企業併購與經營績效之研究－以EVA與FCF為衡量指標

The Study of The Relationship between Merger & Acquisition and Operating Performance－EVA and FCF Perspective

倪鈺茹(Yu-Ju Ni)

指導教授 ： 楊葉承

中原大學/商學院/會計學系/碩士(2007年)

https://doi.org/10.6840/cycu200700193

摘要

國際間的競爭日趨劇烈，以中小企業為工商主體的台灣經濟社會，在面對國際大型企業的強大競爭挑戰下，不得不積極透過“併購”活動，藉以改善經營績效、降低營運風險及強化國際競爭力。
　　本研究以民國87年至民國91年曾從事併購活動之公開上市公司為研究對象，有效樣本公司共計46家。為避免公司資本額、營收額及規模大小影響研究結果，以「每股經濟附加價值」及「每股自由現金流量」作為衡量指標，分析國內所進行併購的活動是否存有經營績效改善因素。本研究之實證結果如下所述：
一、在經濟附加價值（EVA）方面
　　在進行差異分析後發現併購後經營績效有顯著下滑的趨勢，由於企業併購後面臨新的組織架構，必須妥善運用整合後龐大的資源及穩定員工的情緒，但是短時間內難以彰顯經營績效。產業別虛擬變數（G）呈現不顯著的正相關，無法獲得統計顯著水準支持上市非電子公司從事併購活動後每股經濟附加價值增額較上市電子公司多，而併購類型（S）則是呈現不顯著的負相關，代表主併公司在從事產業相關併購時，會因為公司的規模擴大而使得營運風險增加，致使經營績效改善更加困難。
二、在自由現金流量（FCF）方面
在差異分析後發現併購後經營績效呈現顯著上升、改善的趨勢，代表上市公司從事併購活動後確實可提高公司的每股自由現金流量增額，符合Jensen（1986）所提出的代理成本假設及自由現金流量假說。虛擬變數G與S皆呈現不顯著的正相關，代表無論在產業別（G）或是併購類型（S）與經營績效改善程度皆無顯著差異。

關鍵字

經濟附加價值 ； 自由現金流量 ； 併購

並列摘要

In an environment where global competition has become increasingly intense, small and medium-sized enterprises, which constitute a majority of Taiwan’s economic society, can only improve their operating performance, lower their operating risks and reinforce their global competition through merge and acquisition (M&A) activities, in order to meet the challenges they are confront with from the severe competition of international giant enterprises.
　　This study was conducted on the TSEC listed companies engaged in M&A activities between 1998 and 2002. With a total of 46 effective samples, the study used “economic value added per share ” and “free cash flow per share” as the measurement index, so the results would not be biased by a company’s capitalization, operation turnover and scale. The paper then investigated if local M&A activities could improve a company’s operating performance. The following empirical results were obtained:
1. In terms of economic value added (EVA)
　　The multiple comparison test (paired- samples T test) shows a measurable declining trend of operating performance after M&A. Given the fact that a new organization established after M&A has to properly integrate huge resources and stabilize the employee turnover rate, it is hard to attain prominent corporate operating performance in a short time. The Industry-Dummy (G) presents an insignificant positive correlation, so there is no statistic significant level to support the theory that, following the M&A activities, the publicly listed non-electronic companies would have higher economic value added per share than do publicly listed electronic companies. On the other hand, the M&A type (S) shows an insignificant negative correlation, which represents that the operating risks of the acquiring company may increase as a result of the company’s expansion. Thus, it will be more difficult for the acquiring company to improve operating performance.
2. In terms of free cash flow (FCF)
The multiple comparison test (paired-samples T test) shows that, following M&A, operating performance could be significantly improved. It illustrates that, following M&A activities, a publicly listed company can literally enhance its FCF per share. It echoes the Agency theory raised by Jensen (1986). The dummy variables, G and S, all show an insignificant positive correlation. It means, either industry type or M&A type has no significant variance with the improvement of operating performance.

並列關鍵字

M&A ； FCF ； EVA

參考文獻

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