同業整合或跨業擴展？外部環境與內部特徵對企業併購型態選擇的影響

Within-Industry or Across-Industry? The influence of the external environment and internal characteristics on the choice of corporate acquisition types

蔡明宏(Min-Hung Tsay) ； 徐滋敏(Min Hsu) ； 翁培師(Pei-Shih Weng)

《證券市場發展季刊》 32卷1期 (2020/03) Pp. 33-69

https://doi.org/10.6529/RSFM.202003_32(1).0002

摘要

本研究利用1985年至2013年美國市場的併購案例探討市場景氣是否會影響公司在進行同產業整合（同產業併購）或是跨產業擴展（跨產業併購、多角化併購）之選擇。本研究的實證結果發現，就市場因素來看，當經濟景氣為佳時，同產業併購的機率會增加；反之，跨產業併購的機率會增加。除此之外，本研究亦發現當主併公司銷售額越高的時候，跨產業併購的機率會增加。而當被併公司所投入研發程度越高以及銷售額表現亮眼的時候，容易成為同產業公司的併購目標。此結果顯示企業所面臨的外部環境或內部特徵都會影響到其併購型態的選擇。進一步的交乘分析發現，當整體市場景氣處於高點的時候，自身研發密度高的公司在進行併購時會傾向尋求同業整合，但若市場多角化併購的超額價值較高時，跨業併購的發生的機率較高。實務意涵上，我們預期公司在考量併購決策時，不只會評估景氣狀況，同時會考量自身研發實力以及市場潛在的併購綜效是否有利於進行同業併購來達成規模經濟，以提高自己的市場獨佔力或議價能力；另一方面，當自身具有高銷售額的優勢或經濟處於景氣低點，公司會傾向採取跨產業擴展策略、生產多樣化的產品、增加其產品差異性以擴大企業的營運範圍，避免侷限於單一產品的經營風險。

關鍵字

同產業併購 ； 多角化併購 ； 景氣循環 ； 公司特徵

並列摘要

This study collects M&As in the U.S. market over the period from 1985 to 2013 to examine whether the external environment and internal characteristics can affect the choice between within-industry mergers and across-industry mergers for the firms. The empirical evidence shows that companies tend to execute more within-industry (across-industry) M&As when the economy is good (bad). At the same time, bidding companies with a greater amount of sales more likely acquire the businesses in other industries, while the companies more likely purchase targeting firms with an enormous amount of R&D expenditure in the same industry. These findings indicate that both external and internal factors affect the choice of corporate acquisition types. We further show that when the business cycle is around the peak, bidders with higher R&D expenditure will consider merging the firms in the same industry. By doing so, the acquirers would quickly reach the economic scale to raise their market power. Also, when the incremental value of diversification is larger, bidders would try to expand their business scopes to other industries to diversify the risk of the operation by across-industry M&As.

並列關鍵字

Within-Industry M&As ； Conglomerate M&As ； Business Cycle ； Firm Characteristics

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