階段性併購與主併企業績效間關係之研究

The Acquirer Performance Following Sequential Mergers and Acquisitions

陳冠羽(Kuan-Yu Chen)

指導教授 ： 何耕宇

國立臺灣大學/管理學院/財務金融學研究所/碩士(2013年)

https://doi.org/10.6342/NTU.2013.00786

摘要

本文旨在研究階段性併購對於主併企業營運績效的影響。過去關於併購的文獻多著重於併購如何創造企業價值，較少關注於不同的企業併購行為對於企業營運績效的影響。近年來台灣企業採納階段性併購的比例有增加的趨勢，故本文將以實質選擇權理論與資源基礎觀點來分析階段性與一次性併購對於企業營運績效的影響。研究結果顯示，一次性併購對於公司營運績效的影響，在一年期間，優於階段性併購。但如果企業擁有較少的內部資源或負債比例較高，則進行階段性併購將能夠緩和其所帶來的負向異常報酬。而就三年期間而言，階段性併購和一次性併購對於企業營運績效的影響並無顯著差異，故主併者在考量併購行為對於企業一年內營運績效的影響時，應先衡量內部資源的多寡，才能夠極大化併購所創造的企業價值。

關鍵字

階段性併購 ； 異常營運績效 ； 實質選擇權 ； 資源寬裕

並列摘要

From the perspective of real option and resource-based theories, this study examines acquiring firms’ abnormal operating performance following sequential mergers and acquisition, and explores whether resources affect firms’ performance after the acquisitions are completed. Recently, enterprises in Taiwan have taken sequential mergers and acquisitions more often as strategies to expand their business maps. Our results show that sequential acquisitions perform worse than one-time acquisition in terms of one-year abnormal operating performance. However, for three-year abnormal operating performance, there is no significant difference between one-time acquisitions and sequential acquisitions. In addition, we suggest that acquiring firms with abundant resources or low debt-to-equity ratio should avoid sequential acquisitions, while firms with less resources or limited debt could consider sequential acquisitions as strategies to enter into new markets or new business fields.

並列關鍵字

Sequential Acquisitions ； Abnormal Operating Performance ； Real Options ； Organizational Slack

參考文獻

Agrawal, A., Jaffe, J. F., & Mandelker, G. N., 1992. The Post‐Merger Performance of Acquiring Firms: A Re‐Examination of an Anomaly. The Journal of Finance, 47, 1605-1621.

Andrade, G., & Kaplan, S. N., 1998. How Costly Is Financial (Not Economic) Distress? Evidence From Highly Leveraged Transactions That Became Distressed. The Journal of Finance, 53, 1443-1493.

Balakrishnan, S. and Koza, M. P., 1993. Information Asymmetry, Adverse Selection, and Joint Ventures: Theory and Evidence. Journal of Economic Behavior and Organizational, 20: 99-117.

Barber, B. and Lyon, J., 2006. Detecting Abnormal Operating Performance: The Empirical Power and Specification of Test Statistics. Journal of Financial Economics, 41: 359-399.

Barney, J.B., 1991. Firm Resources and Sustained Competitive Advantage. Journal of Management, 17: 99-120.