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題名：公司併購綜效來源:併購原因的策略性分析
作者：陳富德
作者(外文)：Chen, Fu De
校院名稱：國立政治大學
系所名稱：財務管理研究所
指導教授：周行一
張元晨
學位類別：博士
出版日期：2015
主題關鍵詞：併購；策略目的；事件研究法；Mergers and acquisitions；Strategic purposes；event study
原始連結：連回原系統網址new window
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本論文探討公司進行併購的策略是否會影響公司併購綜效，文獻探討公司併購綜效，主要從營運構面、財務構面、市場錯誤訂價與經理人行為偏誤等構面著手。本文首先檢定宣告併購目的與累積超額報酬、長期績效是否有顯著關聯，公司宣告併購目的不僅是宣示公司的策略方向，也是一項公司重大資訊的揭露，所以檢定宣告併購目的是否可以減輕主併公司與投資人之間的資訊不對稱。最後控制市場錯誤訂價和經理人過度樂觀因素，找出不同併購策略對於併購綜效的影響。
本文從SDC資料庫獲得有宣告併購目的的樣本，採用Christensen et al. (2011)和Walter and Barney (1990)提出併購目的的分類概念，檢定併購策略對於累積超額報酬與長期營運績效的影響。Christensen et al. (2011) 認為公司併購績效不佳的原因，在於執行長沒有具體的策略性目標，所以經常會選錯併購對象。本文的實證結果發現，專注公司核心事業而且擴充目前市場的併購策略相對於其他策略，對宣告累積超額報酬與長期績效有顯著正向影響；進入新市場和提供新產品與服務，對宣告累積超額報酬與長期績效有顯著負向影響；消除重複與改善營運績效、損失相對於其他策略，只對宣告累積超額報酬有顯著負向影響；進一步檢定有宣告併購目的與沒有宣告併購目的的公司，其累積超額報酬是否有顯著差異，結果發現有宣告併購目的的公司相對於沒有宣告併購目的的公司有較佳的累積超額報酬，顯示宣告併購目的可以部份減輕主併公司與投資人之間的資訊不對稱。最後，本文進一步控制市場錯誤訂價和經理人過度樂觀的因素後，實證結果依然顯著，表示公司採用不同的併購策略會對公司的併購綜效產生影響。
This dissertation examines how mergers and acquisitions (M&A) strategies affect the synergies of M&A. Previous literature focuses on exploring the operation, finance, market mispricing and managerial behavioral aspects of M&A synergies. I investigate how different M&A purposes affect the returns of acquirer firms controlling for market mispricing and managerial over-optimism effects. I also test whether announcements of M&A purposes can mitigate the asymmetric information between acquirer firms and investors.
Research data with M&A purposes are retrieved from SDC. Following Christensen et al. (2011) and Walter and Barney (1990), I classify M&A purposes into two kinds of major types and examine how M&A strategies affect the synergies. Christensen et al. (2011) show many M&A fall short of expectations, because CEOs lack a clear strategic vision and choose a wrong target firm. Results show that M&A where CEOs intend to expand current markets and concentrate on core businesses generate positive synergies. On the other hand, when CEOs aim to enter new market and provide new product, services or eliminate duplicate services, operations and general restructuring of business, operations, the M&A strategies are often negative. Besides, Firms can reduce information asymmetry of stock market investors by announcing their M&A purposes. These results are consistent even when we control for market mispricing and managerial over optimism effects.
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