企業多樣性對併購後財務績效影響— 以台灣上市公司為例

Abstract

本研究以台灣上市公司於2001年至2022年進行並篩選後之296筆併購案為研究對象，探討主併公司之企業多樣性變數是否對併購後財務績效有顯著正相關。具體而言，本研究以CEO是否為女性、董事會女性占比、員工女性占比及企業管理多樣性作為企業多樣性之研究變數，以併購後一年主併公司之總資產報酬率衡量財務績效。除此之外，過往學者發現主被併公司之相對規模、產業相關性也會影響併購後之績效，但企業多樣性變數會正向調節此影響。當相對規模差異大，被併購公司的聲音會被主併公司所忽略，但如果公司越傾向多元化的政策管理，則會正向調節因相對規模差異較大而降低併購後績效的影響。另外當雙方為相同產業時，可能會出現一種情況，即雙方難以尊重同行的經驗法則或看法，進而導致收購後整合上出現問題，降低績效表現，但如果公司越傾向多元化的政策管理，同業競爭的心態將有緩解的效果。 實證結果顯示，企業多樣性變數中只有董事會女性占比對併購後績效呈現正相關，CEO 是否為女性、員工女性占比及企業管理多樣性變數則不顯著。另外也發現董事會女性占比會正向調節相對規模差異及產業相關性而對併購後績效造成的影響，種種結果皆印證先前的研究假設。

This study examines 296 merger and acquisition cases by Taiwanese listed companies from 2001 to 2022. The aim is to explore whether the management diversity of acquiring firms, measured by CEO gender, board female ratio, workforce female ratio and management diversity has a positive impact on post-merger financial performance. Prior research has found that the relative size between acquirer and target, as well as industry relatedness, can negatively affect post-M&A performance. This study proposes that management diversity may positively moderate these negative effects. Similarly, when the acquirer and target are in the same industry, failure to respect each other''s norms can hinder integration and reduce performance. But a diverse management team can overcome these industry-related obstacles. The results show that only board female ratio has a positive relationship with post-M&A ROA. Importantly, board female ratio positively moderates the negative effects of big relative size and high industry relatedness. These findings suggest that increasing female representation on the board can enhance post-merger financial performance, particularly when facing integration challenges. In conclusion, this study provides evidence that promoting gender diversity in corporate leadership, specifically on the board of directors, can lead to better M&A outcomes. The results highlight the strategic value of diversifying top management teams to improve merger and acquisition success.