以新興市場企業長期財務績效探討併購案之價值創造或財富剝削

鄭荻穎

指導教授 ： 顏子瑜

國立中正大學/管理學院/財務金融學系/碩士(2016年)

摘要

近年來，併購已經成為公司重要的投資活動，尤其是在快速崛起的新興國家，目的在於藉由併購活動以改善長期財務績效。因此，本研究蒐集了1997年到2011年在新興市場國家的併購案，分析經由併購活動公司是否可以獲得綜效，亦或是讓公司有了剝削股東的機會。除此之外，本研究進一步探討長期財務績效是否會受到併購活動的交易條件及國家法律環境的影響。
研究結果發現，樣本期間內的新興市場公司經由併購活動確實得以改善公司的財務績效，但併購後所表現的財務績效仍顯著低於產業的平均值，代表新興市場公司仍存在經由併購活動來剝削股東的可能。而就併購前後改善的績效來源，主要並非來自銷貨的成長，而是資本支出的減少以及短期營運資金運用的彈性。而就剝削可能存在的管道，主要可能經由不當投資的輸出型利益輸送。此外，法律環境是否完備對併購績效的來源並無影響，但會影響到主併公司利用併購案對股東進行剝削的可能管道。

關鍵字

利益輸送 ； 綜效 ； 新興市場 ； 併購

並列摘要

In recent year, M&A has become more important investment, especially in emerging markets. Acquiring firms want to create synergy through M&A investment. This study adopts the sample period from year 1997 to year 2011 to analysis whether or not M&As will create synergy or provide a channel to expropriate outside shareholders.
The results show that acquiring firms in emerging markets do have the improvements on the long term operating cash flow returns, but they still underperform their industry peers after transactions. Moreover, launching M&A transactions by acquiring firms may improve operating performance via decreasing the capital expenditure or increasing the flexibility of credit terms, instead of sales growth. M&A activities may provide a chance for inside managers to do asset outflow tunneling through suboptimal investment. Legal environment have no influence on the sources of synergy but do have impacts on the channel that acquiring firms choose to do tunneling.

並列關鍵字

Synergy ； Emerging Market ； Merger and Acquisition ； Tunneling

參考文獻

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