企業併購虧損公司對股東財富影響之研究

Abstract

企業為了因應產業環境的激烈競爭，配合大環境快速變遷的步調，多數企業以進行併購活動作為快速成長的決策之一。在劇烈競爭環境與總體環境大變動之下，有不少企業因種種內外環境因素而遭遇財務上的窘境，甚至發生財務上的重大虧損，進而容易成為被併購的標的。然而，當企業進行併購虧損公司，此併購宣告對於其股價報酬率的變化為何，影響其併購宣告效果的因素為何，此為本研究所要深入研究的方向。 因此，本研究以從事併購虧損公司的主併公司為研究對象，利用事件研究法來衡量主併公司的股價異常報酬率，進行分析併購宣告效果，並進一步探討產業相關性、併購地區、支付方式與目標公司型態對併購宣告效果的影響。最後，再採用橫斷面複迴歸進行分析，探討影響企業併購宣告之重要變數，並加以探討主併公司的屬性特徵與併購宣告效果之間的關係。 實證結果發現，企業從事併購虧損公司能享有正面的宣告效果。其中，主併公司進行產業非相關的併購宣告能有顯著的正面累積異常報酬；從事國內併購活動可為主併公司帶來正面的宣告效果；以現金支付進行併購交易的宣告效果高於非以現金支付的宣告效果，且主併公司以現金支付方式從事購併可享有正面之宣告效果；企業併購私募公司或是併購子公司都可為其產生正面之宣告效果，且目標公司型態的不同會使主併公司之併購宣告效果有所差異。複迴歸分析中發現，主併公司規模對其併購宣告效果有顯著之負面影響，而主併公司的財務槓桿程度、獲利能力與經營績效對其併購宣告效果有顯著之正面影響。

In order to correspond to the drastic competitions and catch up with the rapidly-changing paces of the environment, plenty of enterprises take advantage of Mergers and Acquisitions (M&A) as one of the method to obtain rapid growth. Further, in the highly-competitive environment and great changes, many companies encounter financial difficulties due to various internal and external factors and even have great financial losses, and further they readily become the targets of M&A. However, as enterprises are going to merge or acquire loss-company, how will the announcement affect the acquirer’s shareholders wealth and what are the factors that will affect announcement effect? This study investigated these issues. Therefore, we estimate the abnormal returns of acquirers buying loss-company with event study method, and further discuss announcement effect after controlling for acquirers’ core-industry correlation, target origin, methods of payment and target type. Finally, we use cross-sectional multi-regression analysis to examine the important variables that influence announcement of acquisitions, and comprehend the relationship between acquirers’ attributes and announcement effect. According to our empirical result, we find acquiring loss-company has positive announcement effect, and diversifying and domestic acquisitions have significant and positive cumulative abnormal return. The announcement effect of acquiring with cash payment is positive and more significant than the announcement effect of acquiring with non-cash payment. We also find companies acquiring private or subsidiary targets can bring positive announcement effect, and the difference of target type can result the different announcement effect. In multi-regression analysis, we discover that the acquirer’s size have significant and negative influence on cumulative abnormal return, but acquirer’s financial leverage degree, the profitability and management performance have significant and positive influence on cumulative abnormal return.