企業停止毒藥丸計畫決策之研究

Abstract

本研究探討哪些因素會影響公司終止毒藥丸計畫。先前研究對於抵禦併購所實施毒藥丸計畫皆著重在其採行的效果，也較未以終止毒藥丸計畫決策為研究重心。本研究區分公司對於併購交易之態度以及公司體質影響兩方面，討論影響公司終止毒藥丸計畫決策之因素。實證結果發現機構投資人持股比例高低、外部董事比例高低、現金比率高低、董事分期改選制度之有無、公司市值高低，以及公司董事年齡之高低與公司停止毒藥丸計畫之決策顯著相關，顯示當公司內部治理狀況較佳，或是公司體質較不容易吸引併購時，公司較傾向終止毒藥丸計畫。

This study investigates the variables to the termination of poison pill plans. In contrast with the prior studies, which focus on the effectiveness of poison pills in deterring merger and acquisition (M & A) attempts as well as their impact on M & A premium, this study explores two different sets of variables that may help explain the termination of poison pills. Specifically, the sets of variables being explored in this study include firm attitude toward M＆A and the characteristics of the firm. We find that institutional shareholding, outside director shareholding percentage, cash-to-total assets-ratio, staggered board, market value, and directors' age significantly correlate with the firms' ceasing these plans. This finding suggests that companies with sound corporate governance mechanism and/or the companies that do not look attractive to potential bidders appear to be more inclined to terminate the poison pill plan.