併購策略對併購後股東價值影響之研究 －以美國金融業為例

A Study of The Effect of Merger Strategies on Shareholders’ Value －Take the American Financial Industry for Example

葉威良(Wei-Liang Yeh)

指導教授 ： 李書行

國立臺灣大學/管理學院/會計學研究所/碩士(2007年)

https://doi.org/10.6342/NTU.2007.00559

摘要

本研究選定美國金融業西元2000年1月1日到西元2003年12月31日的合併收購案為樣本，以併購後三年為一觀察期間，採用迴歸分析法，針對四個併購策略對後續股東價值成長率之研究做一分析，研究結果顯示：
1.被併公司和主併公司規模比應差距越大越好，主併公司選擇的目標公司規模越小，遭遇的反抗較少，減少整合成本，股東價值成長率就會越高。
2.掮客佣金佔交易金額的比例越小，股東價值成長率會因為交易成本較小而越高。
3.溢價比例在現今的併購交易中，可能因為換股的交易方式而使併購後對於股東價值成長率之影響較為不顯著。
4.利用併購手段達成多元化的經營的金融業其後續股東價值成長率並不會跟著成長。

關鍵字

併購 ； 購併 ； 策略 ； 股東價值

並列摘要

This study discuss about the relationship between the merger strategies and the ratio of shareholder’s value growth. Our samples are the cases of merger in the financial industry from the year of 2000 to 2003. There are 113 samples.
The results are below：
1.The scale of the parent company should be bigger than the subsidiary company.
2.The broker fees should be as less as possible.
3.The relationship between the premium of the payment and the ratio of shareholder’s value growth is not in evidence.
4.The use of merger to make one business more diversely does not make the ratio of shareholder’s value growth going up.

並列關鍵字

merger ； Shareholders ； value ； Strategies

參考文獻

1.Berger, Allen N. and D.B Humphrey (1992), " Megamergers in Banking and the Use of Cost Efficiency as an Antitrust Defense," Antitrust Bulletin, 37: 541-600.

3.Franks, J., R. Harris, and S. Titman, 1991, “The Postmerger Share-Price Performance of Acquiring Firms”, Journal of Financial Economics 29, 81-96。

4.Healy, P., K.G. Palepu, and R.S. Ruback, 1992, “Does Corporate Performance Improve after Mergers?” , Journal of Financial Economics 31, 135-175。

6.Huang, Y.S, and R.A. Walkling, 1987, “Target Abnormal Returns Associated with Acquisition Announcements: Payment, Acquisition Form, and Managerial Resistance”, Journal of Financial Economics 19, 329-349。

7.Lang, L.H.P., R.A. Stulz, and R.A. Walkling, 1989, “Managerial Performance, Tobin’s Q, and the Gains from Successful Tender Offers”, Journal of Financial Economics 24, 137-154 。