併購類型與併購雙方規模之差異對績效之影響－以台灣市場為例

The Impacts on Performances Brought By Varied Types of Mergers and Firm Sizes: An Example of Taiwan Market

吳佩樺(Pei-Hua Wu)

指導教授 ： 陳聖賢

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.2015.01506

摘要

過去國外有很多研究分析併購案，包括水平併購、垂直併購等併購類型對績效的影響，而國內的論文也多以歐美的併購案例為主，就算有以台灣為基準進行研究，也多僅針對特定產業或特定併購方式，較少針對整體台灣市場同時進行水平、垂直併購分析，且普遍有樣本數不足的問題；至於在併購規模部分，則多以利益分配比例或併購成敗為主軸進行分析，如Damodaran(2012)認為大公司併購小公司較容易成功，反之則多以失敗告終，而本文則是同時探討大公司併小公司及小公司並大公司這兩種情形，以水平併購、垂直併購、跨業併購這三種併購類型，並擴大樣本數，結合併購規模來對台灣整體市場進行分析。
　　由於台灣經濟新報(TEJ)於2014年推出併購資料庫，並與公開資訊觀測站及新聞報導交叉比對，使樣本數大幅增加至872個，解決過去台灣併購資料庫中，樣本數過少以至於難以進行分析的困境。本文可將樣本數分為六組，探討這六組的差異。
　　根據單因子變異數分析結果，產業關聯度較低的併購案會使主併公司的短中長期併購表現較佳。此外，迴歸模型也證明本文挑選出來的七個自變數對股價報酬有顯著影響，尤其對長期股價報酬有明顯的影響。而當主併公司的規模大於目標公司時，營收成長率反而較差，反若主併公司的規模較小，營收成長率會較佳。

關鍵字

相對規模大小 ； 併購

並列摘要

A lot of foreign papers have been focusing on effects brought by different types of M&A on performance, including horizontal, vertical and conglomerated acquisitions. Papers published by Taiwanese scholars usually considered about foreign M&A cases and focused on a particular industry or M&A type. It is hard for most researches to focus on horizontal and vertical M&A at the same time. As to the firm scale, a common paper usually only analyzed distributions of M&A benefit for acquirers or target firm, or the key factor of successful M&A.
Owing to the launch of TEJ M&A database in 2014, this paper increases the sample sizes and classifies these data into six groups, trying to find the relationship between all of them. This new database solves the small sample size problem.
The results suggest that the lower industrial relationship can create better M&A performances than the higher industrial relationship. Also, the regression model shows a striking effect of the seven independent variables on performance in the stock annual rate of return and the revenue growth rate, especially in the long term period. Besides, the bigger the acquirer size, the worse the revenue growth rate and vice versa.

並列關鍵字

Relative size ； M&A

參考文獻

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