台灣上市櫃公司併購與累積平均異常報酬之影響因素

Abstract

在競爭環境的迅速變動下，企業為了因應全球產業結構與經營型態之轉變，併購交易儼然成為各國企業追求成長強化企業競爭力的重要策略之一。本研究目的在於探討股權結構對於企業併購績效影響，以及另外四種可能影響之因素與企業併購績效的關聯性。 本研究的資料來源主要來自台灣經濟新報資料庫(TEJ)，研究期間為西元2008年至西元2015年，共計8年年間宣告且完成之併購事件，針對國內之台灣上市櫃為主併公司之併購事件為研究樣本，篩選出被併公司為台灣公司且併購後主併公司持有被併公司股權超過50%之併購事件，本研究以事件研究法進行實證研究，採用累積平均異常報酬為併購績效衡量指標，以複迴歸模型進行實證研究分析，分析股權結構中經理人持股、董監事持股以及大股東持股對併購績效的影響對於併購績效之影響，同時以t檢定及ANOVA檢定分析多角化程度、大小因素、交易方式對於累積平均異常報酬之影響。 實證結果顯示，在各個事件窗口累積平均異常報酬皆顯著大於零，說明併購宣告對於累積平均異常報酬有顯著的正向影響。股權結構中，本研究發現當經理人持股與大股東持股對於累積平均異常報酬並無顯著影響，董監事持股對於累積平均異常報酬之影響有顯著的正向影響，符合傳統代理理論假設。本研究尚探討其他可能影響因素：「多角化程度」、「相對大小」、「絕對大小」及「交易方式」，研究結果發現這四個因素對於累積平均異常報酬並無顯著的解釋能力。

In a growing competitive environment, mergers and acquisitions (M&A) have become an important strategic tool in order to deal with the changing industry structure and business model by many companies. This paper analyses the effects of ownership structure and other 4 possible affecting factors on M&A performance. The M&A data was collected from TEJ database with the sampling period from 2008 to 2015. The samples are the Taiwanese listed or OTC companies which act as the acquirers in the M&A cases with a Taiwan target and own more than 50% of the share after M&A. The event study methodology is used in this paper to examine whether there were positive or negative cumulative average abnormal returns (CAR) during the announcement period. The statistics method we employed are regression analysis, t-test and ANOVA. The regression analysis is used to observe the relationship between ownership structure and M&A performance and the t-test and ANOVA are used to identify how the other factors include diversification, size effect and transaction method affected the CAR respectively. The findings suggest that there were significant positive cumulative average abnormal returns (CAR) in each event window. The result indicates that the acquirer experienced a significant positive CAR from the time of the announcement of the merger bid. The ownership structure factors in the research show that manager ownership and large shareholders holding have no significant effect on the CAR. The board shareholding has a significant positive effect on the CAR, the results suggest the evidence of traditional agency theory. Other factors: diversification, size effect and transaction methods couldn’t be verified to contribute to CAR.