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    Title: 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
    Authors: 游莉芬
    Contributors: 李志宏
    Lee, Jie Haun
    游莉芬
    Keywords: 公司治理
    併購溢價
    併購綜效
    反購併指標
    Date: 2011
    Issue Date: 2012-10-30 10:14:04 (UTC+8)
    Abstract: 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。
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    Description: 碩士
    國立政治大學
    財務管理研究所
    98357008
    100
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0983570081
    Data Type: thesis
    Appears in Collections:[Department of Finance] Theses

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