併購交易之主併方大獲利分析

Abstract

本文主要聚焦在那些為主併方股東帶來大獲利的併購交易，選取了2010至2017年間併購雙方皆在美國上市的已完成交易，使用邏輯迴歸，研究這些交易的特徵。實證結果顯示，為收購方創造大額獲利的併購案，通常是補強型收購(Bolt-on Acquisitions)。目標公司相對主併方本身規模較小且併購雙方之間處在同行業內，存在供需依賴關係。買方大概率是高估值的的公司，且更可能使用現金作為支付方式。此外，還有證據表明，在2009年後，收購上市公司的交易整體上产生了正的超額回報，為併購雙方創造財富價值。這些發現給併購交易中主併方股東是獲利的以及主併方股東財富的可觀增加的相關因素提供了重要的參考。

This paper mainly focuses on M&A deals that bring large gains to the acquirer shareholders, selecting completed deals which both acquirers and targets listed in the U.S. from 2010 to 2017 and using logistic regression to study the characteristics of these deals. Empirical results indicate that M&A deals generating large gains for the acquirer shareholders are usually bolt-on acquisitions. Target companies in large gain M&A deals are smaller compared with the acquirer’s size and there seems to be a supply-demand dependence between the acquirers and targets. The acquirer is more likely to be a highly valued company and is more likely to use cash payment. In addition, evidence in this paper also shows that the deals of acquiring public companies overall create values after 2009. These findings provide important references for the viewpoint that acquirers are profitable and the factors associated with considerable value creation for acquirer shareholders in M&A deals.