信用評等對併購支付方式的影響-以臺灣市場為例

Abstract

本研究探討企業併購支付方式與公司信用評等的關聯，並以2001年到2017年臺灣資本市場的併購案件作為樣本。Karampatsas, Petmezas, and Travlos (2014)以美國併購案件為樣本，發現公司的信用評等與現金融資支付有顯著的正向關係，論文結果顯示當公司的信評較高時，公司往往能籌募更多的資金用以支付併購交易。臺灣學界在過往亦有許多相關研究探討影響併購案支付方式的因素，但目前仍無研究信用評等和支付方式之間相關性的實證分析。本論文的研究結果顯示，有信用評等的主併公司比沒有信用評等的主併公司更傾向於用現金來支付。此外，本論文亦發現信用評等較佳的公司會傾向以現金來支付併購所需之金額。

This dissertation focuses on the relationship between credit rating and the choice of payment method for merger and acquisition. Karampatsas, Petmezas, and Travlos (2014) using the U.S. data, find that there is a positive relationship between the level of credit rating and the usage of cash as M&A payment method. Firms with lower financial constraint and higher credit rating have higher capability to finance the takeover with cash. Past studies in Taiwan conduct research on factors that influence the payment method in merger and acquisition. However, there is no paper focus on the relationship between credit rating and payment method. Using Taiwanese acquisitions during the period of 2001 and 2017, our empirical results suggest that bidder with higher credit rating have higher probability to use cash as a payment method in a takeover. Also, we find a significant relationship between the existence of credit rating and the use of cash as payment method in a takeover.