企業併購支付方式的改變因素

Abstract

本研究探討併購時企業選擇的支付方式影響因素，及其隨時間改變的原因。本研究涵蓋了台灣、美國、中國、日本、英國等五個國家，自1998~2017二十年的併購案，採用現金支付佔總支付金額比例做為應變數，分析近二十年現金支付比例的變化。研究結果發現，台灣、美國、日本的現金支付比例在近十年都有所增加，台灣和日本現金支付比例增加的主要原因都來自併購產業的改變，而美國現金支付比例增加則主要來自基準利率的下降；中國則因為資本市場結構的改變導致使用股權出資的比例增加。英國整體變化不大。

The purpose of this paper is to study the reason behind payment method of mergers and acquisitions, and the changes of payment method in 1998~2017. The sample includes mergers and acquisitions in Taiwan, the United States, China, Japan, and Britain. The results show that the ratio of cash payment is increasing in Taiwan, the U.S., and Japan. The reason for increasing cash payment ratio in Taiwan and Japan is mainly due to changes of the merger’s and acquisitions’ industry, while it is derived by the decreasing interest rate in the U.S. The decreasing cash payment ratio in China is possibly due to openness in capital market. The cash payment ratio has not changed a lot in Britain.