本文旨在探討金融公司購併溢價與被併公司高階管理團隊特質之關聯性。高階管理團隊特質以人力資源、外部聲譽及經濟誘因等三個構面來衡量。人力資源構面以高階管理團隊的規模、工作背景、教育程度、平均任期及任期的變異性加以衡量;外部名聲構面以高階管理團隊成員平均擔任其他上市櫃公司董監人次爲衡量;經濟誘因構面則以高階管理團隊平均持股比率爲衡量。研究結果顯示,人力資源構面中,高階團隊成員的工作經驗與購併溢價呈顯著正相關;而平均任期則與購併溢價呈顯著負相關,外部聲譽構面及經濟誘因構面均與購併溢價呈顯著正相關。說明在購併過程中,主併公司會考量被併公司高階管理團隊成員的素質及其外部聲譽。
The objective of this paper is to explore the association between the merger premium and the characters of top management team (TMT) of acquired financial company. We measure the characters of TMT from three dimensions: human resource dimension, external reputation dimension and incentives dimension. In human resource dimension, the size of TMT deflated by the size of the acquired company, the work experiences and backgrounds of the TMT members, the education level of TMT members, the average tenure and its variability of the TMT are variables used to construct this dimension. In the external reputation dimension, we proxy the external reputation by the average numbers of outside directors served by TMT members. Finally, in incentive dimension, the holding rate of outstanding shares by TMT is a proxy to measure TMT incentive. The results show that prior better work experience in TMT has higher merger premiums but average tenure in TMT is significantly negative with the merger premiums in human resource dimension. The external reputation and economic incentive is significantly positive with the merger premium. We also find that the characters of TMT have higher explanation power than financial variables in merger premium.