企業併購方式對公司價值的影響

An Impact of Mergers and Acquisitions Mode on Firm Value

陳書賢(Shu-Sian Chen)

指導教授 ： 李見發 ； 邱國欽

朝陽科技大學/管理學院/財務金融系/碩士(2014年)

摘要

企業併購宣告，往往會造成股價的波動，並成為企業與投資大眾所關注的議題之一。為了達成規模經濟，企業擴大規模而進行併購，如此使他們能降低成本與提升競爭力。
本研究主要探討台灣企業併購後的股價異常報酬是否大於企業併購前股價異常報酬，與在股權交換、現金收購與混合支付這三種支付方式下對於股價異常報酬是否有顯著的差異。
研究樣本期間為2003年8月至2013年8月之上市上櫃主併公司與被併公司，共10年期間，並以事件研究法進行分析，經本文實證後所得的結論歸納如下：比較併購宣告日前後15日中，發現併購後的平均股價變動率則大於併購前的平均股價變動率，表示併購宣告會造成公司價值正向的影響，另觀察在股權交換、現金收購及混合支付三種支付方式間的差異對公司價值有何影響，在觀察三種支付方式的平均股價變動率中，結果顯示現金收購的變動率是高於其他支付方式的變動率，因此現金收購的股價異常報酬比上其他支付方式是有較高的報酬率，並觀察三種支付方式間之差異性檢定，結果顯示在股權交換與現金收購中在前一季為基期下宣告日當日及後15日有顯著差異，在現金收購與混合支付中則呈現都不顯著，在股權交換與混合支付中在前一個月為基期下宣告前15日有顯著差異。

關鍵字

混合支付 ； 現金收購 ； 事件研究法 ； 股權交換 ； 企業併購

並列摘要

Mergers and Acquisitions announcement often cause volatility of stock prices and became one of corporate and investment public of public a focal point. To achieve the economies of scale, corporations use this method mentioned above, which allows them to reduce their costs and enhance their competitiveness.
This study focuses on companies post-merger abnormal return is greater than the pre-merger companies stock price abnormal returns. And, In the stock swap, cash offer and mixed offer whether stock abnormal return have significant price differences in these three payment mode.
The study Acquiring and target Firm on listed and OTC company from August 2003 to August 2013, Period of 10 years, And use the event study, The proceeds of this article by empirical conclusions are summarized as follows: Found that the average stock change rate in after the merger is greater than the average stock change rate in before the merger in Compare 15 trading days before and after acquisition announcement, indicate acquisition announcement result in company value positive impact.
Another observation of three payment methods the difference between the stock swap, cash offer and mixed offer impact for companies value, Observed rates of change in the average stock price in the three payment methods, The results showed that rate of change in cash offer is higher than other payment methods, Therefore stock price abnormal returns of cash offer than other payment is higher rate of return, and observe Two-Sample t Test between three payment methods, The results showed that the previous quarter as the base period on acquisition announcement day and after 15th have significant difference on stock swap and cash offer, In cash offer and mixed offer are showing no significant, and showed that the previous month as the base period on acquisition announcement before 15th have significant difference on stock swap and mixed offer.

並列關鍵字

Mixed Offer ； Cash Offer ； Stock Swap ； Event Study ； Mergers and Acquisitions

參考文獻

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