主併公司永續及財務績效對併購績效之影響：以臺灣企業為例

Abstract

本研究旨在探討主併公司之永續及財務績效對併購績效的影響，以臺灣市場作為研究對象，使用臺灣經濟新報 (TEJ) 資料庫中的 TESG 永續發展指標分數代表企業的永續績效，以股東權益報酬率 (ROE) 作為財務績效指標。研究樣本涵蓋 2015 年至 2022 年間共 117 組併購案例，涉及 95 間主併公司和 100 間目標公司。 本研究透過建立迴歸模型進行實證分析，發現主併公司在併購宣告年度的 ESG 表現與併購後的 ESG 績效之間具有最強的關聯性，顯示出 ESG 表現對企業永續發展及併購後績效的重要性。儘管主併公司的 ROE 在併購後的 ROE 績效中也表現出顯著的正相關性，但其解釋力相對較弱。此外，ESG 表現對財務績效的影響具有遲滯現象，在併購宣告後第三年才顯著影響 ROE 績效。 另一方面，本研究在迴歸模型中加入虛擬變數來代表主併公司所對應目標公司 ESG 評級的好壞，發現無論主併公司 ESG 評級如何，是否選擇 ESG 評級較佳的目標公司進行併購，並不顯著影響其併購後的 ESG 績效結果，指出主併公司在併購行為中的 ESG「漂綠」效果或「物以類聚」效應假設不成立。 總結而言，本研究強調主併公司在併購活動中的 ESG 和 ROE 表現對併購後績效的重要性，並提醒企業和投資者重視 ESG 實踐對長期財務績效的影響。企業應關注自身 ESG 實踐和財務表現，以確保併購後的長期成功和穩定發展，為企業的併購策略提供參考價值。

This study aims to investigate the impact of the sustainability and financial performance of acquiring firms on M&A performance, focusing on the Taiwanese market. Using data from the Taiwan Economic Journal (TEJ) database, the study utilizes TESG sustainability development indicator scores to represent corporate sustainability performance and return on equity (ROE) as the financial performance indicator. The sample encompasses 117 M&A cases between 2015 and 2022, involving 95 acquiring firms and 100 target companies. Through empirical analysis using regression models, the study finds a robust correlation between the ESG performance of acquiring firms in the year of M&A announcement and post-M&A ESG performance, demonstrating the significance of ESG performance for corporate sustainability and M&A performance. While the ROE of acquiring firms also exhibits a significant positive correlation with post-M&A ROE performance, its explanatory power is relatively weaker. Additionally, the study observes a lagged effect of ESG performance on financial performance, significantly impacting ROE performance three years after M&A announcement. Moreover, by incorporating dummy variables into the regression model to represent the quality of ESG ratings of target companies corresponding to acquiring firms, the study finds that regardless of the acquiring firm's ESG rating, whether to choose a target company with a better ESG rating does not significantly affect its post-M&A ESG performance, indicating the invalidity of the ESG "whitewashing" effect or "birds of a feather" hypothesis in acquiring firms' M&A behavior. In conclusion, the study emphasizes the importance of ESG and ROE performance of acquiring firms in M&A activities and highlights the need for companies and investors to value ESG practices for long-term financial performance. Companies should focus on their own ESG practices and financial performance to ensure long-term success and stable development post-M&A, providing valuable insights for corporate M&A strategies.