台灣企業併購付款方式之選擇

The Choices of Payment Methods in Taiwan Mergers and Acquisitions

古永嘉(Yeong-Jia Goo) ； 胡珮高(Pei-Kuo Hu)

《輔仁管理評論》 15卷3期 (2008/09) Pp. 97-126

https://doi.org/10.29698/FJMR.200809.0004

摘要

爲檢測影響國內企業併購付款決策的因素，本研究以民國84年至民國95年曾於股市公開觀測站重大訊息宣布併購的240家台灣上市櫃公司作爲研究樣本，以邏輯斯迴歸(Logit Regression)進行實證研究，探討主被併雙方公司如何在控制權威脅、財務情況、資訊不對稱、市場評價、成長機會等因素互相衝突的考量下，進行現金、現金股票併行或換股融資決策。實證結果指出在負債比率較低、目標公司爲子公司、跨產業交易、及跨國交易時會採用現金支付，而在主被併公司相對規模較大時將採用股票支付，支持過去國內外學者研究結論。爲避免變數選擇導致偏誤，本研究進階測試模式強韌度並加入控制變數進行探討。強韌度測試結果發現內部人持股比例和關係人交易顯著影響併購付款方式，支持控制權喪失及交易雙方資訊對稱程度會影響付款方式。另外，本研究結果發現國內金融業傾向使用現金併購；當期景氣水準較差時，主併公司會採用現金支付。

關鍵字

併購 ； 融資決策 ； 邏輯斯迴歸 ； 強韌度分析

並列摘要

In order to find out influences to payment decision in Taiwan M&As, 240 samples ever made M&A announcements on Taiwan Market Observation System are analyzed with Logit regression, to explore how bidder and target's elaborating on the conflicting influences as threat of control lose, financial conditions, information asymmetry, market evaluation, and growth opportunity would affect the cash, stock, or mixed payment decisions. Consistent with previous studies, the empirical result shows that lower debt ratio, subsidiary target, cross industry, and cross country transaction are positively related with cash payment, and relative size between bidder and target more likely leads to stock payment. To avoid variable selection bias, we al so test the robustness of the model and add in extra control variables. The results show that insider's ownership and related party transaction significantly correlate with payment methods. These evidences further support that threat of control lose and information asymmetry have significant impact on payment methods. We also find in our sample that financial institutions are more likely to pay cash and bidders tend to pay stocks during high market cycles.

並列關鍵字

merger and acquisition ； financing decision ； logit regression ； robustness test

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