盈餘管理、併購支付方式與併購後公司績效之研究

Earnings Management, Methods of Payment, and Post-Merger Performance

林芸誼(Yun-Yi Lin)

指導教授 ： 林霖

國立暨南國際大學/管理學院/財務金融學系/碩士(2007年)

摘要

本文主要探討主併公司是否可能藉由盈餘管理來提升淨利，以取得併購支付價款的外部資金。以2000年至2005年126家現金併購之主併公司為研究對象，依該公司於宣告日前一年的融資狀況，將樣本區分為26家只有權益融資的公司與15家只有短期負債融資的公司，並運用事件研究法於推估每家公司的裁決性流動應計項目和累積異常報酬。實證之統計檢定顯示，現金併購公司於宣告前第三季有顯著地操縱盈餘。在迴歸分析中，發現裁決性流動應計項目與權益融資公司有顯著地正相關，表示主併公司於宣告日前一年需進行融資，促使盈餘管理提早發生。而獲利能力愈高，現金併購公司愈偏好短期負債融資；非負債稅盾愈高，持有現金流量愈高，現金併購公司愈偏好權益融資。在累積異常報酬率方面，股票併購的短期累積異常報酬卻較採取權益融資之現金購併公司來得差，呈現下降的趨勢。因此，併購的支付方式才是影響累積異常報酬率變動的重要因素。

關鍵字

現金併購 ； 股票併購 ； 盈餘管理 ； 累積異常報酬

並列摘要

Louis (2004) argued that acquiring companies of cash offers are less motivated to manage earnings than those in stock-for-stock mergers. Using the market and financial accounting data of 126 successful U.S. cash bidders during 2000-2005, we found that their discretionary current accruals are significantly positive in the third quarter prior to merger announcement dates. We also proved that there exists a strong and positive relationship between the discretionary current accrual and equity financing in cash merger, which could motive the cash bidder for earnings management. All these results suggest that earnings management may be a market driven activity. In addition, with regards to fund-raising methods, evidence shows that the higher the profitability is, the more the short term debt financing is preferred; the larger the non-debt tax shields are, the more likely the equity financing is used. The results of event models also show that the cash bidders outperform those employing stock swap strategy.

並列關鍵字

Cash Offer ； Stock Swap ； Earnings Management ； Cumulative Abnormal Return

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