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| Title: | 敵意併購後目標公司財務績效與企業價值探討
Does the target firm have better post-acquisition operating performance through the hostile takeover? |
| Authors: | 林芸竹
Lin, Yun-Tsu |
| Contributors: | 戚務君
Chi, Wu-Chun
林芸竹
Lin, Yun-Tsu |
| Keywords: | 被併購公司
併購後財務績效
敵意併購
Target firm
Post-acquisition operating performance
Hostile takeover |
| Date: | 2021 |
| Issue Date: | 2021-07-01 16:37:29 (UTC+8) |
| Abstract: | 本研究於台灣敵意併購氛圍興起同時，透過探討被敵意併購公司併購後財務績效與公司價值變化，瞭解敵意併購對被併購公司影響為何；於此同時，亦針對所有樣本，檢視併購政策對於被併購公司的影響。本研究將提供敵意併購於資本市場現況，以利未來併購法律條文修改與企業擬定併購策略參考。
根據過去文獻，Manne（1965）提出公司控制權市場概念，說明因公司管理階層效率不彰導致的股價下跌，將觸發外部人士透過大量低價購買股票，以取得公司經營權的接管機制。外部人士將透過更換管理階層，振興經營不善的公司，以改善財務績效。
而為確認台灣資本市場是否受前述理論影響，亦為有效篩出政策實施效果，而採用差異中之差異法（DID）作為研究方法，並針對假說一（政策為是否施行併購），以及假說二（政策為是否為敵意併購），各自建立實證模型。
由實證結果可知，併購確能改善被併購公司財務績效，但未能改善其企業價值，因此實證結果部分支持假說一；被敵意併購公司相較於被善意併購與未併購公司，於併購後財務績效確能獲得改善，惟未能改善企業價值，因此實證結果部分支持假說二。
綜上所述，敵意併購確能改善被併購公司併購後之財務績效，主管機關可於制定併購法律時，參考放寬敵意併購限制，讓公司控制權市場更加活絡，以提升台灣資本市場資源分配效率。
When hostile takeovers emerged from the Taiwanese capital market, we investigate the changes in the target firms` financial performance and enterprise value after the hostile takeovers. In the meanwhile, we are also interested in how M&A policy influences the target firms in the same way. This study would be the reference for lawmakers and enterprises to make the next decision.
In previous literature, Manne (1965) proposes the theory of the corporate-control market. The control of the corporate is regarded as an asset. When the stock price declines because of the inefficiency of the management, it will trigger outside to take over the corporate control through purchasing the stock with significant volume. Once the outsider acquired the corporate control, the outsider would replace the origin management with a more efficient one.
To confirm whether the theory of the corporate-control market work on the Taiwanese capital market and filter information that would bother pure policy implementation effect analysis, the difference-in-difference (DID) design would be adopted as the research method. According to the different hypotheses, the empirical model would be built separately, containing the H1 (M&A as the treatment) and H2 (Hostile Attitude as the treatment).
The empirical results suggest the M&A policy could improve the target firms` financial performance but fail to improve its enterprise value. Therefore, the empirical results are partially consistent with the first hypothesis. In addition, compared to target firms of friendly takeovers and firms that do not be acquired, hostile takeovers could improve the target firms` financial performance but fail to enhance their enterprise value. The empirical results are partially consistent with the second hypothesis.
In summary, hostile takeovers do improve the financial performance of target firms after M&A. The authority could induce more hostile-takeover-oriented concepts when amending the M&A laws to enhance the efficiency of resource allocation in Taiwan`s capital market. |
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| Description: | 碩士
國立政治大學
會計學系
107353113 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0107353113 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU202100492 |
| Appears in Collections: | [會計學系] 學位論文
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