購併公司的財富效果與公司治理特性

The Wealth Effect and Corporate Governance of M&A Companies

楊馥如(Fu-Ju Yang) ； 王偉權(Wei-Chuan Wang) ； 林惠雪(Huei-Hsieh Lin) ； 蔡珮蓉(Pei-Jung Tsai)

《永續發展與管理策略》 5卷1期 (2013/03) Pp. 59-84

https://doi.org/10.6734/JSDMS.201303_5(1).0003

摘要

本研究以國內2001年1月1日至2011年10月6日進行購併之上市櫃公司為研究樣本，採用事件研究法探究購併宣告對主併公司與目標公司的投資人之財富效果，再以最小平方法探討進行購併的主併。公司與目標公司之公司治理特性與績效之關係。研究結果顯示：購併對於公司之股東權益報酬率、資產報酬率及股價淨值比是有所助益的，購併宣告更為投資人帶來財富效果。其中，（1）股東權益報酬與設立監察人或審計委員會制度、董監薪酬、總經理薪酬與內部股東持股比例呈現正相關。（2）資產報酬率與獨立董監席次、設立監察人或審計委員會制度、董監薪酬、內部股東持股比例及機構投資人持股比例呈現正相關。（3）股價淨值比則與監察人或審計委員會呈現正相關。

關鍵字

購併 ； 財富效果 ； 公司治理

並列摘要

Event study and ordinary least squares are applied to examine and analyze the relationship between the wealth effect and corporate governance of acquiring companies and target companies. The companies of merger and acquisition from 2001 to 2011 are used as research examples. The results indicate that merger and acquisition is positively correlated to a company's performance, and brings the wealth effect to investors. Firstly, return on equity is positively related with the setting of supervisors or audit committee, the compensations to general directors, the compensations to general managers and the ownership of inside shareholders. Secondly, return on assets is positively related with the size of independent directors, setting of supervisors or audit committee, the compensations to general directors, the ownership of inside shareholders and the ownership of institutional shareholders. Finally, stock rate of return is positively related with the setting of supervisors or audit committee.

並列關鍵字

Merger and Acquisition (M&A) ； Wealth Effect ； Corporate Governance