北美石油產業購併活動之研究

Abstract

本研究採用1986年-2004年北美石油產業之購併案例作為研究樣本，以探討購併後之市場績效與營運績效是否有所改善，並且加入購併時之支付方式作為樣本分類之方式，以了解購併之支付方式是否對於績效造成不同的影響。本文針對研究樣本進行短期市場績效與長期營運績效之評估與分析，接著更進一步將營運績效改善之來源拆解為，營運獲利性的增加或是營運效率性的提升，來探討購併後營運績效改善之原因，主要的結果如下： 1.就短期市場績效來說，在購併宣告後股東財富效果之衡量，標的公司具有顯著地正的超額報酬，然而，主併公司則未產生顯著的超額報酬。 2.就長期營運績效來說，購併後之實質營運績效未有顯著的改善結果，然而，分屬在不同支付方式下之購併廠商，在購併後之營運績效表現則具有明顯的差異性，以現金支付廠商略高於混合支付廠商與股票支付廠商之營運績效。 3.在影響營運績效改善來源之探討與分析中發現，樣本之營運獲利性未有顯著改善的結果，然而，營運效率卻有顯著的提升，關於此現象的產生，可能是因為本研究之樣本選擇所致，由於本研究樣本取自北美石油產業之購併企業，在研究樣本中購併案例多屬同業購併，因此，購併後之主併公司多未跨足於與其原生產產品具有太大差異性之產業，故在產品銷售與成本結構上未有大幅的改變，所以廠商於購併後之營運獲利性未有顯著的變動，但就營運效率明顯提升的結果來說，可能由於購併後兩家企業之合併，主併公司之管理階層對於企業營運進行重整，以及產品銷售與市佔率也大幅度的增加，所以帶來了顯著的營運效率之提升。

This study examines whether the market return and operating performance of merged firms changed after acquisition and investigates the relation between the method of payment in acquisition and the post-acquisition operating performance. Using 102 acquisitions in North American petroleum industry during 1986-2004, this article finds that the target firms earn significant positive excess returns after merged but to the acquiring firms the measurement of excess returns are not significant. As for post-acquisition long-term operating performance, we find no evidence that merged firms operating performance improved. However, the change in operating performance of the merged firms is significant larger for cases in which the acquiring firms offered cash as compared to stock offers. In order to figure out the source of operating performance improvement, we decompose the operating performance into cash flow margin of sales and asset turnover. According to our research, we find that the asset turnover has significantly improved after acquisition; however, the cash flow margin of sales has no significant change.