併購溢價與併購後公司經營績效之研究

Abstract

本研究主要針對國內1983至2011年共583件資料完整之併購事件進行迴歸分析，旨在探討併購溢價幅度對於主併公司併購後經營績效表現之影響，以總資產報酬率相對差額(SROA)與每股盈餘相對差額(SEPS)兩項為應變數，溢價比率(PRE)與虛擬變數併購類型(DM)為主要控制變數，並加入公司規模(LNTA)、負債比率(LEV)、主併公司併購時上市櫃年資(PMY)、公司成長機會(M/B)與現金流量比率(CFR)為其他控制變數加入分析。在主要控制變數方面，溢價比率(PRE)以及併購類型(DM)對於總資產報酬率相對差額(SROA)與每股盈餘相對差額(SEPS)兩項應變數均有顯著正相關，表示即使在台灣普遍存在溢價收購目標公司的情形下，主併公司亦能有效評估併購成本與未來效益，取得對公司未來經營績效有正面助益的成功併購，同時台灣產業密集度高，相關併購頻率遠高於非相關併購，故企業在策略性考量下為了獲取綜效而進行的相關併購多能創造額外的公司價值，導致併購類型與併購溢價比率的交叉相乘項(PRE×DM)亦與總資產報酬率相對差額(SROA)與每股盈餘相對差額(SEPS)呈現顯著正相關，即主併公司從事相關併購時比非相關併購更能提升公司的經營績效。 在其他控制變數方面，研究結果支持當主併公司規模(LNTA)越大，對外公開發行負債所需承擔的發行成本以及資訊揭露成本相較於小公司為低；而公司成長機會(M/B)越大表示公司的高股價有助於在公開市場募集資金，發行權益之效益易大於成本； 現金流量比率(CFR)越大顯示主併公司財務狀況良好及營運穩健，研究結果指出此三項指標均與總資產報酬率相對差額(SROA)與每股盈餘相對差額(SEPS)呈現顯著正相關。負債比率(LEV)越高顯示主併公司未來償債能力可能不足，研究結果與先前多位學者相同，指出過高的負債比率將降低公司的經營績效。

This study conducts regression analysis on 583 M&A (Merger and Acquisition) events that occurred during 1983 and 2011 but still preserved data integrity. This study aims to investigate the influence of the premiums from the M&A on business performance of the Acquiring Company. The SROA and the SEPS are considered the dependent variables, whereas the PRE and the DM are considered the main control variables. Meanwhile, other control variables such as the LNTA, the LEV, the PMY, the M/B, and the CFR are also added for analysis. In terms of the main control variables, the PRE and the DM are both positively correlated with the two dependent variables such as the SROA and the SEPS, and that indicates that even with the popularity of M&A for the target company at premiums in Taiwan, the acquiring company can also effectively evaluate the M&A costs and future benefits to obtain successful mergers and acquisitions that may be helpful to the future business performance of the company. Meanwhile, with the high industry concentration in Taiwan, relevant mergers and acquisitions are far more frequent than non-relevant mergers and acquisitions. Therefore, a company will want more corporate values and synergies to be created from strategy-based mergers and acquisitions, which causes the cross multiply of the PRE and the DM to be significantly in positive correlation with the SROA and the SEPS. The research results indicate that relevant mergers and acquisitions are far more able to improve the business performance of the acquiring company than non-relevant mergers and acquisitions, which is consistent with the results concluded by previous researchers.

In terms of other control variables, the research results indicate that the larger the LNTA, the lower the costs of distributing debts and liabilities and information disclosure. The larger M/B indicates that the high stock price of the company will help fund-raising in the public market, which makes it easier for the benefits to exceed the costs. The larger CFR indicates that the financial conditions of the acquiring company are good and stable. The research results indicate that the 3 indicators are positively correlated with the SROA and the SEPS. The larger LEV indicates that the insolvency of the acquiring company in the future. The research results are consistent with the results concluded by previous researchers as they indicate that the higher debt ratio can lower the business performance of the company.