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題名 公司治理、併購溢價與綜效之關聯性研究
The relationship between corporate governance, merger premium, and synergy
作者 游莉芬
貢獻者 李志宏
Lee, Jie Haun
游莉芬
關鍵詞 公司治理
併購溢價
併購綜效
反購併指標
日期 2011
上傳時間 30-Oct-2012 10:14:04 (UTC+8)
摘要 本研究以Gomper, Ishii, and Metrick (2003)利用IRRC針對24個公司反購併措施調查所建構出的G-index，作為衡量公司治理程度優劣的指標，分數越高代表股東權利越弱、公司治理越差。研究樣本為美國1990至2007年的國內併購案，主併和目標公司以中位數作為分組依據，在四種組合中分別從公司治理變化、併購溢價、短期宣告效果、長期股票超額報酬(CAR與BHAR法)、長期經營績效以及簡單最小平方法之迴歸模型，來探討公司治理好壞是否會影響到併購溢價幅度和併購綜效。
     
     整體共計624個併購樣本中，平均溢價為32.54%，其中全以現金作為支付工具有顯著較高的溢價比率。在短期的併購宣告效果中，主併公司在事件窗口(-1,1)下平均累積異常報酬為-2.07%，而目標公司則為18.09%；然而長期來看皆有顯著性異於0的負報酬，以及經過產業調整後的經營績效(ROA)增長率也有負的統計顯著值。顯示整體併購樣本雖支付高溢價，但在長期的股票報酬或經營績效上並無法創造超額報酬或是增強營運效率。
     
     此外，研究實證發現當目標公司治理越差，主併者必須付出較高的溢價比率；以及當主併公司的治理越差，在主併和目標的短期宣告效果上皆會有較低的異常報酬。在影響長期綜效的迴歸模型中，公司治理、主併公司帳面市值比、目標公司資產報酬率對於CAR皆有顯著影響能力；而併購金額、目標公司資產報酬率(ROA)則是對於BHAR有顯著的影響能力。
     
