隨著國際競爭壓力增加及國內金融環境開放，國內企業運用併購策略已成為企業成長之重要方法。其中併購支付方式決策由於受到許多企業內外在因素左右，諸如稅法規定、法令限制、外部監督力量要求、企業的資本結構及股東結構等因素，而對企業財務結構及股價有重大影響，進而牽動併購的效益。本文乃欲檢驗併購支付方式的各項決定因素，以及支付方式對股價的效果，以供企業作為決策之參考。 本文之研究係以民國86年至95年間宣告併購的國內上市櫃企業為對象，同時排除行業性質特殊之金融業，以Logit模型及複迴歸模型從事實證模型分析。 本文研究議題有二： 一.探討影響併購支付模式之決定因素為何?本文以支付方式之虛擬變數為應變數，以每股現金流量等為自變數。 二.探討併購支付模式對公司股價之影響為何? 本文以累積異常報酬率為應變數，以支付方式之虛擬變數為自變數。 本研究實證結果發現，支付方式之決定因素方面，相對規模、併購地點、外資持股比例、併購宣告時間及負債權益比達到顯著水準。其中作為風險分攤因素之代理變數中負債權益比及相對規模之實證結果，均顯示與預期相符，即併購風險愈大，主併公司傾向選擇以股票支付，而併購地點卻與預期相反；另外資持股比例越高，傾向採現金支付，亦與預期相符。又併購宣告時間在企業併購法公布以後者，併購企業傾向採用股票支付。在支付方式對公司股價影響方面，實證結果雖與預期相符，即現金支付之累進異常報酬較股票支付方式佳，但其結果並不顯著。 / With the increasing pressure from international competition and opening domestic economic environment, the strategy to Business Combinations has become a more and more important way to promote enterprise and economy progress. The strategy of payment for Merger & Acquisition depends much on the various internal and external enterprise factors, and it has an significant impact on the capital structure of enterprises and the price of Stock. It also influences the effectiveness of merging. The present study was designed to investigate the possible deterministic factors of the mode of payment for Merger & Acquisition and how the mode of payment affected the price of stock, which might provide a good reference for planning enterprise strategies. The data were collected from the domestic enterprises which declared to merge other enterprises between 1997 and 2006. The financial industry with special marketing characteristics was excluded. The Logit and multiple linear regression models were used for the analyses. The aims of the present study were: 1. To investigate the possible deterministic factors of mode of payment for Merger & Acquisition. A dummy variable regarding mode of payment was used as the dependent variable, and variables such as per cash flow were used as the independent variables. 2. To determine how mode of payment for mergers affected the price of stock. Cumulative abnormal return ratio (CAR) was used as the dependent variable, and a dummy variable regarding mode of payment was used as the independent variable. The results showed that RS, CROSS, FRG, Dyear and DE significantly determined the mode of payment. The results were in accordance with the concept of risk-sharing. The higher the risk of merging, the more tendencies that the main enterprise chooses to pay by stocks. The higher percentage of FRG, the more tendency that the main enterprise chooses to pay by money or cash. The main enterprise also tends to choose to pay by stocks when the time of merging was declared after the publication of the law. For the results of the effect of mode of payment on the stock price, the results were also under expectation. The CAR for payment by cash or money is better than that by stocks. However, this result was not statistically significant.

