主併公司併購後短期宣告效果與營運績效衡量—台灣上市公司之實證研究

Abstract

全球購併熱潮在2000年時達到顛峰，而台灣在2003年通過企業併購法後，也加速了併購案的成長。究竟購併活動對主併公司股東財富的影響為何，一直是學者積極研究的課題。主併公司是否真能因購併活動而對其股價產生正面效益，亦為本研究所要討論的重點。本研究以台灣上市主併公司為樣本，使用事件研究法分析其短期宣告效果；在長期併購績效則以財務比率找出與股價報酬率的相關性。實證結果如下 1. 國內股票市場對企業購併宣告有正面反應。但其購併消息亦存在容易提前洩 漏的現象。 2. 影響其購併宣告效果的重要變數有購併地區、產業相關性、收購目標公司股 數多寡與併購案成功與否 3. 影響主併公司營運績效的重要因素，包含併購地區、併購目標公司股數 多寡、過去績效表現、代理問題程度。

The global M&A activities reach its peak in Year 2000. After Taiwan passes the M&A Laws, it accelerates Taiwan’s M&A market. However, we are still wondering if the acquiring companies can have a better operation after M&A. In acquiring companies’ point of view, we measure the short-term effect of M&A announcement and its operating performance with stock return and financial ratios. We adopt event study and group tests to analyze the abnormal returns; in the aspect of operating financial performance, this research tries to find out what are the important factors affecting financial ratios after M&A. The results are listed below: 1. As a whole, stock market in Taiwan responds positively to the corporate M&A announcements. It also shows that the M&A information may leak out in advance. 2. The factors affecting short-term abnormal returns of M&A announcements are geographic regions, industry relatedness, past performance of the acquiring company and the percentage of the stocks acquired. 3. The factors which affect the acquiring companies’ operating performance are geographic regions, agency problems, pass performance.