台灣主被併企業價值分解模型之實證研究

The Empirical Study of Corporate Value Decomposition Model of Taiwan’s Target and Acquirer Firms

陳盈棋(Ying-Chi Chen)

指導教授 ： 梁世安 教授 ； 古永嘉 教授

國立臺北大學/商學院/企業管理學系/博士(2011年)

摘要

論文提要內容:
本研究參考學者Rhodes-Kropf and Viswanathan (2005)以及Shleifer and Vishny (2005)所發展的企業價值分解法，來檢視台灣併購活動(merger activity)中，是否存在較低成長機會價值的主併公司(acquirer)會併購較高成長機會價值的被併公司(target)。本研究以1997~ 2009年間公開發行的115組主被併公司為研究對象，將主被併公司之市價對帳面值之價差，分解為三個成份: 企業特性誤差、產業特性誤差及成長機會誤差。研究設計採用三種迴歸模式，分別納入歲稅後純益及負債比率的控制變數。將樣本分為純股票及混合交易兩組進行次樣本驗證。在軔度測試中，再將樣本依併購金額之四分位數分為四組次樣本，進行再驗證。

實證結果顯示，台灣併購活動中無論是全體樣本、純股票或混合交易、或依併購金額分組，皆可發現主併公司之成長機會誤差(價值)皆小於被併公司之成長機會誤差(價值)，代表主併公司為尋求長期競爭優勢，會併購具未來成長機會的公司，以維持企業競爭力。

關鍵字

併購活動 ； 主併公司 ； 被併公司 ； 市價對帳面值。

並列摘要

To test valuation errors affect merger activity, we base on 115 published merger companys from year 1997 to 2009 and refer to Rhodes-Kropf and Viswanathan (2005); Shleifer and Vishny (2005) develop a decomposition that breaks the market-to-book ratio (M/B) into three components: the firm-specific pricing deviation from short-run industry pricing; sector-wide, short-run deviations from firms’ long-run pricing; and long-run pricing to book.
We find strong support for recent theories by which predict that misvaluation drives mergers. So much of the behavior of M/B is driven by firm-specific deviations from short-run industry pricing, that long-run components of M/B run counter to the conventional wisdom: Low long-run value to book firms buy high long-run value-to-book firms. Misvaluation affects who buys whom, as well as method of paymen to explain aggregate merger activity.

並列關鍵字

merger activity, Acquirer, Target, market-to-book.

參考文獻

王淑芬(2006)，企業評價，台北市，華泰文化事業股份有限公司，頁274-284。

Andrade, G. and Stafford, E. (2004), "Investigating the Economic Role of Mergers, " Journal of Corporate Finance 10(1): 1–36.

Black, Fisher and Scholes, Myron (1973), "The Pricing of Options and Corporate Liabilities, " Journal of Political Economy 81 (3): 637–654.

Copeland, Koller and Murrin (1994), Valuation: Measuring and Mamnaging The Value of Companies, New York, Wiley.

Donal, M. D. (2001), Mergers, Acquisions, and Other Restructuring Activities, College of Business Administration, Loyola Marymount University, LA, California.