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| Title: | 企業財務特性、併購型態與支付工具對併購後績效之影響
The Effect of Financial Characteristics, Merger Types and Payment Methods on Post-Merger Performance |
| Authors: | 黃冠育
Huang, Guan-Yu |
| Contributors: | 林宛瑩
Lin, Wan-Ying
黃冠育
Huang, Guan-Yu |
| Keywords: | 併購財務績效
併購型態
併購對價支付工具
Financial performance before M&A
M&A types
M&A payment methods |
| Date: | 2020 |
| Issue Date: | 2020-08-03 17:27:03 (UTC+8) |
| Abstract: | 本研究以國內公開發行以上公司於2010年至2019年進行之546筆併購案為研究對象，探討企業財務特性、併購型態與支付工具是否影響對其併購後財務績效。本文首先探討主併公司併購前財務績效表現及所選擇之併購型態是否影響其併購後財務績效。接著針對併購前具有高股價淨值比之主併公司，分析其以現金支付併購對價之決定是否影響併購後財務績效。具體而言，本研究以總資產報酬率與現金流量資產報酬率作為衡量主併公司財務績效之衡量變數，實證探討併購前有不同財務績效表現的主併公司採用不同的併購型態，以及併購前股價淨值比高的主併公司配合使用現金作為支付併購對價的工具，是否影響其併購後第一年到第三年之併購績效。
實證結果顯示，併購前績效表現好及進行非多角化併購的主併公司，與其併購後財務績效呈顯著正向關聯性。併購前股價淨值比高及使用現金作為支付方式的主併公司，與其併購後財務績效不存在顯著關聯性。
This study takes 546 mergers and acquisitions cases conducted in Taiwan over the period 2010 to 2019, and explores whether the financial characteristics, merger and acquisition types and method of payment have impacts on the post-merger and acquisition financial performance. This study first discusses whether the bidder company’s performance prior to merger and acquisition, and types of merger and acquisition chosen affect performance after the merger and acquisition. In addition, this study analyze whether the bidder company with a high price-to-book ratio before merger and acquisition and chose to use cash as payment method affect performance after the merger and acquisition. In specific, this research uses return on assets ratio and cash flow return to total assets ratio as measures for financial performance of the bidder company. The study empirically examines the effects of pre-merger performance and types of mergers and acquisitions on post-merger performance. The study also investigates the effect of bidder company with high price-to-book ratio before merger and using cash as payment tool on the post-merger performance.
The empirical results show that the bidder companies with better performance before merger and conducting non-diversified mergers and acquisitions demonstrate a significant higher post-merger performance. With respect to the bidder companies with high price-to-book ratios before merger and using cash as payment tool, the research cannot find significant association with post-merger performance. |
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| Description: | 碩士
國立政治大學
會計學系
107353012 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0107353012 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU202001125 |
| Appears in Collections: | [會計學系] 學位論文
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