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題名 內部與外部資訊如何影響企業併購後績效？ – 以財務報表、新聞報導與分析師報告為例
How Do Internal and External Information Affect Post-M&A Performance? Evidence from Financial Statements, News Coverage, and Analyst Reports
作者 朱珮毅
Chu, Pei-Yi
貢獻者 翁嘉祥
Weng, Chia-Hsiang
朱珮毅
Chu, Pei-Yi
關鍵詞 新聞報導
分析師報告
財務報表可讀性
財務報表檔案⼤⼩
併購後績效
News Coverage
Analyst Reports
Financial Statement Readability
File Size of Financial Statement
Post-Merger Performance
日期 2025
上傳時間 4-Aug-2025 14:53:49 (UTC+8)
摘要 本⽂以台灣併購事件為研究對象，透過財務報表可讀性、財務報表檔案⼤⼩、新聞報導數量與分析師報告數量作為代理變數，檢驗資訊來源與型態之差異性，彌補過往⽂獻中對資訊形式與併購後績效關聯性研究之不⾜。依據資訊取得⽅式與性質，本⽂依照 Healy 和 Palepu（2001）的框架將資訊區分為兩類：內部資料指企業⾃主揭露之財務資訊，包括財務報表可讀性與檔案⼤⼩，⽤以衡量資訊品質；外部資料則為來⾃外部資訊中介的資訊 ，包括新聞報導數量與分析師報告數量，⽤以衡量資訊數量。本⽂蒐集⾃ 2000 年⾄ 2021 年台灣企業併購事件資料，其中主併⽅為上市櫃公司，⽬標⽅則包含上市櫃與未上市櫃公司。應變數為財務會計績效指標 ROA、ROE 與股東報酬績效指標 Tobin’s Q。 實證結果顯⽰：外部資料中，分析師報告數量與各項績效間皆無顯著關係，⽀持企業在併購評估中傾向依賴專業盡職調查團隊⽽⾮外部分析意⾒。相對地，新聞報導數量則與 Tobin’s Q 於短期與⾧期績效皆呈現顯著的正向關係，顯⽰市場對併購案的評價受媒體資訊顯著影響；內部資料中，財務報表可讀性與財務報表檔案⼤⼩則未呈現顯著結果。綜合上述，於併購決策時新聞報導具有其資訊價值。主併⽅可將⽬標⽅之新聞報導流動性納⼊決策考量，以提升整體評價準確性。
This study examines mergers and acquisitions (M&A) in Taiwan and investigates how different information sources and forms—proxied by financial-report readability, financial-report file size, news coverage, and analyst coverage—relate to post-acquisition performance. Following the framework of Healy and Palepu (2001), information is classified into two categories. Internal information comprises firm-initiated disclosures that gauge information quality (financial-report readability and file size). External information comes from intermediaries and gauges information quantity (news counts and analyst-report counts). Using a sample of domestic M&A transactions completed between 2000 and 2021—where acquirers are listed firms and targets may be listed or unlisted—this study employs return-on-assets (ROA), return-on-equity (ROE), and Tobin’s Q as performance metrics. The empirical results show that, among external variables, analyst coverage is unrelated to all three performance measures, consistent with the view that acquirers rely primarily on professional due-diligence teams rather than sell-side opinions. In contrast, the volume of news coverage is positively and significantly associated with Tobin’s Q in both short- and long-term windows, indicating that market valuation is meaningfully shaped by media information. For internal variables, neither financial-report readability nor file size exhibits a significant relationship with post-acquisition performance. Overall, the findings underscore the informational value of news coverage in M&A decision-making. Acquirers should incorporate the liquidity of news about target firms into their valuation and negotiation processes to improve assessment accuracy.
