控制股東為何出清持股的原因探討

Abstract

本文主要研究控制股東為何出清持股的決定因素，選取台灣1999至2014年公司併購案件當中目標公司與主併公司並無關聯，目標公司有111個研究樣本，再找出兩種配對方法之公司樣本來與目標公司互相比較，則資產配對公司有332個研究樣本，傾向分數配對公司有333個研究樣本。研究顯示，公司治理方面，控制股東對企業現金流量請求權的權力減少、投票權與席次權偏離大，亦即控制股東的持股少，控制權減少，外部股東監督的提高，以及股東參與公司經營減少等影響，進而促使控制股東出售其股份。市場流動性方面，股票報酬波動率增加造成高股東權益風險，進而刺激控制股東選擇出清持股。財務結構方面，當公司面臨高財務槓桿風險、資產被高估風險、營運獲利能力表現差，以及公司業外轉投資收入表現不好，造成控制股東出清持股的機率提升。而短期的宣告效果確實帶給目標公司之異常報酬有顯著之正向報酬。本研究提供了深入的觀點來看控制股東出清持股的決定，期望對於投資大眾在選擇投資標的之時，能夠從這些因素觀察出公司之控制股東是否有可能出售股份之部分參考依據。

This paper aims to investigate what leads controlling shareholders traded firms to sell their remaining ownership stake. We use the data of Taiwan’s cases of merger and acquisition from 1999 to 2014. After we select the targets must be non-related to the acquirers, we have 111 companies as the targets. In addition, we find 332 assets-matched firms and 333 propensity-score-matched firms to compare with the targets. Data shows that in the corporate governance, less power right of controlling shareholders to participate the distribution of cash flow, the more deviations of voting rights and seat rights, these mean that controlling shareholders’ holdings and the control power become less, high supervision of outside blockholders, and shareholders participating in operating become less. Therefore, stimulate the controlling shareholders to sell their stake. In the stock market liquidity, high stock return volatility causes high equity risk. Hence, stimulate the controlling shareholders to sell their stake. In financial structure, when the firm confronts with the high financial leverage risk, overvalued assets, worse operating profitability, and the worse performance of the firm’s investment income. Consequently, the probability of controlling shareholders selling their stake becomes higher. Furthermore, the short-term announcement effects are significantly positive associated with the abnormal returns of the targets. This study provides an in-depth view of the controlling shareholder's decision to sell their stake. We expect can make investors select targets by reference.