- 期刊
北美石油產業購併之績效研究
Post-acquisition Performance Analysis of North American Petroleum Industry
摘要
本研究採用1986年－2004年北美石油產業之購併案例作為研究樣本，以探討購併後之市場績效與營運績效是否有所改善，並且加入購併時之支付方式作為樣本分類之方式，以了解購併之支付方式是否對於績效造成不同的影響。本文首先針對研究樣本進行長期營運績效之評估與分析，接著更進一步將營運績效改善之來源拆解為營運獲利性的增加或是營運效率性的提升，去探討購併後營運績效改善之原因，主要的結果如下：(1)就短期市場績效來說，在購併宣告後異常報酬之衡量，標的公司具有顯著的正超額報酬﹔然而，主併公司則未產生顯著的超額報酬。(2)就長期營運績效來說，購併後之實質營運績效並未呈現顯著的改善結果，然而，進一步，分析依據在不同支付方式下之購併後之營運績效表現，則發現具有明顯的差異性；以現金支付廠商略高於混合支付貨股票支付的主併公司。
並列摘要
This study examines whether the market return and operating performance of merged firms are changed after acquisitions and investigates the relationship between the methods of payment in acquisition and post-acquisition operating performance. Using 102 acquisitions in North America oil industry during 1986-2004, this article finds that the target firms earn significantly positive excess returns after merge. However, for the acquiring firms, the changes in returns are not significant. As for the long-term operating performance after the post-acquisition, we find no evidence that merged firms operating performance improved. However, we do find the change in operating performance of the merged firms is significantly larger when the cash payment is used compared to stock offers or other methods of payment.