跨國併購活動-以西歐為例

Abstract

二十世紀對於歐洲來說是一個重要的轉折點，在歷經了柏林圍牆倒塌、東西德整合等大事件後，歐盟的成立及歐元的使用更是歷史上重要的一刻，毫無疑問的，歐洲已成為目前世界上最大的經濟體，影響力不容忽視。近年來歐洲的企業併購活動興盛絕對是帶動歐洲經濟成長重要的一環，其中西歐地區是北美以外全世界跨國併購活動最頻繁的地區，可說是帶動整體歐洲經濟發展的重要關鍵。因此本論文主要針對2000年到2007年西歐地區跨國併購活動進行研究，探討跨國併購活動是否會創造股東財富效果，以及事件期的宣告效果能否與半強式效率市場的假說一致。我們發現西歐之跨國併購對於主併者的股東可以創造財富效果，而事件期前後的異常報酬則與半強式效率市場假說不一致。最後，我們試著找出其他會對股東財富效果產生影響的併購特性，發現主併公司的規模與跨國併購的異常報酬呈現負相關;而且使用現金支付以及槓桿比率較高的主併公司會有較高的異常報酬。另外，若主併公司屬於法國，跨國併購活動將會產生更強的股東財富效果。

The second half of the 20th century saw a number of events that paved the way to a new Europe. The fall of Berlin Wall paved the way for German reunification. The European Union was formally established when the Maastricht Treaty came into force on 1 November 1993 and Euro was duly launched in 1999. Europe has become the world’s biggest economic organization and plays an important role in global economic activities. We attribute most of Europe’s economic development to active participation in takeover transactions over the past few years, especially the cross-border activities in Western Europe. Thus, we have great interest in the cross-border merger and acquisition activities in Western Europe region, and in this paper, we want to do research about the wealth effects and semi-strong efficient market hypothesis of cross-border takeovers using samples of cross-border acquisition by Western Europe firms during the period 2000–2007. Finally, we find strong evidence that cross-border acquisitions are wealth-creating corporate activities and inconsistent with the semi-strong efficient market hypothesis. Further, we show that the growth in shareholder wealth is strongly affected by different characteristics of takeovers. An acquirer’s abnormal returns are positively correlated with bidding firm’s leverage, form of payment, and negatively correlated with acquirer firm’s size. Moreover, when French acquirers are involved, abnormal returns tend to be higher.