跨國併購：區域貿易協定的影響

近年來，許多大型的區域貿易協定紛紛簽訂，例如由美國主導的跨太平洋戰略經濟伙伴關係協定、由中國主導的區域全面經濟伙伴協定。無論在各產業，公司為了規模經濟或是快速打入某個海外市場等原因，從而進行跨國併購。但過去文獻卻鮮少討論有關區域貿易協定在跨國併購上的意義。本文致力於研究區域貿易協定在跨國併購案中所扮演的角色及其影響的程度。本研究以SDC資料庫篩選，在2008年至2014年間的跨國併購案，共23,600個樣本，對樣本進行橫斷面資料與追蹤資料之多元迴歸分析以了解跨國併購的影響因素。藉由檢視在一樁跨國併購案當中，交易雙方的國家各自已簽訂的區域貿易協定數量的差異個數，對於跨國併購案發生的機率有無顯著性的影響。實證結果顯示，區域貿易協定對於跨國併購發生的機率在統計上具顯著的影響性。本研究於實務上的意義在於，當企業面臨跨國併購決策，在選擇目標公司時，可選擇相較於自身國家而言，簽訂區域貿易協定數量較多的國家。而其背後隱含的策略性考量是，即便主併公司所處的國家並未簽訂多數的區域貿易協定，也可透過這樣的選擇，讓主併公司能夠在併購目標公司後，享有這些區域貿易協定所帶來的好處。

關鍵字

跨國併購；區域貿易協定；市場進入決策

並列摘要

In recent years, many “mega-regional” trade agreements have been signed, such as the United States-led Trans-Pacific Partnership (TPP) and the China-led Regional Comprehensive Economic Partnership (RCEP). No matter what industry that companies are in, due to the economies of scale, rapidly enter a foreign market or many other reasons, so that cross-border mergers and acquisitions. However, the existing literature has focused little on the implications of regional trade agreements on cross-border mergers and acquisitions. This paper contributes to the role of regional trade agreements and their impact on cross-border mergers and acquisitions. I use a sample of 23,600 cross-border mergers between 2008 and 2014 to conduct the multiple regression analysis. The empirical results show that the difference of regional trade agreements between acquirer country and target country does have a statistically significant impact on cross-border mergers and acquisitions The managerial implication of the result is that, when firms decide to purchase another firm abroad, a good choice of target firm is the one which is in a country with more numbers of regional trade agreements. It also implies that even if the acquirer is in a country, of which the government has not signed many regional trade agreements with other countries, could benefit from the regional trade agreements through this decision.

並列關鍵字

cross-border M&As ； RTAs ； market entering strategy

參考文獻

[1] Ahern, K. R., Daminelli, D., and Fracassi, C., 2015, Lost in translation? The effect of cultural values on mergers around the world, Journal of Financial Economics 117(1), 165-189.

[2] Angwin, D., 2001, Mergers and acquisitions across European borders: national perspectives on preacquisition due diligence and the use of professional advisers, Journal of World Business 36(1), 32-57.

[3] Baker, M., Foley, C. F., and Wurgler, J., 2009, Multinationals as arbitrageurs: The effect of stock market valuations on foreign direct investment, Review of Financial Studies 22(1), 337-369.

[4] Barbopoulos, L., Marshall, A., MacInnes, C., and McColgan, P., 2014, Foreign direct investment in emerging markets and acquirers’ value gains, International Business Review 23(3), 604-619.

[6] Becker, J., and Fuest, C., 2011, Source versus residence based taxation with international mergers and acquisitions, Journal of Public Economics 95(1-2), 28-40.

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跨國併購：區域貿易協定的影響

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