實體資產、債權人影響力與企業併購之風險管理角色

Asset Tangibility, the Creditor Influence, and Risk Management Role in M&A Decisions

研究目的：本研究探討實體資產是否影響併購之風險管理角色，及此影響效果是否因債權人影響力而有所改變。研究設計／方法：本文修改了Garfinkel and Hankins（2011）的模型，考量實體資產之影響效果，利用邏輯斯模型進行實證估計。研究結果：當企業面臨遞增之收入不確定性時，實體資產將提升公司利用併購作為風險管理工具之可能性。此投融資影響效果較顯現於資產較不具特殊性公司、較不受銀行債權人影響之公司、高舉債企業及公司治理完善之企業。研究限制／啟發：本文補充了現有文獻，顯示財務可行性對風險管理之重要性，且突顯了資產結構與風險管理之關聯。理論／實務／社會意涵：本研究顯示財務可行性如何影響風險管理決策及經理人回應遞增不確定性之考量依據。創見／價值：本文以另一觀點──投融資關係探討透過併購進行之風險管理決策，證實財務可行性對於併購在風險管理決策具有重要影響。

Purpose - This paper examines whether asset tangibility affects the risk management role of mergers and acquisitions (M&As) and whether the effect of asset tangibility changes with creditor influence. Design/ methodology/ approach - Based on a study by Garfinkel and Hankins (2011), this research modifies their model by taking the impact of asset tangibility into account. The empirical results are estimated using a logistical model. Findings - Asset tangibility increases the likelihood of firms conducting M&As as their risk management tool when they face increased income uncertainty. Such financing-investment effects regarding asset tangibility are more pronounced with firms with less specific real assets, firms less influenced by bank creditors and those with higher leverage and well-governed firms. Research limitations - This study complements existing research by illustrating the importance of financial feasibility in risk management decisions. In addition, this study highlights the association between asset structure and corporate risk management decisions. Practical implications - This study not only shows how a firm’s financial feasibility affects its risk management decisions but also explores the rationale behind managers’ responses to increased uncertainty. Value - This paper extends the scope of prior studies investigating risk management decisions via M&As by providing an alternative perspective--the financing-investment relationship. It documents the financial feasibility matters concerning the risk management role of M&As.