- 學位論文
成功與失敗之併購案比較-以我國上市公司為例
The Success or Failure of M&A: Evidence from TWSE-Listed Companies
摘要
本研究以2005年到2011年台灣上市公司公開宣告之併購案為研究對象，分析導致成功與失敗之併購案原因為何。將併購宣告一年後超額報酬大於零之併購案視為成功的併購案，並以自由現金流量、過去經營績效、商譽、相對規模、併購型態、支付方式、內部人持股比例、外部金融機構持股比例與經濟成長率為自變數，進行Logit和Probit迴歸分析。 實證結果顯示，主併公司過去的營運現金流量報酬率與併購案的成敗有顯著正向關係，而併購宣告前一年年底之自由現金流量佔併購宣告前一年年底之市值的比例與併購案的成敗有顯著負向關係。可推知主併公司過去之營運現金流量報酬率若愈高，則未來的併購案愈容易成功；而併購宣告前一年年底之自由現金流量佔併購宣告前一年年底之市值比例若愈高，則併購案亦愈容易失敗。
並列摘要
This reaserch studies mergers and acquisitions (M&A) in Taiwan for the period of 2005 to 2011. The focus of this paper is to analyze the factors causing the M&A to be a success or failure. We consider the M&A a success if the acquiring company’s stock excess return is positive one year after the merger announcement. Taking FCF ratio, past operating performance, goodwill, related size, types of mergers, types of payment, the insiders’ stock holding rate, the stock holding rate of outside financial institutions, and the economic growth rate as independent variables, we find that the Operating Cash Flow return is positively related to the success of M&A and the Free Cash Flow ratio is negatively related to the success of M&A. The result implies that the past performance of an acquiring firm increases the probability of a successful merger and Free Cash Flow ratio decreases the probability of a successful merger.