同產業競爭者對於併購之策略性投資回應

How Firms Respond to Mergers and Acquisitions

江泓萱(Hung-Hsuan Chiang)

指導教授 ： 施懿宸

國立臺北大學/商學院/金融與合作經營學系/碩士(2011年)

摘要

本研究主要採用了兩個替代假說：模仿假說與股東價值極大化假說去探討併購宣告後對同產業競爭者的策略性投資決策的影響。我們的樣本包括7755個併購宣告與84545個同產業策略性投資回應，分布於47個不同的產業，研究期間為1995至2005年。研究結果發現，模仿行為的確存在於企業的投資決策中，並導致投資後的長期績效與過去的文獻結果相反。實證結果表示，模仿效果支配了股東價值極大化效果。同產業競爭者在以策略性投資決策回應併購後的三年期間，其財務績效與營運績效有著顯著較差的表現。我們進一步從市場、產業和公司特徵三方向去討論各種可能解釋回應次數和回應內涵的因素。我們發現，當併購宣告後，併購公司有正向累積異常報酬和競爭對手有負向的累積異常報酬時，或產業集中度較高時，模仿行為發生的機率較高。此外，擁有較低自由現金流量、較差的投資機會，或財務槓桿程較高的公司也傾向在回應併購時，使用模仿的策略性投資決策，使得其長期績效較配對公司差。

關鍵字

併購、策略性投資決策、模仿假說、股東價值極大化假說

並列摘要

This study examines the effect of announcement of mergers and acquisitions on the strategic investment decisions of rivals. We test two alternative hypothesis: the mimicking hypothesis versus the shareholder value maximization hypothesis. Our sample comprises 7755 announcements of mergers and acquisitions and 84545 responses of six strategic investment decisions in 47 industries from 1995 to 2005. We provide evidence that mimicking behavior exists in corporate investment decision and causes the long-run financial performance of corporate strategic investment opposite to the past literature. The results suggest that the mimicking hypothesis dominates the shareholder value maximization hypothesis. Rival firms experience significantly negative stock and operating performance over the three-year period after response to the first acquisition. We further discuss various factors that could potentially explain the frequency and content of responses in market, industry and firm dimensions. We find that the probability of mimicking behavior is higher when acquiring firm‟s cumulated abnormal return is positive and rival firm‟s cumulated abnormal return is negative subsequent to the first acquisition announcement or rival firms in more concentrated industries. We also show that because of mimicking behavior, rival firms with low free cash flow, with poorer investment opportunities, or with higher degree of financial leverage underperform their counterparts after they respond to acquisition.

並列關鍵字

mergers and acquisitions, strategic investment decisions, mimicking hypothesis, shareholder value maximization hypothesis

參考文獻

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