參考文獻 中⽂部分 謝⽂良、 李進⽣、 王芊儒（2013）。台股外資分析師報告預測⽬標價之正確性與影響因素分析。台⼤管理論叢，24(1)，43–70。 吳安妮（1992）。台灣企業併購動機之實證研究。管理評論，11卷，1-27。 林美鳳、 ⾦成隆 、張淑慧 (2011)。投資⼈情緒與分析師⾏為之關聯性研究。管理學報，28(5)，447–474。 宋曜廷、陳茹玲、李宜憲、查⽇龢、曾厚強、林維駿、張道⾏、張國恩（2013）。 中⽂⽂本可讀性探討：指標選取、模型建⽴與效度驗證。中華⼼理學刊，55（1），75–106。 張祐慈、謝安軒、陳美惠、戚務君（2021）。關鍵查核事項複雜度與股價崩跌⾵險。《會計審計評論》，11（1），1–31。 張紹基、楊勝淵（2001）。「台灣企業併購實質效益之研究」，管理學報，第18卷第1期。 張瑋喻、楊弘章、陳佳吟（2014）。新聞媒體報導對公司財務績效與股價之影響。《證券市場發展季刊》，26(1)，113–146。 英⽂部分 Akerlof, G. A. (1970). The market for “lemons”: Quality uncertainty and the market mechanism. The Quarterly Journal of Economics, 84(3), 488–500. Alford, A. W. (1992). The effect of the set of comparable firms on the accuracy of the price-earnings valuation method. Journal of Accounting Research, 30(1), 94–108. Alhenawi, Y., & Krishnaswami, S. (2015). Long-term impact of merger synergies on performance and value. The Quarterly Review of Economics and Finance, 58, 53-68. Andrade, G., Mitchell, M., & Stafford, E. (2001). New evidence and perspectives on mergers. Journal of Economic Perspectives, 15(2), 103–120. Arikan, A. M., & Stulz, R. M. (2016). Corporate acquisitions, diversification, and the firm’s life cycle. Journal of Finance, 71(1), 139-194. Bradshaw, M. T. (2000). How do analysts use their earnings forecasts in generating stock recommendations? The Accounting Review, 79(1), 25–50. Bhushan, R. (1989). Firm characteristics and analyst following. Journal of Accounting and Economics, 11(2-3), 255-274. Bushee, B. J., & Miller, G. S. (2012). Investor relations, firm visibility, and investor following. The Accounting Review, 87(3), 867–897. Campa, J. M., & Hernando, I. (2006). M&As performance in the European financial industry. Journal of Banking & Finance, 30(12), 3367–3392. Chung, K. H., Elder, J., & Kim, J.-C. (2010). Corporate governance and liquidity. Journal of Financial and Quantitative Analysis, 45(2), 265–291. Core, J. E., Guay, W. R., & Van Buskirk, A. (2003). Market valuation in the new economy: An investigation of what has changed. Journal of Accounting & Economics, 34(1–3), 43–67. Cornell, B. (2001). Is the response of analysts to information consistent with fundamental valuation? Financial Management, 30(1), 113–136. Demirakos, E. G., Norman, C. S., & Walker, M. (2004). What valuation models do analysts use? Accounting Horizons, 18(4), 221–240. Demsetz, H. (1983),The Structure of Corporate Ownership and the Theory of the Firm, Journal of Law Economic, 26: 375-390. Engelberg, J., & Parsons, C. A. (2011). The causal impact of media in financial markets. The Journal of Finance, 66(1), 67–97. Fang, L., & Peress, J. (2009). Media coverage and the cross-section of stock returns. The Journal of Finance, 64(5), 2023-2052. Healy, P. M., & Palepu, K. G. (2001). Information Asymmetry, Corporate Disclosure, and the Capital Markets: A Review of the Empirical Disclosure Literature. Journal of Accounting and Economics, 31(1–3), 405–440. Hitt, M. A., Harrison, J. S., & Ireland, R. D. (2001). Mergers and acquisitions: A value creating or value destroying strategy? In M. A. Hitt, J. S. Harrison, & R. D. Ireland (Eds.), Mergers & Acquisitions: A Value Creating or Value Destroying Strategy? (pp. 1–21). Oxford University Press. Hong, H., Lim, T., & Stein, J. C. (2000). Bad news travels slowly: Size, analyst coverage, and the profitability of momentum strategies. The Journal of Finance, 55(1), 265-295. International Accounting Standards Board. (2018). IFRS 3: Business combinations. International Accounting Standards Board. (2018). IAS 36: Impairment of assets. Jarva, H. (2009). Do firms manage fair value estimates? An examination of SFAS 142 goodwill impairments. Review of Accounting Studies, 14(4), 436–458. Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. Jensen, M. C., & Ruback, R. S. (1983). The market for corporate control: The scientific evidence. Journal of Financial Economics, 11(1–4), 5–50. Li, F. (2008). Annual report readability, current earnings, and earnings persistence. Journal of Accounting and Economics, 45(2–3), 221–247. Loughran, T., & Vijh, A. M. (1997). Do long-term shareholders benefit from corporate acquisitions? Journal of Finance, 52(5), 1765-1790. Loughran, T., & McDonald, B. (2014). Measuring readability in financial disclosures. The Journal of Finance, 69(4), 1643–1671. McConnell, J. J., & Servaes, H. (1990). Additional evidence on equity ownership and corporate value. Journal of Financial Economics, 27(2), 595-612. Moeller, S. B., Schlingemann, F. P., & Stulz, R. M. (2004). Firm size and the gains from acquisitions. Journal of Financial Economics, 73(2), 201–228. Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187–221. 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Sudi Sudarsanam, Peter Holl, Ayo Salami(1996). Shareholder Wealth Gains in Mergers : Effects of Synergy and Ownership Structure. Journal of Business Finance and Accounting, 23(5-6), 673-698. Sung, Y. T., Chen, J. L., Cha, J. H., Tseng, H. C., Chang, T. H., & Chang, K. E. (2015). Constructing and validating readability models: the method of integrating multilevel linguistic features with machine learning. Behavior research methods,47(2), 340-354. Sung, Y. T., Chang, T. H., Lin, W. C., Hsieh, K. S., & Chang, K. E. (2016). CRIE: An automated analyzer for Chinese texts. Behavior Research Methods, 48(4), 1234–1248. Tetlock, P. C. (2007). Giving content to investor sentiment: The role of media in the stock market. The Journal of Finance, 62(3), 1139–1168. Tetlock, P. C., Saar-Tsechansky, M., & Macskassy, S. (2008). More than words: Quantifying language to measure firms’ fundamentals. The Journal of Finance, 63(3), 1437–1467. Thanos, I.C., and Papadakis, V. M. (2012). The Use of Accounting-Based Measures in Measuring M&A Performance: A Review of Five Decades of Research. Advances in Mergers and Acquisitions, 10: 103-120. Tseng, H. C., Chen, B., Chang, T. H., & Sung, Y. T. (2019). Integrating LSA-based hierarchical conceptual space and machine learning methods for leveling the readability of domain-specific texts. Natural Language Engineering, 25(3), 331–361. Tversky, A. and D. Kahneman (1974), “Judgment under Uncertainty: Heuristics and Biases,” Science, Vol 185, 1124-1131. Wang, X. (2023). A study on goodwill impairment risk and prevention for continuous mergers and acquisitions. Francis Press Journal, 2023(9), 1-12. Zhao, X., Tham, J., & Mu, Q. (2023). M&A goodwill impairment, management ability and firm performance: Empirical evidence from Chinese A-shares. Journal of Economics and Corporate Accounting Research, 2023(9), 1-20.
描述 碩士
國立政治大學
會計學系
112353102
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0112353102
資料類型 thesis
dc.contributor.advisor 翁嘉祥zh_TW
dc.contributor.advisor Weng, Chia-Hsiangen_US
dc.contributor.author (Authors) 朱珮毅zh_TW
dc.contributor.author (Authors) Chu, Pei-Yien_US
dc.creator (作者) 朱珮毅zh_TW
dc.creator (作者) Chu, Pei-Yien_US
dc.date (日期) 2025en_US
dc.date.accessioned 4-Aug-2025 14:53:49 (UTC+8)-
dc.date.available 4-Aug-2025 14:53:49 (UTC+8)-
dc.date.issued (上傳時間) 4-Aug-2025 14:53:49 (UTC+8)-
dc.identifier (Other Identifiers) G0112353102en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/158671-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 會計學系zh_TW
dc.description (描述) 112353102zh_TW
dc.description.abstract (摘要) 本⽂以台灣併購事件為研究對象，透過財務報表可讀性、財務報表檔案⼤⼩、新聞報導數量與分析師報告數量作為代理變數，檢驗資訊來源與型態之差異性，彌補過往⽂獻中對資訊形式與併購後績效關聯性研究之不⾜。依據資訊取得⽅式與性質，本⽂依照 Healy 和 Palepu（2001）的框架將資訊區分為兩類：內部資料指企業⾃主揭露之財務資訊，包括財務報表可讀性與檔案⼤⼩，⽤以衡量資訊品質；外部資料則為來⾃外部資訊中介的資訊 ，包括新聞報導數量與分析師報告數量，⽤以衡量資訊數量。本⽂蒐集⾃ 2000 年⾄ 2021 年台灣企業併購事件資料，其中主併⽅為上市櫃公司，⽬標⽅則包含上市櫃與未上市櫃公司。應變數為財務會計績效指標 ROA、ROE 與股東報酬績效指標 Tobin’s Q。 實證結果顯⽰：外部資料中，分析師報告數量與各項績效間皆無顯著關係，⽀持企業在併購評估中傾向依賴專業盡職調查團隊⽽⾮外部分析意⾒。相對地，新聞報導數量則與 Tobin’s Q 於短期與⾧期績效皆呈現顯著的正向關係，顯⽰市場對併購案的評價受媒體資訊顯著影響；內部資料中，財務報表可讀性與財務報表檔案⼤⼩則未呈現顯著結果。綜合上述，於併購決策時新聞報導具有其資訊價值。主併⽅可將⽬標⽅之新聞報導流動性納⼊決策考量，以提升整體評價準確性。zh_TW
