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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/153056


    Title: 財稅差異、ESG績效與併購效率
    Book-tax Differences, ESG Performance, and Acquisition Efficiency
    Authors: 劉心才;許文馨
    Liu, Sophia;Hsu, Audrey WenHsin
    Contributors: 會計評論
    Keywords: 企業併購;財稅差異;非財務資訊;ESG績效
    Mergers and acquisitions;Book-tax differences;Nonfinancial information;ESG
    Date: 2024-07
    Issue Date: 2024-08-30 14:07:26 (UTC+8)
    Abstract: 本研究探討在併購過程中，目標公司的財稅差異對併購效率（績效）的影響。使用32個國家/地區的國際數據，本研究發現目標公司的財稅差異越大，併購效率越低。此外，研究發現，當目標公司具有更好的環境、社會和治理（簡稱ESG）績效時，目標公司較大的財稅差異對併購效率的不利影響會得到緩解。目標公司的ESG績效有助於減少併購方資訊不對稱的風險，促進併購過程的順利。總的來說，研究顯示，雖然併購效率受到目標公司的財稅差異的不利影響，但目標公司的ESG績效有助於緩解資訊不對稱問題和併購方對於目標公司不確定性的擔憂。
    We investigate the effect of the target's book-tax differences on acquisition efficiency (performance) in the acquisition process. Using international data across 32 countries, the results indicate that larger book-tax differences of the target are associated with lower acquisition efficiency. Besides, we find that the adverse impact of the target’s large firm-specific book-tax differences on acquisition efficiency is reduced when the target demonstrates superior environmental, social, and governance (ESG) performance. The interaction effect suggests that ESG performance helps acquirers reduce information asymmetry and risk and facilitates the acquisition process. Overall, our findings suggest that while the acquisition efficiency is adversely affected by the target's firm-specific book-tax differences, ESG performance can help mitigate information asymmetry and the concerns of the acquirer regarding uncertainties associated with the target.
    Relation: 會計評論, 79, 157-191
    Data Type: article
    DOI link: http://doi.org/10.6552/JOAR.202407_(79).0004
    DOI: 10.6552/JOAR.202407_(79).0004
    Appears in Collections:[International Journal of Accounting Studies] Journal Articles

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