The Adjustment of Capital Structure in Mergers and Acquisitions: Re-Visit the Theory of Optimal Capital Structure

公司資本結構於併購事件中之變化：最適資本結構再驗證

劉宗宜(Tsung-Yi Liu) ； 楊東曉(Tung-Hsiao Yang) ； 吳清池(Ching-Chih Wu)

《台灣管理學刊》 18卷1期 (2018/02) Pp. 1-22

https://doi.org/10.6295/TAMJ.201802_18(1).0001

摘要

This study explores the adjustments of acquiring firms' capital structures after mergers and acquisitions. The empirical evidence shows that acquirers reduce their leverage deficits, which are the differences between actual and target leverage ratios, after the transactions. In addition, many firms' characteristics such as market-to-book ratio, net sales, earning, and selling expenses move toward maximum firm values, which is consistent with the theories of optimal capital structure. Moreover, the financial market responds positively to the reduction of leverage deficit, especially for overleveraged acquirers. We find the market reacts negatively to the stock payment in the acquisitions, consistent with the existing literature, but the reaction is significant only for the overleveraged firms. We conclude that acquiring firms maximize their firm values by mergers and acquisitions when they reduce the leverage deficit effectively after the transactions.

關鍵字

optimal capital structure ； mergers and acquisitions ； leverage deficit

並列摘要

本文探討公司於併購事件後，資本結構調整的過程是否支持現有的資本結構理論？實證結果顯示主併公司在事件後降低了融資赤字，亦即實際的資本結構與目標資本結構距離更接近。此外，公司的特徵變數，例如市值與帳面價值比率、淨銷貨收入、獲利及銷售費用等，均朝公司價值極大化的方向調整，此實證結果支持最適資本結構理論。最後，在資本市場的反應分析上，投資人對於融資赤字的減少給予正面的市場反應；同時也對於股票支付的併購案給予負面的評價，符合現有文獻的結果。因此，本文實證結果發現主併公司於併購事件後，藉由資本結構的調整以達到公司價值極大化之目標。

並列關鍵字

最適資本結構 ； 公司併購事件 ； 融資赤字

參考文獻

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