購股方式與比例對主購公司績效的影響

The impact of share purchasing modes and ratios on main purchasing companies’ performance

孫先軍(Hsien-Chun Sun)

指導教授 ： 朱珊瑩

中原大學/商學院/國際貿易研究所/碩士(2010年)

https://doi.org/10.6840/cycu201000873

摘要

摘 要
過去併購文獻多聚焦在有無購併的二維選擇，並以事件研究法衡量併購績效。而本研究延伸與以往其它研究不同的是，本文採用購股方式與購股比率做為研究的方向。我們分析主購公司購股的比率以及購股方式，對公司的營運績效的效果。
主購公司持有目標公司的股數，等於是掌握目標公司的經營權限。針對研究持股的方法在這篇研究中分為三種：合併、收購、回購行為。這三種不同的購股方式會使主購公司產生不同的持股比例，即掌握目標公司不同之經營權限。本文續接探討三種持股比率對公司營收及財務報表中的股東報酬率、資產報酬率、應收帳款週轉率以及稅前淨值報酬率等五個指標來代理公司的營運績效指標。營運績效指標表示企業的獲利能力，償還能力與經營能力。購股的資料來源為全球購併資料庫，而公司營收、財務資料則來自台灣的公開資料觀測站。
最小平方法的實證結果顯示不同的購股方式會對主購公司的營收及財務報表的指標產生不同的結果。另外，主購公司購併目標公司時，因購股目標公司的比例不同亦將造成主購公司的績效產生差異，主購公司購買目標公司股票比例越高，則對於主購公司的績效也就越好。這些同時說明如果主購公司能掌握目標公司越多經營權，則對於主購公司可得到目標公司越多的資源而使績效提升。

關鍵字

企業購併 ； 持股比率 ； 回購績效 ； 經營績效

並列摘要

Abstract

Former researches on enterprise's mergers and acquisitions are mostly using the method of event study to evaluate the performance of the merge and acquisition. What makes this research different from them falls on that this paper adopts the ways and rates of the stock purchases. That is to say, we analyze how the rate and the way of the stock purchases of a main purchasing company affect the operation performance of the company.
This study suggests that the stocks of a target company held by the main purchasing company are similar to holding the operation competence of the target company. Focusing on the ways of stock sharing, this paper split it into three behaviors. They are the behavior of merging, that of acquisition and that of repurchasing. Each method would lead to different stocks holding ratio which means different operation authority of the target company. Then, the paper measures a company’s performance by the five indexes of shareholders' return, return on assets, accounts receivable turnover ratio and return on equity before tax in the revenue and financial statements of each stock holding ratio to represent the indexes of the operation performance of the company. The data of stock acquisition come from global merge and acquisition data base. The data of company revenue and financial statement come from the accounts' financial statement of the public data observation from Taiwan.
Empirical results from ordinary lease squares method show that different ways of stock purchasing would lead to different results to the indexes of the main purchasing company's revenue and financial statement. Besides, when the main purchasing company merge and acquire the target company, different ratio of stock purchasing would also bring difference to the performance of the target company. If the main purchasing company holds more stocks of the target company, then the performance of the main purchasing company would be better. This also explains if the main purchasing company can acquire more management authority of the target company, then the main purchasing company can take more resources from the target company and hence perform better.

Keywords: M&A, Shareholding ratio, Repurchase Performance, Performance

並列關鍵字

Shareholding ratio ； M&A ； Performance ； Repurchase Performance

參考文獻

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