購併、撤資決策與公司成長機會關聯性之研究

M&As, Divestiture Decisions and Corporate Growth Opportunities

本研究針對1994－2003年間共440個購併與撤資案為研究樣本，並蒐集公司決策前後五年的財務資料，探討購併、撤資決策與公司成長機會之關聯性。公司成長機會高低是否影響公司在購併與撤資之策略選擇，而當企業執行購併與撤資決策後，公司成長機會是否因此有所增長。此外，本研究加入代理問題變數（如自由現金流量）與企業多角化程度為干擾變數，剖析其與成長機會的交互作用對公司購併與撤資決策的影響。最後，將購併與撤資宣告事件樣本，以公司別分類成只從事購併、只從事撤資、先購後撤與先撤後購等四組樣本，以縱斷面分析研究採取不同決策之公司在成長機會上的表現。本研究發現經營績效好與高資本支出公司傾向選擇購併決策，而高研發支出公司較傾向採取撤資決策。當企業擁有越多閒置資金時，會使經營績效好與高資本支出的公司愈傾向採用購併決策；多角化程度愈高時，股票累積異常報酬高的公司也愈會採用購併決策，但資本支出高的公司則不然。此外，本研究發現只從事購併決策的公司，相較於其他類型公司有較佳的成長機會表現。

This study investigates the relationship between corporate growth opportunities and the decisions of Mergers & Acquisitions (M&As) and divestitures, through 440 M&A and divestiture announcements from 1994 to 2003, using long-term (5 years) financial data. This study not only examines if corporate growth opportunities can influence the decisions of M&As and divestiture, but also examines if growth opportunities can be increased by corporate M&As and divestitures. Besides, the study adds the agency problem variable, such as free cash flow, and the degree of diversification to understand how their interaction affect the decisions of M&As and divestitures. Finally, this study analyzes the performance of growth opportunities among the firms with different M&As and divestiture strategies. The results show that the firms with higher operating performance and capital expenditures tend to adopt M&A decisions. But, the firms with higher research and development expenditures tend to adopt divestiture decisions. The firms with more free cash flow, higher performance and higher capital expenditures incline to make the decisions of M&A. Regarding the firms with well diversification and with higher cumulative abnormal returns prefer to adopt M&A decisions. On the contrary, the firms with higher capital expenditures have diverse results. The study also finds that the firms that only adopt M&A decisions have better growth opportunities than other types of firms.