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題名：企業視角下的跨國併購分析
作者：劉宗宜
作者(外文)：Tsung-Yi Liu
校院名稱：國立中興大學
系所名稱：財務金融學系所
指導教授：楊東曉
陳育成
學位類別：博士
出版日期：2020
主題關鍵詞：合併收購；公司治理；綜效；mergers and acquisitions；corporate governance；synergy
原始連結：連回原系統網址new window
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過去二十年以來，合併收購已經被視為企業維持成長策略最重要的一環，因此引起學術界對於複雜的合併收購行為進行各種不同角度的研究與分析，試圖從過去已經發生的合併收購交易案例之中，釐清與學習影響合併收購交易的複雜因素。因此，本論文也將追隨過去已經完成的學術研究成果的基礎上，繼續探討並解析可以促成合併收購持續性成功的關鍵影響因素，希望在合併收購的議題上，對學術與實務都能做出微薄的貢獻。
本論文將會從以下兩個構面研究自1990年至2014年止，在美國的收購方已經進行的本國合併收購和跨國合併收購交易。首先，本論文先從進行本國合併收購和跨國合併收購的動機差異分析研究開始；其次，再深入研究本國合併收購和跨國合併收購交易完成後，併購方公司股票在市場的長期報酬表現及其影響因素分析。依據本論文實證結果，我發現進行本國合併收購和跨國合併收購的收購方公司屬性相類似，但是進行跨國合併收購的報酬優於進行本國合併收購，而且進行跨國合併收購的收購方較能享受未來成長的潛力；進行跨國合併收購的收購方較進行本國合併收購的收購方有較低但集中的法人股東持股。同時本論文發現，合併收購型態並沒有對進行動機決策產生顯著的影響；但是在跨國合併收購案例中，水平型態的合併收購長期報酬表現劣於非水平型態合併收購。
在研究收購方的經營績效變化時，本論文發現資產周轉率與進行本國合併收購和跨國合併收購的意願決策呈現負相關，隱含資產周轉率較高的公司對於進行合併收購的意願較低；此外，實證結論發現公司規模較大的收購方，在進行本國合併收購後的長期報酬較差，但是在進行跨國合併收購後的長期報酬較佳，這也說明公司規模愈大，對於進行跨國合併收購的能力及交易後整合發揮綜效的能力都優於規模小的收購方公司。
最後，本論文也分析公司治理在合併收購後對於長期報酬的影響。在跨國合併收購中，收購方股權結構中的前10大股東持股比例愈高、持有超過公司發行股數5%以上的大股東人數愈多，合併收購後的長期報酬表現較差。這兩種類型的股東多數是偏向長期持有公司股票的投資人，他們應該會更在意在持有公司股票期間的總投資報酬，因此，我相信對於專注研究法人持股投資報酬的專家，這將是另一個有趣的研究方向。
Recent waves of corporate mergers and acquisitions have resulted in a substantial industrial restructuring in many countries around the world. A successful mergers and acquisition will enhance company value through integrated synergy. Hence, recent research papers have been evolving the analysis of attributes of mergers and acquisitions and aim to find the key factors to support a sustainable success of mergers and acquisitions.
In this research, I concentrate on two perspectives to analyze the domestic and cross-border mergers and acquisitions occurred from 1990 to 2014 in US. First, I investigate the motivation of engagement of mergers and acquisitions from the acquirors’ perspective. Second, I analyze the long-term market performance after mergers and acquisitions and the factors affecting performance. From the empirical result of this research, I find that the acquirors of both of domestic and cross-border 合mergers and acquisitions have similar firm’s characteristics. The acquirors of cross-border mergers and acquisitions, however, perform better than domestic peers and enjoy more growth opportunity. The cross-border acquirors have lower institutional shareholder’s holding percentage and less institutional shareholder’s holding competition than domestic counterparts. With further investigation, I find that the types of mergers and acquisitions, which are classified horizontal or non-horizontal, do not play an important role on motivation of engaging in cross-border mergers and acquisitions. Furthermore, the horizontal mergers and acquisitions have a strong positively significant impact on acquirors'' BHARs for domestic mergers and acquisitions and have a strong negatively significant impact on acquirors'' BHARs for cross-border mergers and acquisitions.
From the empirical result in changes of acquirors’ operation, I find a negatively significant impact of total assets turnover of acquirors on the decision of domestic or cross-border mergers and acquisitions. It indicates that the firms with higher total assets turnover do not have incentives to engage mergers and acquisitions. Nevertheless, the size of acquirors play a critical role for the realization of synergy after mergers and acquisitions. There is an interesting empirical result that size is negatively associated with domestic acquirors’ BHARs; however, it is positively significant associated with cross-border acquirors’ BHARs. It is consistent with the expectation that larger firms with more sophisticated capability engage cross-border mergers and acquisitions and perform better than small firms.
Finally, I analyze how corporate governance affects the acquirors'' performance after mergers and acquisitions. In the cross-border mergers and acquisitions, I find that major institutional shareholder’s holding percentage and number of block holders are both negatively related to the long-term performance in the sample. I expect that those major institutional shareholders are long-term investors and more concerned about the absolute returns for a longer holding period. This will be another interesting piece of research for those who are concerned about absolute returns in the holding period of institutional investors.
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