距離和組織型態對美國產險業併購績效的影響

Effects of Distance and Organizational Form on M&A Performance: Evidence from the U.S. Property-Liability Insurance Industry

彭新勻(Hsin-Yun Peng)

指導教授 ： 林姿婷

國立臺灣大學/管理學院/財務金融學研究所/碩士(2015年)

https://doi.org/10.6342/NTU.2015.10018

摘要

本研究以1993至2013年間的資料，探討距離和組織型態對美國產險業併購績效的影響。實證結果發現，當併購公司和其併購標的間距離越近時，併購後的ROE表現越好，意味著近距離有利於軟資訊之取得和資源之整合，以達到資訊優勢實現更好的綜效。又當併購公司為相互保險組織型態時，與ROE變動表現呈負相關，隱含相互保險公司經營效率較股份有限公司低落的可能，但並未在距離和組織型態的交互項發現顯著關聯。本研究亦發現資產規模大小與併購績效呈正相關，槓桿比率和集團化變數則與併購績效呈負相關。

關鍵字

併購 ； 距離 ； 產險業 ； 軟資訊 ； 組織型態

並列摘要

This paper examines the relationship between physical distance, organizational form and M&A performance in the U.S. property-liability insurance industry from 1993 to 2013. There are three main findings. First, M&A that occurs within shorter distances between the acquirer and its target, performs better on ROE, indicating the relevance of distance and information advantage and synergy. Second, mutual acquirers have negative post-acquisition ROE, suggesting that mutuals are less efficient than stock companies. However, the interaction effect between distance and organizational form is not significant. Finally, this paper finds a positive relationship between insurer size and post-M&A performance, while the level of leverage and whether an insurer is affiliated with a group share negative relationship with post-M&A performance.

並列關鍵字

Mergers and Acquisitions ； Distance ； Property-Liability Insurance ； Soft Information ； Organizational Form

參考文獻

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