併購支付方式與併購後績效之整合性研究: 以差異中差異法之觀點

Abstract

併購支付方式的選擇為公司營運之重大決策，而併購後績效是否產生亦為眾所關心的焦點，但國內針對雙方整合性的討論相對較少，因此本研究試圖建立起併購績效與併購支付方式的關係。我們蒐集2001年至2015年間台灣公開發行以上之公司為樣本，計算主併公司與被併公司的產業調整後營運現金流量報酬率，並採用t檢定並以差異中差異法捕捉併購前後績效的變化。研究結果顯示，內部人持股比、市價帳面比對併購支付方式的選擇皆呈顯著，而外部法人的監督效果，則對於該決策不具顯著的影響;而在證實併購活動確實會造成營運績效上之改變後，本研究進一步發現併購支付方式對於併購績效的產生兩者間存有關聯性。本研究的主要實證模型中係採用產業調整後營運現金流量報酬率為指標，我們發現併購績效與併購支付方式呈現正向顯著關聯；在穩健性測試中則採用每股自由現金流量以及資產報酬率為指標，結果則分別呈現負向顯著以及負向不顯著。雖然在併購績效與併購支付方式的關聯性上，原實證模型與穩健性測試有所不同，此情況係因前者在衡量方式上將被併公司與主併公司一同納入考慮，並非如後者純就主併公司觀點進行評估，展現了於一樁併購事件以及一個主併公司不同視角下的結果。

M&A payment methods and synergy creation are both material topics in corporate strategy. However, only a few research have been brought forward to discuss the integration for both issues, and few efforts were made to draw attention to the domestic cases. In the article, we try to establish the empirical study on the association between M&A payment methods and synergy creation. We collect samples from the domestic publicly listed company, dated from 2001 to 2015. We apply t-test and the difference-in-difference approach on these samples with the usage of industry-adjusted operating cash flow return on book value of assets, supplement information from TWSE MOPS to find more about what factor influences the choice of M&A payments and what affects incremental financial performance after M&A. Our study shows that insider’s shareholding percentage and market to book ratio influence payment method selection, while the strength of outside monitor tends to be insignificant. As we conclude that M&A has more negative effects on synergy creation, our findings also reveal the relationship between payment method and financial performance. Results show significant and positive relation between the two while we discovered opposite outcome from the robustness tests, which use free cash flow per share and return on asset as their evaluation metrics. Although, there are conflicts in the robustness tests, it still provides valuable insights from a sole corporate perspective other from our original view of a M&A event, taking the two parties involved in the transaction into consideration.