兩岸三地企業併購溢價實務研究

A Study of The Determinants of Premium Paid in Cross-Strait Mergers

游蕙蘭(Hui-Lan Yu)

指導教授 ： 邱顯比

國立臺灣大學/管理學院/財務金融組/碩士(2013年)

https://doi.org/10.6342/NTU.2013.00248

摘要

預期兩岸併購活動隨著兩岸關係及相關法規逐漸成形而將逐漸發展，因此本研究以2004年至2012年間之151個個案為樣本，運用多元迴歸方法，試圖找出影響兩岸企業併購溢價之因素。
本研究發現：外資企業相較當地企業願意付出較高之溢價，台灣地區市場評價與企業獲利能力顯著影響以淨值計算之溢價、獲利能力較佳且負債較低之目標企業可以獲得較高之溢價水準。意外的是樣本中的企業偏好以現金併購，且現金支付與溢價正相關；併購公司獲利能力與溢價負相關。中國地區未發現顯著影響溢價因子，或許因為參與併購的企業中有為數不少的國有股權，併購決策配合政策的因素勝過企業本身的商業決策考量。

關鍵字

併購 ； 溢價 ； 多元迴歸 ； 市場評價 ； 獲利能力

並列摘要

Expecting a rise in cross-strait mergers/acquisitions activities with the warming cross-strait relations and regulatory reforms, I use multivariate linear regression to analyze a sample of 151 cross-strait mergers between 2004 and 2012 in order to find out the factors that affect premia paid in cross-strait mergers.
There are several factors obviously affect premia paid in mergers. Foreign firms tend to pay higher premia to merger/acquire target firms than local firms for the sample. Valuation and making profit abilities appear to play roles with significantly positive coefficients in premia paid calculated by target’s book value in Taiwan. While the results of means of payment and buyers’ making profit abilities are unexpected.
There is no evidence that those factors except country level have any impact on premia paid in China. Perhaps the result is not a surprise once other factors are taking into account. Most mergers/acquisitions activities in China are driven by state-run firms and those activities seem to accord with state policies rather than business strategies.

並列關鍵字

merger/acquisition ； premium ； multivariate linear regression ； valuation ； profit

參考文獻

6. Amihud, Y. and Lev, B., Risk Reduction as a Managerial Motive for Conglomerate Mergers, The Bell Journal of Economics, Vol. 12, No. 2, Autumn, 1981, p 605-617.

7. Bradley, M., Desai, A. and Kim, E.H., The rationale behind interfirm tender offers - Information or synergy? , Journal of Financial Economics, 1983.

8. Bradley, M., Desai, A. and Kim, E.H., Synergistic gains from corporate acquisitions & their division between the shareholders of target & acquiring, Journal of Financial Economics, 1988.

9. Brown, R. and Sarma, N., CEO overconfidence, CEO dominance and corporate acquisitions, Journal of Economics and business, 2007.

11. Erel, I., Liao, R.C. and Weisbach, M.S., Determinants of Cross-Border Mergers and Acquisitions, Fisher College of Business Working Paper Series, 2010.