企業購併對經營績效影響之研究-以上市櫃電子業為例

The Impact of Business M&A on Operating Performance － A Perspective of Listed Electronic Industry

朱嘉鴻(Chia-Hung Chu)

指導教授 ： 彭俊揚

長榮大學/管理學院/經營管理研究所(博)/碩士(2007年)

摘要

本研究以民國89年至90年發生購併事件之30家台灣上市櫃電子公司及62家無購併公司為研究樣本，以民國88年至92年總共5年20季為研究期間，就其財務指標探討對企業在有無購併活動、及購併活動前後，對經營績效之影響。檢定方法採用變異數分析及迴歸分析進行整體性的研究。
根據實證結果分析，本研究之結論如下：
1.企業經營績效在有無購併活動下並無顯著差異。
2.獲利能力及應收帳款運用能力在購併前後有顯著負向差異。
3.在購併中使用股票支付方式比使用現金支付方式來得優異。
4.在購併地點方面，財務指標呈現顯著差異的有營業毛利率、每員工營收這兩個依變數。
5.電子業公司進行相關產業購併時可以替公司經營績效帶來正面的影響。
6.在EBIT指標上，財務變數呈現顯著差異的有營業利益率、營業毛利率、每員工營收及應收帳款週轉率等四個依變數。
7.在本益比指標上，財務變數呈現顯著差異的有營業利益率、純益率、總資產報酬率、每員工營收、應收帳款週轉率及平均收現天數。
8.在Tobin's Q指標部份，財務變數呈現顯著差異的有營業利益率、營業毛利率、純益率及總資產報酬率。

關鍵字

購併 ； 經營績效 ； 變異數分析

並列摘要

This study examines the operating performance of companies with and without mergers and acquisitions (M&A) activities, as well as companies prior and post M&A activities, we select 30 listed electronic companies with M&A activities compared to 62 companies without M&A activities in 2000 and 2001 as our sample and financial indicators as variables in this research. We use quarterly data to do the study from the first quarter of 1999 to the fourth quarter of 2003 and our methodology includes analysis of variance (ANOVA) and regression analysis.
From the empirical results, we conclude the following:
1. No significant difference of overall operating performance has been found between companies with and without merger activities.
2. There is an apparent negative impact on profitability and utilization of accounts receivable in the post-M&A period.
3. M&A through stock swap appears more effective than cash buyouts.
4. Two financial indicators—the dependent variables of gross margin ratio and sales per employee—vary widely depending on M&A location.
5. The M&A impact is positive when the merging firms are from related industries.
6. While evaluating EBIT performance, the dependent variables of gross margin ratio, operation income ratio, sales per employee, and accounts receivable turnover suggest significant difference.
7. While comparing PE performance, the dependent variables of operation income ratio, net income ratio, ROA, sales per employee, accounts receivable turnover, and average accounts receivable collection days showed significant difference.
8. While analyzing Tobin's Q performance, four dependent variables including gross margin ratio, operation income ratio, net income ratio, and ROA point out significant difference.

並列關鍵字

M&A ； Operating Performance ； ANOVA

參考文獻

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