併購收益性的決定因素：以台灣上市公司為例

Determinants of Acquisition Profitability of Taiwanese Publicly-listed Companies

王雅瑩(Ya-Ying Wang)

指導教授 ： 狄強

中原大學/商學院/國際商學碩士學位學程/碩士(2017年)

https://doi.org/10.6840/cycu201700497

摘要

本篇研究挑選八項企業特定因素，包含公司大小、流動比率、負債比、銷售增長、有形性、費用收入比率、利息保障倍數及應收帳款週轉率，並進一步針對在2003到2013年間執行併購交易活動的台灣上市公司進行分析，調查此八項因素對這些公司收益性的影響。利用兩種不同的迴歸模式（最小平方法和固定效應模式）去檢測八項企業特定因素對資產報酬率（ROA）的影響。研究結果顯示不論在併購前、併購中、併購後、或者整體併購期間，公司大小和資產報酬率皆呈正相關，因規模較大的公司有更多的資源能運用，相較規模較小的公司更容易擁有高資產報酬率；流動比率在併購前和資產報酬率呈現正相關。然而，併購後因接收被收購公司的產線產生過多的應收帳款及存貨，而導致在併購後流動比率和資產報酬率呈現負相關；在併購前和整體併購期間，負債比和資產報酬率皆呈現負相關。但在併購中這段期間，收購公司需維持最佳的負債比，用以預防因併購活動而產生的額外費用，故在此段期間呈正相關；銷售增長在併購中這段期間和資產報酬率呈負相關，這個令人意外的結果或許是因為此時收購公司的營運重點在併購活動上，而暫時減少了對銷售的關注；有形性在併購前和資產報酬率呈負相關。隨著併購活動的進行，收購公司因接收被收購公司的大量固定資產，而使有形性在併購中這段期間呈正相關；然而，費用收入比率僅在併購中這段期間和資產報酬率呈負相關；利息保障倍數在整個併購的過程中和資產報酬率皆呈正相關。這間接的顯示出當公司有效的掌控成本時，公司會有較好的償債能力；應收帳款週轉率在併購前和資產報酬率呈正相關，這表示較快收到應收款有助於公司盈利能力的增長及有更佳的應變能力以應對因併購活動而突然產生的額外成本。本篇研究結果希望能為台灣未來的併購活動提供重要的併購策略，使收購公司能夠掌控相關的金融變量，期使與被收購公司能達到更好的協同作用。

關鍵字

收益性、台灣上市公司、資產報酬率

並列摘要

The study investigates the relationship between eight firm-specific factors on the profitability of Taiwanese publicly-listed companies who underwent acquisitions from 2003 to 2013. The research utilizes multiple linear panel regression models, namely, ordinary least squares (OLS) and fixed effects (FE) in examining the effect on the return on asset of firm-specific factors, which include: size of the company, current ratio, debt ratio, sales growth, tangibility, expenses revenue ratio, interest coverage ratio and accounts receivable turnover. Empirical findings show that size of company has positive relationship with profitability for all the study periods, because of the bigger companies have larger networks to produce profits more easily. The variable current ratio has positive relationship with profitability during Pre- acquisition Period, while it became negative in Post-acquisition Period. The paper posits that this is because acquiring firms suffer a relatively higher amount of accounts receivable and excessive inventories, because of the new product or service lines acquired after the acquisition activity. On the other hand, debt ratio has negative relationship with profitability in both All Period and Pre-acquisition Period, but a positive relationship is found in During-acquisition Period. This is because acquirers maintain an optimal amount of debt ratio during acquisition period as a source of additional funds if acquisition deals don’t go as planned. Surprisingly, sales growth is found to have a negative relationship with profitability in During-acquisition Period. This is possibly because of the diminishing focus of acquirers in generating sales due to the pre-occupation in the acquisition. Moreover, tangibility has a negative relationship with profitability in Pre-acquisition Period, but turned the opposite in During-acquisition Period. The rapid expansion of fixed assets after the acquisition corresponded to the profitability caused by the wider market and additional distribution channels of the surviving firm. Expense revenue ratio has negative relationship with profitability in During-acquisition Period only, while interest coverage ratio has positive relationship with profitability; which explains the better control of the company of costs, and the higher solvency the company has. Lastly, accounts receivable turnover has positive relationship in Pre-acquisition Period, which means that collecting receivables faster will increase profitability and even finance some of the unexpected costs of the acquisition. Findings of this study are expected to be a strategic input for Taiwanese companies undergoing acquisitions in controlling certain financial variables to help the acquiring company to save costs, increase revenue, and best of all create more synergy with the newly-bought firm.

並列關鍵字

Profitability, Taiwanese Publicly-listed companies, Return on asset

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