The Long-Term Performance of Conglomerate and Non-Conglomerate Acquirers

混合性及非混合性主併公司之長期績效

徐俊明(Jun-Ming Hsu) ； 胡慈容(Tzu-Jung Hu) ； 楊維如(Wei-Ju Young)

《財務金融學刊》 17卷2期 (2009/06) Pp. 163-196

https://doi.org/10.6545/JFS.2009.17(2).6

摘要

本文調查392個美國案例在從事合併與收購之後的長期績效，樣本條、以主併及目標公司產業代碼（SIC codes）的前兩碼區分為混合性（Conglomerate）與非混合性（Non-conglomerate）購併；利用Berger and Ofek（1995）及Lamont and Polk（2002）所使用績效加以計算，發現從事混合性購併企業的績效有變差之傾向，從事非混合性購併企業的績效則大致保持原有水準，這些結果與多角化減損公司價值的論點一致。本文亦發現，混合性與非混合性主併公司的績效受不同構併特性影響，混合性主併公司的績效不住可用管理者的“傲慢（Hubris）”解釋；另一方面，非混合性主併公司若以現金支付購併費用，長期表現較佳，但若購併高益本比之目標公司，則長期績效不佳。

關鍵字

混合性購併 ； 多角化 ； 付款方式 ； 傲慢

並列摘要

This study investigates the long-run performance of 392 US cases of mergers and acquisitions (M&As). We define a conglomerate (non-conglomerate) M&A when the acquirer and target have different (the same) 2-digit SIC codes. Using Berger and Ofek's (1995) and Lamont and Polk's (2002) measures, we find that conglomerate acquirers are prone to underperform after M&As while non-conglomerate acquirers perform about the same as they did . These results are consistent with the argument that diversification mitigates the firm value. We also find that conglomerate and non-conglomerate acquirers' performance are associated with different M&A characteristics. Conglomerate acquirers' underperformance can be explained by managers' ＂hubris.＂ On the other hand, non-conglomerate acquirers who paid cash tend to perform well after M&As, while those who buy high earnings-yield targets tend to perform poorly.

並列關鍵字

Conglomerate mergers and acquisitions ； Diversification ； Hubris ； Means of payments

參考文獻

Agrawal, Anup,Jeffery F. Jaffe,Gershon N. Mandelker(1992).The post-merger performance of acquiring firms: A reexamination of an anomaly.Journal of Finance.47,1605-1621.

Amihud, Yakov,Baruch Lev(1981).Risk reduction as a managerial motive for conglomerate mergers.Bell Journal of Economics.12,605-617.

Andre, Paul,Mather Kooli,Jean-Francois L''Her(2004).The long-run performance of mergers and acquisitions: Evidence from the Canadian stock market.Financial Management.33,27-43.

Anslinger, Patricia L.,Thomas E. Copeland(1996).Growth through acquisitions: A fresh look.Harvard Business Review.74,126-135.

Asquith, Paul,Robert Bruner,David W. Mullins(1983).The gains to bidding firms from merger.Journal of Financial Economics.11,121-140.