本研究以1998年至2013年台灣的跨國併購案例共28筆樣本,利用事件研究法探討跨國併購宣告效果,以買進持有異常報酬率(Buy-and Hold Abnormal Returns, BHARs)與日曆時間異常報酬(Calendar-Time Abnormal Returns, CTARs)探討併購後長期累積異常報酬,同時分析主併公司在此期間的綜效變化。實證結果發現,進行跨國併購的主併公司在併購宣告前後五日具有正向顯著的異常報酬;長期累積異常報酬部分,無論是買進持有異常報酬或日曆時間異常報酬,僅在併購後一年呈正向顯著關係;綜效部分,財務綜效呈負向顯著影響,可能因台灣進行跨國併購皆以現金支付,加上舉債籌措資金,而使流動比率下降、負債比率上升。市場綜效則因併購後納入被併公司營收,使營收成長率呈正向顯著相關。 總和以上結果顯示,市場投資人對於跨國併購有正面期待而使主併公司具有短期異常報酬,但長久而言仍須視個別公司的經營能力而定。
This study focuses on cross-border mergers and acquisitions (M&A) which consists of 28 samples during the period 1998 to 2013 in Taiwan. Using event study and buy and hold abnormal return (BHARs) and calendar time abnormal returns (CTARs), we examine short-term and long-term abnormal returns and analyze changes of synergies for acquiring firms. Empirical results show that acquiring firms have significant positive cumulative abnormal returns during event period but only have significantly positive one-year BHARs or CTARs following mergers. Further, Taiwan companies may borrow money and use cash as the method of payment. Higher debt ratio and lower current ratio imply negative financial synergies following merger. However, acquiring firms gain significant market synergies due to higher post-merger sales revenue. In sum, positive short-term abnormal return reflects expectation of investor on future acquiring firm performance. However, post-merger performance still depends on operating ability of each company.