水平購併對供應商財富效果之影響

The Impact on The Suppliers’ Wealth Effect of Horizontal Merge

李宗哲(Tsung-Che Li)

指導教授 ： 楊淑玲

國立臺中科技大學/資訊與流通學院/流通管理系碩士班/碩士(2012年)

https://doi.org/10.6826/NUTC.2012.00053

摘要

本文主要探討我國2000年至2011年間下游企業進行水平購併對供應商營運績效與股價反應之影響。研究結果顯示，供應商之營運績效與異常報酬的變化，確實會受到下游客戶水平購併行為的影響，特別的是，唯有當購併後一年內主併企業營運績效未能改善時，水平購併行為才會造成主要供應商營運績效的衰退，此間接符合生產效率之觀點。此外，供應商之異常報酬與主併企業呈同向變動，與生產效率假說相符；然若對具正向財富效果主併企業之主要供應商而言，其股東財富反而因此下跌，此時則發現水平購併的利益來源為主併企業壟斷立即採購效率的提升，因此支持買方壟斷力量的看法。而與Fee and Thomas (2004)看法相同之處為具有與主併企業穩定交易關係之供應商，因有機會獲得購併所帶來的規模效益，而有較佳的營運績效表現，同樣較支持生產效率的觀點。

關鍵字

水平購併 ； 供應商 ； 事件研究

並列摘要

This paper investigates the impact on suppliers’ operating performance and stock price reaction when downstream undertake horizontal mergers and acquisitions from 2000 to 2011. I do find that there are many effects upon the post-merger changes in operating performance and announcement-related stock price revaluations of suppliers. Specifically, the operating performance of the main suppliers is infected with bidders only as the operating performance of bidders not gets better one year of post-merger. This result is indirect consistent with productive efficiency hypothesis. Besides, the cumulative abnormal returns of bidders during announcement period are significantly positively associated with the cumulative abnormal returns of suppliers, which is also consistent with improved productive efficiency. Further, for the suppliers of the bidders with positive wealth effect experience a negative wealth effect, which support the buying power viewpoint as sources of gains to horizontal mergers. Moreover, those continuous suppliers after consolidation downstream experience significant gains in response to merging firm market share post-merge and experience negligible changes in operating performance. Following the reasoning above, I explain these results as somewhat more consistent with the theory of productive efficiency.

並列關鍵字

horizontal merge ； supplier ； event study

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