公司融資決策與購併績效關聯性之研究

Financing Decisions and M&A Performance in Taiwan

本研究結合公司的投資決策與融資來源，以民國79-91年間共144個台灣上市上櫃公司所進行現金購併活動及其之前的融資決策為研究對象，探討公司融資決策與後續購併績效的關係。本研究驗證Myers and Majluf（1984）融資順位理論與Jensen（1986）自由現金流量假說是否成立。從縱斷面分析上，檢視公司的購併宣告效果能否解決之前融資宣告帶來的資訊不對稱問題。同時在橫斷面分析上，探討公司進行購併案時，公司使用內部自有資金、負債融資與權益融資是否會影響公司購併後五年的績效；並剖析公司成長機會、公司規模、公司經營能力及機構投資人持股比率等公司特性是否為融資決策影響購併績效的關鍵因素。研究結果發現企業在進行融資宣告時，其股票會有負的異常報酬率產生，但在後續的購併宣告時，卻產生正的異常報酬率；所以購併宣告確實可以解決先前融資宣告所產生之資訊不對稱問題。而在購併長期績效影響因素方面，實證結果指出企業從事購併活動後，公司長期績效不佳，尤其是當企業使用內部自有資金支付購併案程度愈高，會使購併績效愈差；而當企業進行國際購併以及其為非電子產業時，會使購併績效較佳。

This study analyzed the relationship between the performance of acquiring firms and the source of financing funds available. The study examined the wealth effect of Mergers & Acquisitions (M&A) announcements and the problem of asymmetric information on financing announcements before M&A for Taiwan-listed companies, through M&A cases from 1990 to 2002. After controlling for the form of payment, financing decisions during the year before M&A play an important role in explaining the cross section of the acquirer's performance. According to the pecking-order theory of financing (Myers and Majluf, 1984) and the free cash flow hypothesis (Jensen, 1986), this study discusses the influential factors of the acquirer's performance of M&A. The interactive terms between financing decisions and the related acquirer’s characteristics, such as firm size, growth opportunity, managerial capability and institutional ownership of the firms as well as the financing decisions are considered.Results show that financing announcements generate negative stock abnormal returns and have positive stock abnormal returns during the following M&A announcement. A higher level of internal funds is used to reduce corporate performance. The international M&A and non-electronic industry can generally improve their performance. Firms with lower growth opportunity, worse managerial ability, and lower institutional ownership reduce their M&A performance, but have a better performance when firms with higher growth opportunity use equity financing. The larger sized firms with higher managerial ability use debt or equity financing to generate better performance.