     在不同公司治理四種組合中，以「公司治理好的去併購公司治理差」的組合會付出最高的併購溢價；在短期宣告效果上，表現最好的組合為「公司治理好的去併購公司治理好」；而在長期股票報酬(CAR)方面，則以「公司治理差的去併購公司治理差」組合表現最好，此組合的主併公司有顯著較高的帳面市值比；最後在長期營運績效資產報酬率(ROA)上，以「公司治理好的去併購公司治理好」表現最好。整體來說，本研究重點在「公司治理好的去併購公司治理差」時，雖付出較高的併購溢價，但平均來說享有較好的長期綜效。
參考文獻 劉紹樑. (2002). 從莊子到安隆-A+公司治理. 天下出版社
     沈中華, 李建然. (2000). 事件研究法-財務與會計實證研究必備. 華泰文化事業公司出版社
     葉銀華, 李存修, 柯承恩. (2002). 公司治理與評等系統. 商智文化出版社
     鍾惠民, 吳壽山, 周賓凰, 范懷文. (2006). 財金計量. 雙葉書廊出版社
     呂佳玲, 林基煌. (2008). 家族企業公司治理、併購策略與績效之探討. 亞太經濟管理評論, 11(2), 107-134.
     研究生, 江建宏. (2010). 公司治理與租賃融資關係探討. (碩士論文), 國立中央大學.
     研究生, 林建宏. (2010). 公司治理與股價動能 (碩士論文), 國立中央大學.
     研究生, 陳俞方. (2010). 公司治理與可轉債轉換策略 (碩士論文), 國立中央大學.
     廖俊杰, 陳家妤. (2008). 合併溢價與股票市場之長短期報酬. :臺灣金融財務季刊, 頁67-95.
     廖俊杰, 陳家妤. (2009a). 外部治理機制是否足以抑制主併公司傲慢自大的價值破壞？輔仁管理評論, 頁59-97.
     廖俊杰, 陳家妤. (2009b). 買貴了還是買對了 主併者併購溢價與長短期股票報酬的非線性關係. 中華管理評論國際學報.
     魏慧珊. (2011). 公司治理與高階主管股票選擇權對股利支付之影響. 財務金融學刊 卷別 19卷 期別 3期 出版年 2011, 頁1-40.
     Abhyankar, Abhay, Keng-Yu, Ho, & Huainan, Zhao. (2005). Long-run post-merger stock performance of UK acquiring firms: a stochastic dominance perspective. Applied Financial Economics, 15(10), 679-690.
     Antoniou, Antonios, Arbour, Philippe, & Zhao, Huainan. (2008). How Much Is Too Much: Are Merger Premiums Too High? European Financial Management, 14(2), 268-287.
     Arnold, Malcolm, & Parker, David. (2009). Stock market perceptions of the motives for mergers in cases reviewed by the UK competition authorities: an empirical analysis. Managerial & Decision Economics, 30(4), 211-233.
     Barber, Brad M., & Lyon, John D. (1997). Detecting long-run abnormal stock returns: The empirical power and specification of test statistics. Journal of Financial Economics, 43(3), 341-372.
     Bebchuk, Lucian, Cohen, Alma, & Ferrell, Allen. (2009). What Matters in Corporate Governance? Review of Financial Studies, 22(2), 783-827.
     Bhagat, Sanjai, & Bolton, Brian. (2008). Corporate governance and firm performance. Journal of Corporate Finance, 14(3), 257-273.
     Bodolica, Virginia, & Spraggon, Martin. (2009). The implementation of special attributes of CEO compensation contracts around M&A transactions. Strategic Management Journal, 30(9), 985-1011.
     Bradley, Michael, Desai, Anand, & E. Han Kim, Anand. (1988). Synergistic gains from corporate acquisitions and their division between the stockholders of target and acquiring firms. Journal of Financial Economics, 21(1), 3-40.
     Bris, Arturo, & Cabolis, Christos. (2008). The Value of Investor Protection: Firm Evidence from Cross-Border Mergers. Review of Financial Studies, 21(2), 605-648.
     Brown, Lawrence D., & Caylor, Marcus L. (2006). Corporate governance and firm valuation. Journal of Accounting & Public Policy, 25(4), 409-434.
     Capron, Laurence, & Guillén, Mauro. (2009). National corporate governance institutions and post-acquisition target reorganization. Strategic Management Journal, 30(8), 803-833.
     Chari, Anusha, Ouimet, Paige P., & Tesar, Linda L. (2010). The Value of Control in Emerging Markets. The Review of Financial Studies, 23(4), 1741.
     Chari, Anusha, Ouimet, Paige Parker, & Tesar, Linda L. (2004). Acquiring Control in Emerging Markets: Evidence from the Stock Market (pp. n/a). Rochester, Rochester.
     Chuang-Yuang, Lin, & Hung-Ta, Lee. (2010). The Bigger the Better? Merger and Acquisition Performance of Financial Holding Corporations: Empirical Evidence from Taiwan. Emerging Markets Finance & Trade, 46(1), 96-107.
     Core, John E., Guay, Wayne R., & Rusticus, Tjomme O. (2006). Does Weak Governance Cause Weak Stock Returns? An Examination of Firm Operating Performance and Investors` Expectations. Journal of Finance, 61(2), 655-687.
     Corporate Governance: A Framework for Implementation-overview. (1999). world bank.
     Crawford, Dean, & Lechner, Thomas A. (1996). Takeover premiums and anticipated merger gains in the us market for corporate control. Journal of Business Finance & Accounting, 23(5/6), 807-829.
     Cremers, K. J. Martijn, & Nair, Vinay B. (2005). Governance Mechanisms and Equity Prices. Journal of Finance, 60(6), 2859-2894.
