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.

Made available in DSpace on 2016-03-15T19:26:09Z (GMT). No. of bitstreams: 1 Camila Moraes Russo.pdf: 1029391 bytes, checksum: bd7297ae73cb5ce31da7bd34b8d846c7 (MD5) Previous issue date: 2014-02-14 / The results produced by M&A transactions are object of recurrent study by the available literature on the subject since de seventies which points the mode of payment as playing an crucial role on value-creation, value-conservation or value-destruction in the perspective of the bidder s company shareholders at the post-announcement context. Specially concentrated in the U.S. market, empirical research hitherto produced generally concludes that stockfinanced transactions are potentially value-destructive or, at best, produce returns significantly close to zero while cash-financed transactions are, in general, value-creative. This study intents to analyze the topic of the mode of payment in M&A transactions and identify if stockfinanced takeovers can produce positive abnormal returns or at least not destroy value for the shareholders of the acquiring companies. Using a sample of 1604 M&A transactions performed in 40 target countries between 2000 and 2012, the present study confirms that takeovers paid in stocks of the bidder company are neutral (therefore don t destroy neither create value) on the case of been celebrated out of USA, UK and Canada those markets that emerged on the global M&A scenario since the end of the nineties. / Os resultados produzidos por transações de M&A são objeto de recorrente estudo na literatura produzida sobre o assunto desde a década de 1970 a qual aponta o meio de pagamento como exercendo um papel preponderante na geração, conservação ou destruição de valor para os acionistas das empresas adquirentes no contexto pós-anúncio da transação. Especialmente concentrada no mercado norte americano, a pesquisa empírica até aqui desenvolvida em geral conclui que as transações pagas em ações são potencialmente destruidoras de valor ou, quando muito, produzem retornos significativamente próximos de zero ao passo que transações pagas em dinheiro são, salvo exceções, geradoras de valor. O presente estudo propõe-se a analisar o tema do meio de pagamento em transações de M&A e identificar se transações pagas em ações podem produzir retornos anormais positivos ou ao menos não destruir valor para os acionistas das empresas adquirentes. Sob uma amostra de 1604 transações celebradas em 40 países alvo entre 2000 e 2012, o presente estudo confirma que transações pagas em ações são neutras (portanto não destroem nem geram valor) no caso de serem celebradas em países alvo fora do eixo Estados Unidos, Reino Unido e Canadá justamente aqueles mercados que emergiram no cenário mundial de M&A a partir do final da década de 1990.