併購之無形資產對併購後集團經營績效之影響

Influence of the Intangible Assets Acquired on the Group’s Performance

為取得目標公司之無形資產，企業會以高於目標公司股票市值之價格收購目標公司，但，以高於被收購者股票市值之價格取得其無形資產是否能在併購後為集團整體創造經濟附加價值，目前研究文獻尚無定論。故，本研究探討：因併購取得被收購者之無形資產是否有助於提升併購後集團整體之經濟附加價值?研究結果發現：在其他條件不變下，1.併購取得之無形資產(不包含商譽)顯著提升集團於併購後第一年及第三年之經濟附加價值；2.併購取得之商譽顯著地降低併購後第一年之經濟附加價值，此係因高額投資於被收購者之商譽造成集團承擔的資金成本較大，削弱創造經濟附加價值之能量，但，至併購後第三年，被收購者之商譽已可帶給集團未來經濟效益流入，顯著提升集團整體之經濟附加價值。此證實：就長期而言，以併購方式取得被收購者之無形資產，可提升集團股東們財富。

To acquire the intangible assets of the target company, the enterprise will acquire the target company at a price higher than the market value of the target company's stock, but current research literature has not achieved agreement on whether the acquisition of its intangible assets at a price higher than the market value of the target company's stock can create economic-added value for the group as a whole during the post-merger period. Therefore, this study explores: Does the acquisition of the acquiree's intangible assets through mergers and acquisitions help enhance the overall economic-added value of the group after the merger? The study results found that, given other conditions remaining unchanged, the intangible assets (excluding goodwill) acquired by mergers and acquisitions significantly increased the economic-added value of the group in the first and third years after acquisition. The goodwill obtained by mergers and acquisitions significantly reduced the economic added value in the first year after the acquisition, because the large capital cost borne by the group, resulting from the high investment in the goodwill of the acquiree, may weaken the ability to create economic-added value. However, in the third year after the acquisition, the goodwill of the acquiree can bring inflow of future economic benefits to the group and significantly enhance the economic- added value of the group as a whole. This confirms that, in the long run, acquiring the intangible assets of the acquiree through mergers and acquisitions can enhance the wealth of the group's shareholders.