     Díaz, Belén Díaz, Azofra, Sergio Sanfilippo, & Gutiérrez, Carlos López. (2009). Are M&A Premiums Too High? Analysis of a Quadratic Relationship between Premiums and Returns. Quarterly Journal of Finance & Accounting, 48(3), 5-21.
     Fraser, Donald R., & Hao, Zhang. (2009). Mergers and Long-Term Corporate Performance: Evidence from Cross-Border Bank Acquisitions. Journal of Money, Credit & Banking (Wiley-Blackwell), 41(7), 1503-1513.
     Goergen, Marc, & Renneboog, Luc. (2004). Shareholder Wealth Effects of European Domestic and Cross-border Takeover Bids. European Financial Management, 10(1), 9-45.
     Gompers, Paul, Ishii, Joy, & Metrick, Andrew. (2003). Corporate governance and equity prices. The Quarterly Journal of Economics, 118(1), 107-155.
     In-Mu, Haw, Pastena, Victor, & Lilien, Steven. (1987). The Association between Market-Based Merger Premiums and Firms` Financial Position Prior to Merger. Journal of Accounting, Auditing & Finance, 2(1), 24-42.
     Kuipers, David R., Miller, Darius P., & Patel, Ajay. (2009). The legal environment and corporate valuation: Evidence from cross-border takeovers. International Review of Economics & Finance, 18(4), 552-567.
     Lyon, John D., Barber, Brad M., & Tsai, Chih-Ling. (1999). Improved Methods for Tests of Long-Run Abnormal Stock Returns. Journal of Finance, 54(1), 165-201.
     Masulis, Ronald W., Wang, Cong, & Xie, F. E. I. (2007). Corporate Governance and Acquirer Returns. Journal of Finance, 62(4), 1851-1889.
     MichaelBradley, Paul H., Desai, Anand, & Kim, E. Han. (1983). The rationale behind interfirm tender offers. Journal of Financial Economics, 11(1-4), 183-206.
     Mitchell, Mark L., & Stafford, Erik. (2000). Managerial Decisions and Long-Term Stock Price Performance. Journal of Business, 73(3), 287.
     Moeller, Sara B., Schlingemann, Frederik P., & Stulz, René M. (2004). Firm size and the gains from acquisitions. Journal of Financial Economics, 73(2), 201-228.
     Moeller, Sara B., Schlingemann, Frederik P., & Stulz, RenÉ M. (2005). Wealth Destruction on a Massive Scale? A Study of Acquiring-Firm Returns in the Recent Merger Wave. Journal of Finance, 60(2), 757-782.
     Mueller, Dennis C., & Yurtoglu, B. Burcin. (2007). Corporate governance and the returns to acquiring firms` shareholders: an international comparison. Managerial & Decision Economics, 28(8), 879-896.
     Paul, J. Komiak. (2010). Control premiums in acquisition transactions: a natural experiment. International Journal of Business, Accounting, & Finance, 4(1), 70-85.
     Ritter, Jay R. (1991). The Long-Run Performance of Initial Public Offerings. Journal of Finance, 46(1), 3-27.
     Ruback, Richard S. (1982). The effect of discretionary price control decisions on equity values. Journal of Financial Economics, 10(1), 83-105.
     Sirower, M. L. (1997). The Synergy Trap: How Companies Lose the Acquisition Game. New York: The Free Press.
     Starks, L., & Wei., K. D. (2004). Cross-Border Mergers and Differences in Corporate Governance. Working paper,University of Texas.
     Varaiya, Nikhil P., & Ferris, Kenneth R. (1987). Overpaying in Corporate Takeovers: The Winner`s Curse. Financial Analysts Journal, 43(3), 64.
     Wang, Cong, & Xie, Fei. (2009). Corporate Governance Transfer and Synergistic Gains from Mergers and Acquisitions. Review of Financial Studies, 22(2), 829-858.
描述 碩士
國立政治大學
財務管理研究所
98357008
100
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0983570081
資料類型 thesis
dc.contributor.advisor 李志宏zh_TW
dc.contributor.advisor Lee, Jie Haunen_US
dc.contributor.author (Authors) 游莉芬zh_TW
dc.creator (作者) 游莉芬zh_TW
dc.date (日期) 2011en_US
dc.date.accessioned 30-Oct-2012 10:14:04 (UTC+8)-
dc.date.available 30-Oct-2012 10:14:04 (UTC+8)-
dc.date.issued (上傳時間) 30-Oct-2012 10:14:04 (UTC+8)-
dc.identifier (Other Identifiers) G0983570081en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/54180-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財務管理研究所zh_TW
dc.description (描述) 98357008zh_TW
dc.description (描述) 100zh_TW
dc.description.abstract (摘要) 本研究以Gomper, Ishii, and Metrick (2003)利用IRRC針對24個公司反購併措施調查所建構出的G-index，作為衡量公司治理程度優劣的指標，分數越高代表股東權利越弱、公司治理越差。研究樣本為美國1990至2007年的國內併購案，主併和目標公司以中位數作為分組依據，在四種組合中分別從公司治理變化、併購溢價、短期宣告效果、長期股票超額報酬(CAR與BHAR法)、長期經營績效以及簡單最小平方法之迴歸模型，來探討公司治理好壞是否會影響到併購溢價幅度和併購綜效。
     
