近幾年,併購(mergers and acquisitions)能較快速達到企業成長,故其為國內外企業追求成長常用之策略,且併購策略又分為垂直併購、水平併購及複合式併購。垂直併購例子,如:群創併購奇美電,藉由併購整合上下游廠商,更進一步達到規模經濟;而水平併購,如:惠普(HP)電腦併購康柏(Compaq),透過水平整合擴大個人電腦事業版圖;非相關併購,則如:和信集團跨足多領域,版圖橫跨金融業、石油化學工業、水泥業、不動產業、觀光旅遊業…等其他產業,藉由併購將事業觸角延伸至其他產業。 本研究針對台灣一般性產業(金融業除外,因近年金融業深受金融海嘯之影響且樣本數較少),且併購宣告日介於2004年至2008年間國內併購事件進行探討;以事件研究法之GARCH模型,深入剖析電子產業與非電子產業併購事件之宣告,對主併公司股價累積平均異常報酬率之影響。後續擬以橫斷面迴歸模型,模型中加入公司治理變數(corporate governance variables)及控制變數(control variables),進一步分析這兩種構面有哪些因素對累積平均異常報酬率產生影響。 當企業併購消息宣告,主併公司產生正向且顯著影響股價平均異常報酬率及累積平均異常報酬率。在公司治理變數中,研究發現外部獨立董事席次及經理人持股比例(財務主管比例)與累積平均異常報酬率呈負向之關係,推測其原因,可能與國內公司治理機制尚缺乏一套完整結構有關。控制變數中,則加入主併公司之產業別(電子類或非電子類)、併購支付型態(子公司、現金、股票或混合)、主併公司與目標公司產業相關性及規模…等,依次進行各項對累積平均異常報酬率之影響。在控制變數中,研究發現主併公司之產業別及主併公司與目標公司產業相關性兩變數,與累積平均異常報酬率呈正向關係。 本研究藉由探討企業併購消息宣告對股價累積平均異常報酬率之影響;使投資人及管理者在制定投資相關決策,或企業最高管理當局擬定公司整體層次策略時,能依不同產業之股價累積平均異常報酬率之影響因素,做出更具效能之決策。
In recent years, many corporations in Taiwan are applying the strategies of mergers and acquisitions to reach their purpose of rapid growth. Merger strategies can be classified into vertical mergers、horizontal mergers and conglomerate mergers. The study is aimed at general industries (excluding financial industries, because they are affected by financial tsunami; besides, the sample numbers are very limited), and to examine the impacts of merger announcements from 2004 to 2008. The study examines the effects of acquiring firms’ the cumulative average abnormal returns and average abnormal returns in both electronics firms and non-electronics firms by GARCH model of event study. In addition, we analyze the factors of the cumulative average abnormal returns by building a cross-section regression model; in the model, we enter into corporate governance variables and control variables. The result indicated that there are significant positive average abnormal returns and cumulative average abnormal returns to acquiring companies in all-firms group for merger announcements. Regarding to corporate governance variables, the result indicated that the large number of independent outside directors and the large weight of managers’ ownership are negative to cumulative average abnormal return. It may come from the lack of systematic corporate governance in Taiwan. Regarding to control variables, we enter into industry category (electronics industry or non-electronics industry), form of payment (a subsidiary company, cash, stock or mixed)、the relatedness of the acquiring company and the target company and the acquiring company’s size, and analyze them to cumulative average abnormal returns. The result indicated that industry category of the acquiring company and the relatedness of the acquiring company and the target company are positive to cumulative average abnormal return. The study analyzes the cumulative average abnormal returns of acquiring company. Wishing to help investors and managers make more effective decisions and corporate strategies by considering the factor.