合併廠商的績效表現與決策因素分析

羅文庭(Wen-ting Lo)

指導教授 ： 鄒孟文

國立中央大學/管理學院/產業經濟研究所/碩士(2014年)

摘要

近年來，國內經濟環境變化快速，台灣廠商為了要在市場中維持一定獲利，並且設法具有競爭力，因而透過併購獲得經營所有權、擴大規模與降低成本，但此途徑是否使得企業績效表現得以改善仍待商榷。故本研究擬針對台灣地區的主合併廠商進行合併的前因後果分析。主要目的如下：
1.影響企業合併行為的因素為何？
2.企業合併後是否帶來好的績效？
　　本研究利用經濟部商業司2004年至2010年期間之台灣廠商合併清冊，連結台灣經濟新報資料庫取得相關廠商特性資料，並且針對台灣上市上櫃公司進行研究。由於合併決策本身具有自我選擇性偏誤，因此本研究採Propensity Score Matching方法，將決策因素作為配對因子，配對出主合併廠商的實驗組與未合併廠商的對照組，而後分析主合併廠商合併後的績效是否有提升。
　　實證結果顯示，整體而言，廠商本身的規模大小和收益能力才是影響合併行為相對重要的因素。另外，在考慮合併行為對於收益性和成長性的效果中發現，廠商合併後，在總資產報酬率與營業收入成長率兩方面相對具有更加穩定良好的表現，然而，合併行為對於一家公司績效的影響並非立即顯現，而是在往後幾個年度才會逐漸呈現。

關鍵字

合併行為 ； 績效表現 ； 決策因素 ； Propensity Score Matching

並列摘要

Recently, the economic trend changes rapidly. Under this situation, firms in Taiwan participate in M&A in order to gain more profit and become more competitive. However, whether M&A can improve companies’ performances or not is still an uncertain issue. Hence, this study intends to focus on merger companies to analyze the cause and effect.
1. What are the determinants of merger behavior?
2. How are the performances of enterprise after merger?
This research collects the list of merger companies from 2004 to 2010 derived from the Department of Commerce, Ministry of Economic Affairs and the data of company’s characteristics from 2003 to 2012 derived from Taiwan Economic Journal database. Since merger is not selected by company randomly but are self-selected based on certain criteria, comparing the averages of treatment groups and control groups may result in biased estimates. This study utilize Propensity Score Matching (PSM) method to analysis the post-merger performances of Taiwanese manufacturing industry.
The empirical results show that, the relatively important determinants affecting merger are size and profitability. In addition, considering the profitability and growth, there are better performances of the Return On Assets and the Sales Growth Rate after merger. However, the better performance of a company does not appear immediately but will appear in the next few years gradually.

並列關鍵字

merger ； performance ； determinant ； Propensity Score Matching

參考文獻

林惠玲、陳正倉(2004)，「廠商合併行為與其生產力之研究─臺灣製造業廠商之驗證」，<<經濟論文叢刊>>，32，534-71。

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Bhalla, Priya. 2011. "Determinants of Mergers and Acquisitions of Firms in the Indian Financial Sector: An Empirical Analysis." IUP Journal of Business Strategy, 8(3), 7-23.