影響公司是否參與購併的因素:以不動產投資信託為例

What Drives a Firm to Become an Acquirer? Evidence from REITs

毛子睿(Tzu-Jui Mao)

指導教授 ： 沈仰斌

共同指導教授 ： 盧秋玲(Chiu-Ling Lu)

元智大學/管理學院/財務金融學系/碩士(2009年)

摘要

本篇研究的目的是在於研究「究竟是什麼樣的因素導致公司想要去採行購併這樣的計畫」。本篇研究與過去的文獻不同之處主要可以歸納成為以下兩點。第一、本研究主要的研究對象是不動產投資信託公司(Real Estate Investment Trusts) 。第二、本篇使用Probit的模型來研究公司參與購併的動機。
本篇文章的結論主要可以分為兩個部分。第一個部分是關於公司宣告購併計劃的時，市場的反應。實證結果顯示，當公司宣告其將與另一公開上市且為不同集團的公司合併時，會有負的超額報酬；而當公司宣告其將與另一未上市且為不同集團的公司合併的時候，會有正的超額報酬。
第二個部分是關於主併公司購併的動機。實證結果顯示：在Probit模型中，公司大小以及獲利能力與成為主併公司的機率有正向的關係，表示越大的公司、獲利能力越好的公司，越有可能成為一個購併者；另外，公司槓桿的程度、未來成長的機會、公司的透明度、以及公司現金流量的多寡都與成為購併者的機率有負向的關係，也就是說，槓桿程度越低、未來成長的機會越低、透明度越低的公司、公司現金流量越少，則越有可能成為購併者。最後，總結以上的實證結果，在不動產投資信託的購併行為中，我們並沒有發現任何支持代理問題的實證結果，因為不動產投資信託的法規已經限制了經理人所可能產生的代理問題。

關鍵字

購併, 不動產投資信託, Probit 模型

並列摘要

The purpose of this research is trying to uncover the motivation behind these mergers. In this research, we focus only on REIT companies and we use probit model to find out the motives for the acquirers. In the first part of this research, we study the announcement returns for acquirers around merger and acquisitions. We discovered that when announcing a merger with a public target that belongs to another conglomerate, acquirers have significant negative announcement returns, but acquirers have positive returns when merging with another private target belongs to another conglomerate. In the second part, we apply the probit analysis to find out what drives a firm to acquire others. Results indicate that the probability of being acquirers are positively related to firm size and profitability, and negatively related to firms’ growth opportunity, leverage, transparency, and cash flow. Moreover, since we cannot support any motives directly related to agency problems, we believe that the rule for REITs really mitigate the agency problems.

並列關鍵字

Merger and Acquisition, REITs, Probit model

參考文獻

Shen, Yang-pin, Li-Ching Chiu and Chiuling Lu, 2008, “A Discrete Random Effect Logit Model of the Determinants of Asset-Backed Securitization”, Journal of Financial Studies 16, 2: 69-100

Allen, Paul R. and C. F. Sirmans., 1987, “An Analysis of Gains to Acquiring Firm’s Shareholders: The Special Case of REITs” Journal of Financial Economics 1, 18: 175-184

Ang, James S. and Yung Ling Lo, 2007, “The Market-Timing Ability of Low Transparency Firms in the Acquisition Market”, working paper

Campbell, Robert D., Chinmoy Ghosh, and C. F. Sirmans, 2001, “The Information Content of Method of Payment in Mergers: Evidence from Real Estate Investment Trusts (REITs)”, Journal of Real Estate Economics 29, 3: 361-87

Campbell, Robert D., Chinmoy Ghosh, Milena Petrova, and C. F. Sirmans, 2006, “Corporate Governance and Performance in the Market for Corporate Control: The Case of REITs”, working paper