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題名:國內上市公司從事公司購併活動對經營績效影響之研究
作者:孫梅瑞 引用關係
作者(外文):Meijui Sun
校院名稱:國立政治大學
系所名稱:企業管理學系
指導教授:陳隆麒
林基煌
學位類別:博士
出版日期:2000
主題關鍵詞:購併宣告資訊不對稱購併綜效代理成本一般化自身迴歸異質條件變異數法
原始連結:連回原系統網址new window
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在公司控制活動中,經常透過合併與收購(Mergers and Acquisitions,以下簡稱為購併)方式取得所需的資源,藉以提高營運效率、增加獲利能力、拓展行銷通路、獲取高級技術來提升企業競爭力並強化公司經營體質。本研究即探討購併公司是否能如預期地產生效益,增進經營績效。此外,由於目標公司的財務資訊透明度與國內外購併相關法令的複雜性,往往使購併公司和目標公司間存有資訊不對稱的問題,因此本研究首次引入購併雙方資訊不對稱的觀念,探討在購併綜效的發揮與國內上市公司裡潛在的代理成本對公司購併後經營績效的影響,其中以股票報酬率代表短期績效,而以財務指標代表長期經營績效。茲將重要的理論推導與實證研究結果歸納說明如下:
在理論推導部份,本研究參考Hansen(1987) 在資訊不對稱假設下所提出的購併議價模式,進一步推導出「購併雙方資訊不對稱程度越低,購併公司的購併後經營績效越佳」;「當購併綜效發揮的程度越大,購併公司的購併後經營績效越佳」;以及「當購併公司內部潛在代理成本越小時,購併公司的購併後經營績效越佳」等三個研究命題。
在實證研究部份,本研究針對研究期間的147個購併宣告樣本進行事件研究與統計檢定,其中有關宣告異常報酬率的衡量部份,分別使用一般最小平方法(簡稱OLS法),以及在有異質變異效果 (簡稱ARCH效果)時,使用一般化自身迴歸異質條件變異數法(簡稱GARCH法)來估計市場模式參數。而在評估財務績效指標影響的部份,則加入樣本對照組的研究設計,以排除對研究結果可能的干擾變數。此外,本研究也探討影響購併公司經營績效的重要因素,並透過實證方式瞭解這些因素如何影響國內上市公司從事購併活動的經營績效表現,其中重要的實證研究發現包括「國內上市公司購併宣告對股票報酬率具有顯著的正向效果」;「國內上市公司可從購併活動中獲得市場綜效」;「目標公司為上市或公開發行公司對購併宣告效果有顯著正向的影響」;「購併類型對購併宣告效果有顯著的影響」;「過去經營績效對購併後總資產週轉率有顯著負向的影響」;「管理者持股比率對購併宣告效果有顯著非線性關係,負債比率對購併後資產報酬率有顯著正向的影響」;以及「購併時期對購併宣告效果與購併後財務績效指標有顯著的影響」等。
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