支付是商業交易活動中很重要的一環，是買家和賣家之間價值的交換。隨著經濟的發展，支付的需求日趨增長，也因此促使支付方式持續地進化發展。從最早的以物易物方式，以商品貨幣作為價值交換的媒介，到現金以錢幣紙幣的形態出現，一直到訊息通訊技術的蓬勃發展，在電腦和網路的普及下發展出許多線上支付的相關創新服務。支付領域經歷了一連串的演進轉變，現代生活中，市場上有非常多支付方式供我們選擇，我們能夠透過簡單的點擊操作快速完成線上付款，也能利用行動裝置輕易的在刷卡機前感應付款，在我們能夠方便快速地完成支付行為的同時，卻對於支付系統背後的實際運作不甚了解。此篇研究希望透過不同種類支付方式的解構來深入探討支付創新。 此篇研究以支付系統的角度建構了由支付活動參與角色所組成的架構圖，架構圖中包含了付款者、收款者、付款者的銀行、收款者的銀行、負責結算與清算的清算所與信用卡公司等角色。透過多重個案分析，研究多個支付服務案例，在架構圖中依步驟流程拆解、呈現其資訊流和金流，了解各種支付方式的實際運作過程，觀察各個支付系統及角色間互動合作的關係。不僅透過多個案例的流程解構與套用來強化、驗證此研究所建立的架構圖，針對每個挑選出的個案也進行深入分析，分別以付款者和收款者的角度，呈現相關關鍵特性包含支付服務的手續費及收款與付款的時間。此外，經過多重個案的深度觀察與解析，此研究也根據支付系統現況提出相關現象的討論。此篇研究提供一個解構支付服務的工具，希望透過多重個案的解析與觀察更深入了解支付創新。 / Payment is a crucial part of commercial activity that occurs in our daily lives. As an economy expands, the requirements of payment increase rapidly, which gives rise to the continuous evolvement of various payment methods. We have evolved from a barter system to the use of cash and paper-based payment instruments, to the advent of information communication technology (ICT) which contributes to online payments, along with the creation of many types of innovative payment methods. This process has been a series of innovations in payment domains. Although many payment methods currently exist, there is a limited understanding of how payment systems work and what actually happens when we pay with a single click online or complete the payment in a flash by placing a mobile phone close to a merchant point-of-sale terminal. This study is dedicated to deconstructing various kinds of payment systems to understand payment innovations in depth. To explore the information flow and cash flow operating in the ecosystem, this study develops a framework for analyzing a payment system based on the literature. The framework consists of a payer and payee who connect through transactions and launch a series of payment processes that include institutions such as the payer’s and payee’s bank, and intermediaries such as a credit card association, a settlement bank, and a clearing house that handles the clearing and settlement process. These components interact and cooperate to fulfill payment activities. The framework, which aims to illustrate the role that each component plays and how complicated payment systems work, is expected to cover all kinds of payment methods. We enhance and verify the framework by applying several cases for traditional and innovative payment methods. With these selected cases, we analyze payment processes between participants and clarify features relating to payment fees and time in respect to payers and payees. Through the observation of multiple cases, we also derive particular facts from the payment operation in the present ecosystem. We hope that the research will offer an instrument to better understand payment systems and provide an in-depth deconstruction and observation for payment innovation.

隨著全球化的趨勢，企業經營所面對的不僅是國內同業的競爭，更面臨國外同業的競爭。企業透過組織調整，在資金、人才以及經濟規模的議題，企業併購已成為近年來台灣之趨勢及風潮。企業進行併購活動熱絡時，對於企業之組織調整、轉型具有正面效益，可促使規模經濟，降低成本，發揮經營效率，提升國際競爭力。 本研究主要探討併購宣告、支付工具的選擇以及跨國因素之不同，對主併公司股東財富的影響。以民國89年1月1日至民國96年12月31日間，主併公司為台灣地區之上市櫃公司、標的公司為全球任一國家註冊之公司的所有併購事件，計有527個觀察值。採用事件研究法(event study)進行實證研究結果如下： 一、對主併公司股東而言，併購宣告效果 本研究以事件研究法進行實證分析，發現併購宣告日前後期間，對於主併公司股東財富有顯著正向異常報酬。但若拉長事件觀察期間，則變得不顯著。也就是主併公司的併購活動無法獲得營運綜效。 二、併購支付工具對主併公司股東財富之影響 本研究實證結果發現企業併購採用現金支付及混合支付，31天的事件期間對主併公司股東而言，皆呈現不顯著之正向平均累積異常報酬。採取換股支付則有不顯著之負向平均累積異常報酬。以混合式支付，於事件期間有正向不顯著平均累積異常報酬；於宣告日前後期間則有正向顯著平均累積異常報酬。 三、宣告國內併購及國際併購對主併公司股東財富之影響 本研究實證結果為國內併購中主併公司在31天的觀察期間，對於主併公司股東而言，僅於宣告日前後期間會有正向平均累積異常報酬，但是拉若拉長觀察期間，其結果並不顯著。國際併購則有不顯著之負向平均累積異常報酬。 / The issues on capital funding, people asset and business scoping are becoming more significant topics with the increasing activities in corporate merger and acquisition (M&A). It has been said that the corporate reorganization through M&A has positive effect within the business because of larger business scope and more efficient in cost management. The corporation will be able to compete better in the international market. This study will focus on the market reactions on the merger and acquisition announcement, the method of payment choice and domestic or international M&A. The observation study cover 527 M&A cases from year 2000 to 2007. The study result based on event study research method are as followed: 1. The M&A announcement result to acquiring company shareholders: The study shows significant remuneration to acquiring company shareholders’ wealth before and after the M&A announcement. Less significant once we observe the case at longer time period. The result shows that the acquiring company can not achieve synergy effect. 2. The wealth effect to shareholders with different means of payment: The study shows that the combination of cash payout and exchange of stocks and cash payment method shows insignificant positive accumulative abnormal return to shareholders within 31 days before and after the M&A. Settlement with only exchange of stocks shows insignificant negative cumulative abnormal return to shareholders. 3. The effect to shareholder’s wealth from announcing domestic M&A or international M&A: The study shows that in the case of announcing domestic M&A, the acquiring shareholders has positive cumulative abnormal return within the 31 days before and after the announcement. Once we observe longer period, the result is less significant. International M&A shows negative insignificant cumulative abnormal return.

