購併目標公司盈餘品質對購併溢價與支付方式之影響

本文以1998年至2009年國內購併事件為研究樣本，檢驗研究樣本中目標公司之「盈餘品質」(Earning Quality)對主併公司購併溢價及購併價金支付方式決策之影響性。研究結果並未發現目標公司之盈餘品質與購併溢價有顯著關聯性，表示國內企業進行購併決策時，財務資訊品質可能並未受到重視。其次，研究發現當目標公司盈餘品質愈差，主併公司將傾向以現金支付購併價金，與國外研究結論並不一致。造成此一結果的原因，可能是由於國內購併案中，目標公司常因經營不善或財務危機而尋求合併機會，交易條件也以換取現金解決財務危機為前題所致。

關鍵字

盈餘品質；購併溢價；購併支付方式。

並列摘要

This study examines how the merger premium and payment method are influenced by the target’s earning quality in M&A’s events. The sample includes the M&A’s events in Taiwan from 1998 to 2009. We find the relation between target’s earning quality and merger premium are not significant. It implies that the bidders in Taiwan haven’t paid attention to the risk arisen from potentially poor earning quality. On the other hand, we document that bidders tend to employ cash as the payment method when earning quality of target firms is poor. This evidence is inconsistent to the foreign literature as well. The finding may be resulted from the observation that the target firms in Taiwan tend to be acquired when they experience inferior operating performance or financial distress. The need of cash then motivates the management of target firms prefers accepting cash as the payment method of M&A deal.

並列關鍵字

Earning Quality ； Merger Premium ； Payment Method

參考文獻

王祝三、周德瑋及陳弘榮(2006)，「企業併購支付方式決定因素與股價反應之探討」，證券市場發展季刊，18:3，1~46。

古永嘉及胡珮高(2008)，「台灣企業併購付款方式之選擇」，輔仁管理評論，15:3，97~126。

Aboody, D., J. Hughes and J. Liu (2005), “Earnings Quality, Insider Trading and Cost of Capital,” Journal of Accounting Research, 43, 651~673.

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購併目標公司盈餘品質對購併溢價與支付方式之影響

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