企業防禦併購策略和股東財富關係之研究 以日月光和矽品為例

Abstract

本研究選擇國內兩大IC封測廠併購案為研究對象，用個案分析法深入探討防禦策略的適當性。經過整理歸納針對三個防禦策略的層面進行討論，分別是股東層面、員工層面、顧客層面。並搭配事件日研究法分析結果作為探討目標公司採防禦併購策略對於股東的財富效果是否有顯著的影響的依據。 本研究發現個案公司所採取的防禦併購策略並非全部對股東的財富效果有顯著的影響。原因可以在於1.消息可能提前被洩露，故在事件期並無顯著影響。2.所做的防禦策略屬於無法被量化的反應，但對於防止被併購卻有一定的影響(員工、廠商)。 綜觀本併購案提出個案公司及建議為目標公司採用防禦策略時，須在極大化股東權益的觀點下考量，以免目標公司容易為確保經營權可能做出不利於股東的策略，此時對於股東就會造成一定的傷害，不論後續被是否併購與否，都會讓股東對於經營階層產生不信任，進而影響公司的整體營運，對員工、公司、產業、國家都會造成損失。

This research is conducted using case study based on acquisition with appropriate analysis of the defense strategy by two major domestic IC packaging and testing plant. The main focus will be on the three levels of defense strategy, namely the shareholder level, staff level, customer level. This research will be conducted with the event study to further analyze the result of the target companies and explore whether the defense acquisition strategy has significant impact on shareholder wealth effect basis. The result of this study is that the strategy companies taking the case of the defense acquisition doesn’t have significant impacts on the shareholders’ wealth effects. The following reasons: 1. Messages may be leaked in advance so that there is no significant impact of the event. 2. The defense strategy is belonging to unquantifiable response, but there is also impact on preventing mergers and acquisitions (ex. employees, vendors). In conclusion, the study of the suggestions adopting defense strategy for the target company should be under the considerations of maximizing shareholder equity so that the target company will ensure operation rights of shareholders and keep the strategy appropriate. If they won’t do that, it will result in harms definitely. No matter the merger will occur or not, it will allow shareholders to mistrust to managers then affect the company’s overall operations, and so do the whole industries.