距離對併購績效之影響-以美國產險業為例

Distance and M&A Performance in the U.S. Property$Liability Insurance Industry

鍾婉屏(Wan-Ping Chung)

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.2015.11196

摘要

本研究以美國產險業為樣本，探討併購公司與其併購標的間距離對於併購績效之影響。研究結果發現併購公司與其併購標的間距離越近，併購後ROE變動表現較佳，隱含距離對於資訊優勢與綜效的發揮具有影響力。本研究亦發現自有資本佔總資產比率與併購績效呈正相關，而股票投資收益占股債投資收益比率及地理風險分散程度則與併購績效呈負相關。

關鍵字

併購 ； 距離 ； 鄰近 ； 產險業 ； 軟資訊 ； 資訊優勢

並列摘要

This paper investigates the effect of distance between the acquirer or merger and its target on the performance of mergers and acquisitions in the U.S. property$liability insurance industry. This paper finds mergers and acquisitions that occur within shorter distances are more likely to perform better on ROE, implying the relevance of distance and information advantage and synergy. In addition, this paper finds a positive correlation between the ratio of equity capital to total asset and the performance of mergers and acquisitions, while the ratio of income from stock investment to income from both debt and stock investment and the degree of geographical diversification are negatively correlated with the performance of mergers and acquisitions

並列關鍵字

Mergers and Acquisitions ； Distance ； Proximity ； Property-Liability Insurance ； Soft Information ； Information Advantage

參考文獻

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