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| Title: | 過猶不及的永續：ESG 與併購溢價風險的 U 型關係
When Sustainability Backfires: The Nonlinear Relationship Between ESG Commitment and Overpayment Risk In M&A |
| Authors: | 段泓廷
Tuan, Hung-Ting |
| Contributors: | 蘇威傑
Su, Wei-Chieh
段泓廷
Tuan, Hung-Ting |
| Keywords: | ESG利差
合併與收購
併購後績效
收購溢價
ESG Spread
M&A
Post-merger Performance
Acquisition premium |
| Date: | 2025 |
| Issue Date: | 2025-08-04 12:54:11 (UTC+8) |
| Abstract: | 這項研究探討在美國公開併購交易中，收購方與目標公司之間的 ESG（環境、社會與公司治理）評分一致性如何影響收購溢價。研究利用2009年至2021年間的154筆交易資料，透過面板迴歸分析，檢驗 ESG 差距（即 ESG 評分的絕對差異）對收購溢價的影響，並進一步探討交易規模、跨境併購與收購方經驗等背景因素如何調節此一關係。研究結果顯示，單純的 ESG 差距對收購溢價並無顯著影響；但在考量情境因素後，其影響變得顯著。具備更多併購經驗的收購方，或參與大型或跨境交易的公司，在處理 ESG 不一致性並實現價值方面表現更佳。另外，擁有高 ESG 評分的收購方傾向支付更高的溢價，但也引發對「支付溢價」的疑慮，尤其在低估 ESG 差異時更為明顯。研究強調，ESG 並非在併購中普遍具正面效果的訊號，而是一項策略性槓桿，其效果取決於執行能力與交易的複雜性。本研究從利害關係人、制度與學習導向的觀點出發，為併購文獻提供貢獻，並突顯在交易中採取具情境敏感性的 ESG 策略的重要性。未來研究應超越財務指標，進一步探討營運整合成效、利害關係人反應及長期 ESG 收斂情形，並可透過跨國或特定產業的分析來捕捉監管與文化的差異性。
This study examines how ESG (Environmental, Social, and Governance) score alignment between acquiring and target firms influences acquisition premiums in U.S. public M&A deals. Using panel regression analysis on 154 transactions from 2009 to 2021, the research tests the impact of ESG spread the absolute difference in ESG scores on acquisition premiums, while exploring how this relationship is moderated by deal size, cross-border status, and acquirer experience. Findings reveal that ESG spread alone does not significantly influence premiums; however, its effects become significant when contextual factors are considered. Acquirers with more M&A experience and those involved in large or cross-border deals are better positioned to manage ESG misalignment and realize value. Interestingly, high ESG acquirers tend to pay higher premiums, but also raise concerns about overpayment, especially when ESG differences are underestimated. The results underscore that ESG is not a universally beneficial signal in M&A, but a strategic lever whose impact depends on execution capacity and deal complexity. This study contributes to M&A literature by integrating stakeholder, institutional, and learning-based perspectives, and highlights the importance of context-sensitive ESG strategies in dealmaking. Future research should extend beyond financial indicators to examine operational integration outcomes, stakeholder responses, and long-term ESG convergence, potentially through cross-country or industry-specific analyses that capture regulatory and cultural nuances. |
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| Description: | 碩士
國立政治大學
國際經營管理英語碩士學位學程(IMBA)
111933010 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0111933010 |
| Data Type: | thesis |
| Appears in Collections: | [國際經營管理英語碩士學程IMBA] 學位論文
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