合併子公司之宣告效果及其決定因素

The market effect of subsidiary merging and its determinants

溫宜豪(Yi-Haw Wen)

指導教授 ： 黃志仁

淡江大學/管理學院/會計學系碩士班/碩士(2005年)

https://doi.org/10.6846/TKU.2005.00635

摘要

台灣在過去十年來，購併活動快速成長，但大多針對非關係企業的水平合併、垂直合併或多角化合併，探討主併及配對公司是否因購併活動而對經營績效產生正面效益。近年來許多購併案件是將已成立之子公司或已掌握資源之轉投資公司併入。本研究欲探討因合併主體不同，是否產生不同的市場反應及營運績效表現。藉由觀察母公司從事購併消息揭露後，反應在證券市場的變化情形作為衡量市場反應之指標；並觀察購併後財務績效表現。實證結果如下：
1.國內股票市場對母公司購併子公司宣告有負向效果。
2.影響母公司購併宣告負向效果的重要變數有稅負效果與財務透明度。
3.財務績效方面，合併子公司無顯著的綜效產生。

關鍵字

購併 ； 母公司 ； 子公司 ； 綜效

並列摘要

Over the last decade, merger and acquisition have been extremely active in Taiwanese commercial market, mostly involved in horizontal-, vertical-, or multi- M&A between unrelated enterprises. It appears that, given many recent cases, companies start acquiring their subsidiaries for strategic purpose. As a result, an empirical research on the market effect of merging activities and on the long-term performance of parent company is beneficial to understand the viewpoint of investors and the strategic influence on parents. The results are as follows:
1. The merging activities have significantly negative impact on parent stocks;
2. Tax-related issues and financial transparency are crucial to the success of merger;
3. On a synergy perspective, subsidiary merging does not generate significant benefit to the parent company.

並列關鍵字

mergers ； acquisitions ； parent ； company ； subsidiary ； synergy

參考文獻

林嬋娟、吳安妮 ，1992，「台灣企業併購綜效及績效之實證研究」,會計評論第26期, 第1頁-第23頁。

Copeland, T. E. and Weston, J.F.,1979 , FINANCIAL THEORY AND CORPORATE POLICY, ADDISON-WESLEY PUBLISHING COMPANY, INC. 32 2d ed. .

Weston, J. F., K. S. Chung and J. A. Siu., 1998,“Takeovers, Restructuring, and Corporate th edition”, Prentice-Hall ,Inc., p.76.

Amihud, Y., B. Lev and N. Travlos , 1990 , “Corporate controland the choice of investment financing: The case of corporateacquisitions”, Journal of Finance, 603-616.

Amihud, Yakov, and Baruch, Lev, 1981,“Risk Reduction as a Managerial Motive for conglomerate Mergers,” Bell Journal of Economics , Vol:12, Iss:2, 605-617.