股權稀釋併購類型之綜效價值理論：公司治理觀點

The Theory of the Synergy Value on the Equity Dilution Type of M&A: the Perspective of Corporate Governance

本文提出以公司治理觀點，詮釋企業併購綜效價值的新理論。理論模型證明，併購者公司治理品質愈佳，其併購後綜效價值愈不易產生。本文認為公司治理較佳公司，宜採內部成長方式，使企業規模呈現穩定漸近的成長。其次，研究結果顯示，綜效價值與主併公司企業家持股比率呈正向關係，與目標公司企業家持股比率呈負向關係。本文認為前者符合管理者和公司利益一致論點，後者則是符合被併購單位利益極大化的觀點。此外，本文亦發現目標公司規模愈大，兩家公司整併愈困難，則較易產生負向的綜效價值。本文亦將理論模型推導結果，對照過去探討企業併購現象的相關文獻，包括併購宣告效果與多角化價值折損等文獻。本文認為相關文獻所探討的企業併購現象都可以由公司治理觀點加以解釋。

This paper presents a new theory of business merger and acquisition (M&A) under corporate governance perspective. The results show that if the quality of corporate governance of M&A is better, the synergies after M&A will not emerge easily. The Companies should adopt internal growth mode. The synergies have positive relationship with the stock-holding ratio of entrepreneur of M&A, and negative relationship with the stock-holding ratio of entrepreneur of the target; the larger the scale of the target, the less the value of synergies. In addition, contrasting the related literature including M&A announcement effect and diversification destroys This paper believes that corporate governance plays an important role in the process of M&A, and the phenomenon of M&A can be reasonably interpreted by the perspective of corporate governance.