跨國併購的績效實證研究: 以開發中國家公司為例

The Operating Performance of Cross-Border M&As: An Empirical Study of Developing-World Corporations

陳千鶴(Cain-He Chen)

指導教授 ： 邱顯比

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.2013.03152

摘要

近年來，由開發中國家公司所主導的跨國併購，無論在數量或金額上都有明顯增長的趨勢，但過去文獻卻鮮少討論。本研究選擇開發中國家的跨國併購為研究主體，以SDC資料庫篩選，在1995年至2012年間由開發中國家的公司為主併者的跨國併購案，共710個樣本。接著，藉由併購後的財務數據衡量併購績效，並進行多元迴歸分析以了解跨國併購績效的影響因素。
實證結果顯示，在開發中國家的跨國併購案，無論是併購後的第一年、第三年和第五年，主併公司的營運績效皆顯著地變差。此結果暗示跨國併購對於開發中國家的公司有長期負向影響。根據多元迴歸結果，影響跨國併購績效的重要因素隨著時間改變。主併公司所在國家的貨幣相對升值幅度、相對發展程度對跨國併購後的營運績效有短期正向影響；在併購後三至五年間，併購後績效則與主併者的槓桿程度、國際併購經驗有顯著正向關係，意即，高槓桿的公司及國際併購經驗豐富的公司進行跨國併購，長期營運績效可獲得正向改善。此結果同時顯示，跨國併購中國家間差異所帶來的影響只在短期顯著，而主併公司特徵如槓桿程度或國際併購經驗多寡則對長期績效有較顯著的影響。
本篇研究也帶來實務上的意涵，當企業面臨併購決策，在選擇目標公司時，可放寬對於國家地點的考量。因研究結果暗示，和國內併購相比，跨國併購雖牽涉國家間差異，為公司帶來更多的不確定性，但其影響在第三年後不顯著，也就是說，長期看來，國內併購和跨國併購對於公司影響可能差異不大。

關鍵字

跨國併購 ； 營運績效 ； 開發中國家 ； 新興市場 ； 長期財務績效

並列摘要

The increasing proportion of total M&A activity is cross-border acquisition which has been clinched by firms in developing countries. However, the existing literature has focused little on the developing world. Our study contributes to improving the understanding of cross-border M&As in the whole developing world and detecting three types of determinants of post-acquisition operating performance: country-level differences, acquirer’s attributes, and deal-specific characteristics. We examine 710 cross-border acquisitions in the developing countries between 1995 and 2012. The result shows that cross-border acquisitions in the developing area, averagely, deteriorate acquirers’ operating performance in the short and middle-long run. Through multiple regression analyses, we find that the country-level differences appear to affect acquirer’s operating performance at first. Moreover, the characteristics of an acquirer have significant impacts on the long-term operating performance. Our results imply that the effect of national borders on the post-acquisition performance is temporary. In the long run, domestic acquisitions and cross-border acquisitions might affect acquirers in similar ways.

並列關鍵字

M&A ； Cross-border M&A ； Operating performance of M&A ； developing countries ； emerging market

參考文獻

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