公司宣告合併對供應鏈股價之影響—以奇美電子與群創合併為例

Abstract

過去在探討併購宣告對股價反應的研究中，大部分學者著重於分析併購宣告對主併與目標公司的股東財富效果，亦有部分學者研究產業內競爭對手的股價反應，並以蔓延效果和競爭效果作為探討競爭對手股價反應的理論基礎。然而，較少學者會針對主併與目標公司之供應鏈的股價反應進行相關分析，故本研究透過奇美電子與群創合併之個案形式探討，並且對主併與目標公司之供應商股價的影響程度進行實證分析。

根據實證結果發現，對整體供應鏈而言，供應商普遍是受害的，然而若依供應商歸屬去分類，可發現主併公司的供應鏈呈現正向反應，供應商是受益的；而目標公司之供應鏈則為負向反應，供應商是受害的。此外，公司合併後，規模變大且公司對供應商的議價能力提高，使得兩家共同供應商呈現負的異常報酬。若依面板材料重要程度與否區分，結果顯示關鍵性材料供應商無法立即充分反應奇美電子與群創合併之資訊，故存在訊息延遲反應之現象；而非關鍵性材料相對其他TFT-LCD面板材料及設備，重要性並不高，導致非關鍵性材料供應商在面對公司宣告合併之消息時，產生負向的效果。

Prior researches focus on examining the shareholders’ wealth effect of acquiring firms and target firms during acquisition announcement. Some studies analyze the impact on rivals of acquiring firms. These studies explain the influence of rivals by the contagion effect and competitive effect when the acquiring news was announced. However, few researches analyze the effect on supply chain of acquiring firms and target firms. This study attempts to fill the void in the literature. The study examines the influence of the suppliers of acquiring firms and target firms by analyzing the case of a merger of Innolux and Chimei.

Overall, the results indicate that it is bad news for whole suppliers. Nevertheless, for suppliers of acquiring firms we find that the reflection is positive, and it is the negative impact for suppliers of target firms. Acquiring firms’ scale become large and their bargaining power increase after merger, so the suppliers of both firms have negative abnormal returns. Then, according to the importance of materials, the results show that the critical materials suppliers’ stock could not reflect a merger of Innolux and Chimei immediately. For non-critical materials suppliers, it was bad news because these components they provided relative to other materials is not very important.