dc.description.abstract (摘要) This study examines mergers and acquisitions (M&A) in Taiwan and investigates how different information sources and forms—proxied by financial-report readability, financial-report file size, news coverage, and analyst coverage—relate to post-acquisition performance. Following the framework of Healy and Palepu (2001), information is classified into two categories. Internal information comprises firm-initiated disclosures that gauge information quality (financial-report readability and file size). External information comes from intermediaries and gauges information quantity (news counts and analyst-report counts). Using a sample of domestic M&A transactions completed between 2000 and 2021—where acquirers are listed firms and targets may be listed or unlisted—this study employs return-on-assets (ROA), return-on-equity (ROE), and Tobin’s Q as performance metrics. The empirical results show that, among external variables, analyst coverage is unrelated to all three performance measures, consistent with the view that acquirers rely primarily on professional due-diligence teams rather than sell-side opinions. In contrast, the volume of news coverage is positively and significantly associated with Tobin’s Q in both short- and long-term windows, indicating that market valuation is meaningfully shaped by media information. For internal variables, neither financial-report readability nor file size exhibits a significant relationship with post-acquisition performance. Overall, the findings underscore the informational value of news coverage in M&A decision-making. Acquirers should incorporate the liquidity of news about target firms into their valuation and negotiation processes to improve assessment accuracy.en_US
dc.description.tableofcontents 第⼀章 緒論 1 第⼀節 研究動機與背景 1 第⼆節 研究⽬的 5 第三節 研究架構 7 第⼆章 ⽂獻探討與假說發展 8 第⼀節 新聞報導 8 第⼆節 分析師報告 9 第三節 財務報表可讀性與檔案⼤⼩ 11 第四節 研究假說 12 第三章 研究⽅法 15 第⼀節 樣本及資料來源 15 第⼆節 變數定義與衡量 19 第三節 實證模型建⽴ 30 第四章 實證結果與分析 33 第⼀節 敘述性統計 33 第⼆節 實證迴歸結果 57 第三節 穩健性測試 69 第四節 額外測試 74 第五章 研究結論、研究限制及未來建議 78 第⼀節 研究結論 78 第⼆節 研究限制及未來建議 80 參考⽂獻 82zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0112353102en_US
dc.subject (關鍵詞) 新聞報導zh_TW
dc.subject (關鍵詞) 分析師報告zh_TW
dc.subject (關鍵詞) 財務報表可讀性zh_TW
dc.subject (關鍵詞) 財務報表檔案⼤⼩zh_TW
dc.subject (關鍵詞) 併購後績效zh_TW
dc.subject (關鍵詞) News Coverageen_US
dc.subject (關鍵詞) Analyst Reportsen_US
dc.subject (關鍵詞) Financial Statement Readabilityen_US
dc.subject (關鍵詞) File Size of Financial Statementen_US
dc.subject (關鍵詞) Post-Merger Performanceen_US
dc.title (題名) 內部與外部資訊如何影響企業併購後績效？ – 以財務報表、新聞報導與分析師報告為例zh_TW
dc.title (題名) How Do Internal and External Information Affect Post-M&A Performance? Evidence from Financial Statements, News Coverage, and Analyst Reportsen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 中⽂部分 謝⽂良、 李進⽣、 王芊儒（2013）。台股外資分析師報告預測⽬標價之正確性與影響因素分析。台⼤管理論叢，24(1)，43–70。 吳安妮（1992）。台灣企業併購動機之實證研究。管理評論，11卷，1-27。 林美鳳、 ⾦成隆 、張淑慧 (2011)。投資⼈情緒與分析師⾏為之關聯性研究。管理學報，28(5)，447–474。 宋曜廷、陳茹玲、李宜憲、查⽇龢、曾厚強、林維駿、張道⾏、張國恩（2013）。 中⽂⽂本可讀性探討：指標選取、模型建⽴與效度驗證。中華⼼理學刊，55（1），75–106。 張祐慈、謝安軒、陳美惠、戚務君（2021）。關鍵查核事項複雜度與股價崩跌⾵險。《會計審計評論》，11（1），1–31。 張紹基、楊勝淵（2001）。「台灣企業併購實質效益之研究」，管理學報，第18卷第1期。 張瑋喻、楊弘章、陳佳吟（2014）。新聞媒體報導對公司財務績效與股價之影響。《證券市場發展季刊》，26(1)，113–146。 英⽂部分 Akerlof, G. A. (1970). The market for “lemons”: Quality uncertainty and the market mechanism. The Quarterly Journal of Economics, 84(3), 488–500. Alford, A. W. (1992). The effect of the set of comparable firms on the accuracy of the price-earnings valuation method. Journal of Accounting Research, 30(1), 94–108. Alhenawi, Y., & Krishnaswami, S. (2015). Long-term impact of merger synergies on performance and value. The Quarterly Review of Economics and Finance, 58, 53-68. Andrade, G., Mitchell, M., & Stafford, E. (2001). 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