     整體共計624個併購樣本中，平均溢價為32.54%，其中全以現金作為支付工具有顯著較高的溢價比率。在短期的併購宣告效果中，主併公司在事件窗口(-1,1)下平均累積異常報酬為-2.07%，而目標公司則為18.09%；然而長期來看皆有顯著性異於0的負報酬，以及經過產業調整後的經營績效(ROA)增長率也有負的統計顯著值。顯示整體併購樣本雖支付高溢價，但在長期的股票報酬或經營績效上並無法創造超額報酬或是增強營運效率。
     
     此外，研究實證發現當目標公司治理越差，主併者必須付出較高的溢價比率；以及當主併公司的治理越差，在主併和目標的短期宣告效果上皆會有較低的異常報酬。在影響長期綜效的迴歸模型中，公司治理、主併公司帳面市值比、目標公司資產報酬率對於CAR皆有顯著影響能力；而併購金額、目標公司資產報酬率(ROA)則是對於BHAR有顯著的影響能力。
     
     在不同公司治理四種組合中，以「公司治理好的去併購公司治理差」的組合會付出最高的併購溢價；在短期宣告效果上，表現最好的組合為「公司治理好的去併購公司治理好」；而在長期股票報酬(CAR)方面，則以「公司治理差的去併購公司治理差」組合表現最好，此組合的主併公司有顯著較高的帳面市值比；最後在長期營運績效資產報酬率(ROA)上，以「公司治理好的去併購公司治理好」表現最好。整體來說，本研究重點在「公司治理好的去併購公司治理差」時，雖付出較高的併購溢價，但平均來說享有較好的長期綜效。		zh_TW
dc.description.tableofcontents 摘要 i
     目次 ii
     表目錄 iii
     圖目錄 iv
     
     第壹章 緒論 1
     第一節 研究背景 1
     第二節 研究目的 2
     第三節 研究架構 2
     
     第貳章 文獻回顧 3
     第一節 公司治理概述 3
     第二節 公司治理與併購溢價 6
     第三節 公司治理與併購綜效 7
     第四節 併購溢價與併購綜效 8
     
     第參章 研究方法 9
     第一節 研究樣本與資料處理 9
     第二節 研究方法 11
     第三節 研究假說 15
     
     第肆章 實證結果分析 16
     第一節 資料敘述性分析 16
     第二節 公司治理指標變化 20
     第三節 併購溢價 22
     第四節 主併、目標公司之短期宣告累積平均異常報酬(CAR) 27
     第五節 主併公司長期綜效之迴歸分析 34
     第六節 主併公司長期股票持有超額報酬 (CAR與BHAR) 36
     第七節 主併公司長期營運績效 (ROA) 42
     