企業併購的成敗，基本上應視其併購的策略性目標是否達成，然而策略性的目標往往只能從收購後整體的營運績效或投資收益來進行評估。事實上，企業併購即是一種投資活動，投資後的環境變化事先即難以掌握，如何有效的預防企業併購的風險問題，尤為進行併購規劃時重要的課題。本文嘗試以「代理問題」來解釋企業併購完成後的「雙方道德風險問題」，希望利用支付方式的財務規劃，有效的對企業併購完成後的道德風險作防範。 本文的主要目的在於，利用訊息理論中的代理模型（principal-agent model），研究企業併購雙方在「資訊不對稱」下，利用「雙方道德風險模型」（double-sided moral hazard model）的建立，規劃最適的支付方式設計，並對模型最適支付方式契約特性與影響因素作分析。設定企業併購的買方公司（the bidder）為所有人角色，目標公司（the target）為代理人角色，並且雙方公司皆為「風險趨避」的態度，以期望效用極大作為決策依據。買方公司基於「風險分散(risk- sharing)」與「契約誘因(incentives)」的考量，設計一種最適的「簡單線性支付方式」契約型態，綜合部分現金與部分股票支付的「混合性支付方式」，進行併購投資的要約行動。 模型的結果，買方公司所提出的最適目標公司持股比例，為雙方的風險趨避係數、公司價值的變異風險，以及雙方努力投入的成本係數所決定。並且進一步求出最適的努力水準，與最適現金支付金額，設計最適的股票與現金支付比例，以作為企業併購支付方式財務規劃的建議。 分析最適支付契約的比較靜態結果。在其他條件不變之下，(1) 若買方公司風險趨避態度增加時，買方公司將提高目標公司持股比例的契約設計，增加契約誘因強度，以避免承擔過多企業併購的不確定風險；(2) 當公司價值估計變異風險增加（外在不確定風險增加），若買方公司的風險趨避係數大於目標公司的風險趨避係數時，買方公司將增加目標公司持股比例作為要約；(3) 若買方公司的努力成本增加時，買方公司愈不願意付出努力水準，傾向於提高誘因機制給目標公司增加目標公司的持股比例作要約。 修正訊息結構的假設，引入契約中加入「承諾付出一定努力」的條款，加入「買方承諾」條款時，雙方道德風險的最適契約設計可以簡化為單方道德風險模型。加入「雙方承諾」的條款時，模型則可簡化成以「完全訊息」沒有道德風險問題的方式來分析。比較三個方面的差異：(1) 誘因強度大小的比較：在單方道德風險下，最適目標公司持股比例契約，將大於雙方道德風險模型下設計的最適契約；雙方道德模型則需視彼此道德風險問題的抵換，誘因強度不一定大於完全訊息模型。(2) 比較靜態結果比較：就影響方向而言，風險趨避係數變動，對不同訊息設計影響方向皆相同；外生誤差風險變動時，單方道德風險的影響則確定為負；至於努力成本的影響方向則不變。就影響大小而言，雙方道德風險模型誘因強度敏感性則恆小於單方道德風險模型的影響；與完全訊息的敏感程度大小則不一定。(3) 雙方期望效用總和比較：在雙方道德風險模型下，最適契約符合契約雙方期望效用確定等值極大的條件。 修正風險趨避特性的假設，探討風險中立假設下，最適的簡單線性支付契約適用性的問題。可得在風險中立情況下，只有雙方道德風險模型，混合性支付方式線性契約的誘因機制仍存在。最後，利用「制度性的比較靜態分析」，歸納出企業併購雙方道德風險問題下，當外生變數變動時，「完全現金支付」與「混合性支付方式」的選擇取捨。