以併購標的企業觀點探討影響台灣企業併購案溢價之因素

An exploratory study of acquisition premiums in Taiwan. A sell-side perspective.

黃仕昌(Shih Chang Huang)

指導教授 ： 吳政衛

國立臺灣大學/管理學院/國際企業學研究所/碩士(2019年)

https://doi.org/10.6342/NTU202000274

摘要

本研究以台灣企業為併購標的觀點企業出發，旨在研究哪些因素會影響併購溢價。除了從併購標的企業的觀點之外，本研究也納入併購案雙方與併購案本身的觀點一同探討影響溢價之因素。而資料來源為SDC與TEJ台灣經濟新報兩個資料庫，採納自1990年到2018年底台灣相關併購資料，總共1,181筆樣本，包含外國企業併購台灣企業與台灣企業併購台灣企業兩種情境，最後建立複迴歸模型分析。研究結果顯示：(1)公開收購要約、跨國併購、多數股權收購、專業經理人治理之企業、收購百分比、與銀行業等6個因素，均對併購溢價之影響呈現顯著且正相關；(2)資產報酬率、地理距離、與文化距離等3個因素，均對併購溢價之影響呈現顯著且負相關。

關鍵字

併購 ； 溢價 ； 台灣企業 ； 跨國併購 ； 國內併購

並列摘要

This study aims to investigate what factors could cause higher premium payments from a sell-side perspective while targets were Taiwanese companies. Moreover, we also included the perspectives of both side of mergers and acquisitions (M&A) and M&A deal itself together to discuss the premium effect. The data were extracted from the SDC and TEJ database, including 1,181 Taiwanese companies related M&A events from 1990 to 2018. Furthermore, we involved both scenarios of Taiwanese companies acquired Taiwanese companies and foreign companies acquired Taiwanese companies to test our hypotheses by using a multiple regression model. Finally, the result shows that tender offer, cross border, majority stock acquired, professional management enterprises, percentage stock of acquired, and bank industries leaded to higher premium payments significantly. Also, the study showed that Return on assets, geographic distance, culture distance would cause a negative effect on premium payments significantly.

並列關鍵字

Merger and Acquisition ； Premium Payments ； Taiwanese companies ； Cross border mergers ； Domestic mergers

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