療保健產業併購績效研究-以台灣與中國為例

Abstract

此研究主要在分析探討併購者與被併公司的產業相關程度，對於併購績效的影響，所收集的併購樣本包含2002至2012年，244件中國與台灣醫療保健產業的併購事件。研究結果指出，與深圳證券和台灣證券交易所掛牌的公司相比，於上海證交所掛牌的併購公司在短期與長期皆具有較高的異常報酬。為了探討產業相關性對於併購績效是否有影響，我們建立了一種新的分類方法，來決定醫療保健產業公司之間的相關性。結果顯示在所收集的樣本中，此種新的分類方法，證實了產業相關性對於併購績效具有正向的影響， 然而先前普遍常被使用的SIC前2碼方式，則呈現不具顯著的正向影響。此外我們發現，相較於只有1次併購經歷的公司，具有2-3次併購策略的公司長期而言具有較好的營運績效。我們的研究結果並顯示公司規模與現金流量比率，和併購績效具有正向的關係。

Our aim in this study is to investigate whether industry relatedness effect the M&A performance. A sample of 244 M&A events of healthcare industry from Year 2002-2012 in China and Taiwan are selected and examined for post-merger abnormal return and operation performance. Our results show that Shanghai Stock Exchange listed acquires have a higher return performance than Shenzhen Stock Exchange and Taiwan Stock Exchange listed acquirers in both short-term and long-term. For investigating whether industry relatedness affect the operating performance of firm M&A, we create a classified method to determine relatedness between acquirer and target firm in healthcare industry. The results show that relatedness has a significantly positive effect on long term ROA performance for acquirer whereas the previous method using the first two digits of SIC code does not provide a significant positive result. Further, we find that financial performance is improved through a frequent acquisitions in healthcare industry in the long term. Our evidence also suggest that firm size and cash flow ratio are positively related to the M&A long-term performance in the healthcare industry.