企業相對規模對併購後表現影響之研究

Abstract

合併與收購是近二十年來相當熱門的企業活動，但實證研究上對於併購後的表現仍具爭議，故許多學者嘗試從不同角度解釋影響併購後表現的原因。此份論文從企業的相對規模著眼，並分為短期與長期，研究企業之間相對規模對於併購後表現的影響。本研究結合SDC與COMPUSATA資料庫，蒐集美國地區2000年到2001年曾經從事併購活動的上市科技公司進行分析，並使用股票報酬與營運績效兩項指標來衡量併購後的表現。短期方面運用事件研究法的分析果顯示，與併購前相比，併購後不論是股票報酬或營運績效都較差。回歸分析則顯示：主併公司的絕對規模與併購後表現成正比；兩公司的規模越相近，併購後表現越好。長期方面運用事件研究法的分析結果顯示，與併購前相比，併購後不論是股票報酬或營運績效都較差。此外觀察出當兩公司的相對規模越相近，長期的股票報酬較差，而營運績效較好。整體而言，企業相對規模對於併購後表現確實造成不同影響。

Mergers and acquisitions have been one of the most pronounced activities at the global level in the past two decades, but the overall empirical post-merger performance is still controversial. Researchers have been trying to explain various performances from different viewpoints. In this dissertation, the investigation aimed to analyze the performance in post-merger integration stages from the viewpoints of relative size of combining firms, discussing how various relative sizes between combining firms influence post-merger performance in the short-term and long-term.

The data of this dissertation was collected from SDC platinum and COMPUSTAT, where the data were M&A deals of high-tech public companies announced between 2000 and 2001 in the U.S.A. The post-merger performance was assessed by using share returns as market performance and ROA and ROE as operating performance

As for short-term analysis, the event study analysis showed post-merger performance under both market assessments and operating performance assessments were significantly negative. The regression analysis results showed that percentage change in stock returns was significantly positively associated to the target sizes comparing to acquirers in M&A deals.

Similarly, the event study analysis for the long-term showed that post-merger performance under both market assessments and operating performance assessments were significantly negative. Moreover, it could be observed that as the size of the target companies comparing to the acquirers become larger, the shareholders earned less comparing to which before mergers. Overall, it can be concluded that relative size between combining firms do result in different post-merger performance.