     第伍章 結論與建議 47
     
     附錄 51
     參考文獻 53
      		zh_TW
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0983570081en_US
dc.subject (關鍵詞) 公司治理zh_TW
dc.subject (關鍵詞) 併購溢價zh_TW
dc.subject (關鍵詞) 併購綜效zh_TW
dc.subject (關鍵詞) 反購併指標zh_TW
dc.title (題名) 公司治理、併購溢價與綜效之關聯性研究zh_TW
dc.title (題名) The relationship between corporate governance, merger premium, and synergyen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 劉紹樑. (2002). 從莊子到安隆-A+公司治理. 天下出版社
     沈中華, 李建然. (2000). 事件研究法-財務與會計實證研究必備. 華泰文化事業公司出版社
     葉銀華, 李存修, 柯承恩. (2002). 公司治理與評等系統. 商智文化出版社
     鍾惠民, 吳壽山, 周賓凰, 范懷文. (2006). 財金計量. 雙葉書廊出版社
     呂佳玲, 林基煌. (2008). 家族企業公司治理、併購策略與績效之探討. 亞太經濟管理評論, 11(2), 107-134.
     研究生, 江建宏. (2010). 公司治理與租賃融資關係探討. (碩士論文), 國立中央大學.
     研究生, 林建宏. (2010). 公司治理與股價動能 (碩士論文), 國立中央大學.
     研究生, 陳俞方. (2010). 公司治理與可轉債轉換策略 (碩士論文), 國立中央大學.
     廖俊杰, 陳家妤. (2008). 合併溢價與股票市場之長短期報酬. :臺灣金融財務季刊, 頁67-95.
     廖俊杰, 陳家妤. (2009a). 外部治理機制是否足以抑制主併公司傲慢自大的價值破壞？輔仁管理評論, 頁59-97.
     廖俊杰, 陳家妤. (2009b). 買貴了還是買對了 主併者併購溢價與長短期股票報酬的非線性關係. 中華管理評論國際學報.
     魏慧珊. (2011). 公司治理與高階主管股票選擇權對股利支付之影響. 財務金融學刊 卷別 19卷 期別 3期 出版年 2011, 頁1-40.
     Abhyankar, Abhay, Keng-Yu, Ho, & Huainan, Zhao. (2005). Long-run post-merger stock performance of UK acquiring firms: a stochastic dominance perspective. Applied Financial Economics, 15(10), 679-690.
     Antoniou, Antonios, Arbour, Philippe, & Zhao, Huainan. (2008). How Much Is Too Much: Are Merger Premiums Too High? European Financial Management, 14(2), 268-287.
     Arnold, Malcolm, & Parker, David. (2009). Stock market perceptions of the motives for mergers in cases reviewed by the UK competition authorities: an empirical analysis. Managerial & Decision Economics, 30(4), 211-233.
     Barber, Brad M., & Lyon, John D. (1997). Detecting long-run abnormal stock returns: The empirical power and specification of test statistics. Journal of Financial Economics, 43(3), 341-372.
     Bebchuk, Lucian, Cohen, Alma, & Ferrell, Allen. (2009). What Matters in Corporate Governance? Review of Financial Studies, 22(2), 783-827.
     Bhagat, Sanjai, & Bolton, Brian. (2008). Corporate governance and firm performance. Journal of Corporate Finance, 14(3), 257-273.
     Bodolica, Virginia, & Spraggon, Martin. (2009). The implementation of special attributes of CEO compensation contracts around M&A transactions. Strategic Management Journal, 30(9), 985-1011.
     Bradley, Michael, Desai, Anand, & E. Han Kim, Anand. (1988). Synergistic gains from corporate acquisitions and their division between the stockholders of target and acquiring firms. Journal of Financial Economics, 21(1), 3-40.
     Bris, Arturo, & Cabolis, Christos. (2008). The Value of Investor Protection: Firm Evidence from Cross-Border Mergers. Review of Financial Studies, 21(2), 605-648.
     Brown, Lawrence D., & Caylor, Marcus L. (2006). Corporate governance and firm valuation. Journal of Accounting & Public Policy, 25(4), 409-434.
     Capron, Laurence, & Guillén, Mauro. (2009). National corporate governance institutions and post-acquisition target reorganization. Strategic Management Journal, 30(8), 803-833.
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