The Impact of Brexit Referendum on Mergers and Acquisitions of UK Firms

英國脫歐公投對英國企業併購活動之影響

This paper analyzes domestic (UK firms acquiring other UK firms) and cross-border (UK firms acquiring foreignfirms) mergers and acquisitions announced between 2012 and 2018 and investigates the micro and macro factors thatimpact announcement effects, deal completion likelihood, and long-term stock performance after the Brexit Referendum.For domestic deals, micro-level factors show that the relative size of the target has a stronger negative impact on theprobability of deal completion after the Referendum. However, acquirers with previous M&A experience can moderatethis negative effect. In the long run, larger relative size deals announced after the vote have better performance forcompleted deals and acquirer’s experience enhances long-term stock returns for non-completed deals. By comparison,macro-level factors explain the characteristics of cross-border deals announced after the vote. These results show that UKfirms acquiring target firms domiciled in countries with EU membership to maintain their access to European marketsafter the Brexit Referendum are more likely to complete the deals.

本文針對英國脫歐公投對英國企業併購影響進行探討。樣本分為國內併購（英商併英商）和跨國併購（英商併外商），從個體和總體因素角度，進行宣告效果、完成機率、以及併購後股票長期持有績效之實證研究。結果指出，個體因素對國內併購有顯著影響，就完成機率而言，公投後宣告之國內併購如涉及相對規模較大的被併方，完成機率更低。然而，若主併有過去併購經驗，則可提高完成機率。此外，公投後對涉及相對規模較大被併方之已完成國內併購案的長期績效產生正影響|若主併有過去併購經驗，即使併購最終沒有完成，公投仍對長期績效有正影響。就跨國併購案而言，總體因素則產生顯著影響，如被併國家為歐盟成員國，則公投後宣告之併購完成機率較高。