公司治理機制、企業營運績效及內部策略與企業併購後資產減損之關聯性

The Relationship of Corporate Governance Mechanisms, Operating Performance and Internal Strategy to Asset Impairments after Merger and Acquisition

黃劭彥 ； 鍾宇軒 ； 邱安安 ； 陳忠生

《評價學報》 2期 (2009/11) Pp. 14-26

https://doi.org/10.30073/JV.200911.0002

摘要

企業併購為企業的一種擴張策略，最終的目的乃是藉由併購來擴大企業經濟規模與增加企業價值，但當併購效益無法達成時，則容易造成企業在併購後提列資產減損。由於併購存在風險且效益具有不確定性，故併購前的評估相當重要，本研究即以併購企業的公司治理機制進行探討。此外，企業併購後的營運績效與公司內部策略亦展現管理當局對於併購的動機與目的，亦可能是影響公司是否進行資產減損的重要因素，故本研究透過公司治理機制、企業併購營運績效及內部策略來探討其對於公司提列資產減損的影響。結果發現公司治理機制愈佳，在企業併購後提列資產減損的金額較低；企業內部策略（大洗澡、資金需求與負債情況）亦會對於企業併購後提列資產減損產生影響。

關鍵字

企業併購 ； 公司治理 ； 營運績效 ； 內部策略與資產減損

並列摘要

The target of enterprise activities in merger and acquisition is to enlarge economic scale and corporate value. However, the enterprise might recognize asset impairments if it is not bringing synergy after merger and acquisition. Due to merger and acquisition have potential risk and uncertainty, corporate governance mechanisms perform the important role to monitor and review the process before merger and acquisition. In addition, the operating performance and internal strategy reveal managers' intention and motivation of merger and acquisition. Consequently, this research investigates the relationship of corporate governance mechanisms, operating performance and internal strategy to asset impairments after merger and acquisition. The empirical results find that corporate governance mechanisms and internal strategy affect the corporate to recognize assets impairment after merger and acquisition.

並列關鍵字

Merger and Acquisition ； Corporation Governance ； Operating Performance ； Asset Impairments