綜觀過去的文獻多發現購併事件的宣告效果為負,其可歸因於企業錯誤的投 資決策、高估綜效價值或是過度投資。在資本市場甚具影響力的三大法人中,外國 機構投資人憑藉著其國際投資經驗、財務專業及資源,其交易行為經常被認定隱含 高度的資訊內含價值,故本研究希冀探討外資買賣超與台灣上市主併公司長期營 運績效之關聯,以探究外資機構投資人交易是否隱含對主併公司長期營運績效品 質具有認證價值。
本論文以 2003 至 2011 年間進行購併的台灣上市企業為探討對象,排除金融 業的樣本,以外國機構投資人之累積買 (賣) 超股數占總流通在外股數做為交易指 標,並選用單位資本投入之經濟附加價值 (EVA/IC) 與單位資本投入之自由現金流 量 (FCF/IC) 做為長期營運績效指標,並首先以配對差異檢定進行分析。研究發現 外資機構投資人累積淨買超之主併公司的 EVA/IC 在購併後第二年顯著為負值,但 第三年有顯著之正值,在營益率未有起色時,投入資本週轉率有漸趨改善的表現; 與非購併同業相比較時,第三年有顯著之正值。FCF/IC 則於購併後第一年有顯著 負值,稅前淨營業利益的獲利表現較購併前顯著下降;與同業相比時,購併後第一 年有顯著正值,其投資支出較同業為低。其次,外資機構投資人累積淨賣超之主併 公司的 EVA/IC 則在 1~3 年均呈現顯著負值的表現,與同業相比時,均為不顯著之 負值;FCF/IC 在購併後第三年始出現顯著之正值。
為加入控制變數之考量,以複迴歸模型的實證結果發現:外國機構投資人淨買 (賣) 超與主併公司購併長期績效呈現不顯著的正向關係;外國機構投資人淨買超 之主併公司的購併後長期營運績效較購併前三年平均呈現不顯著的正向差異;外 國機構投資人淨買超之主併公司的購併後長期營運績效較非購併同業表現呈現不 顯著的正向差異。 / This study investigates the relationship between foreign institutional trading and the long-term operating performance of acquiring firms. The research is based on acquiring firms listed in Taiwan which announced merger and acquisition between 2003 and 2011. We use cumulative net buying of foreign institution to examine acquirer’s EVA/IC and FCF/IC as the indicator of the long-term operating performance in the three years period after the announcement of merger and acquisition. In the pair-t test, the results indicate that acquirers with net buy of foreign institution have significantly positive EVA/IC as compared to the premerger level and to the match firms in the third year, while exhibit significantly negative EVA/IC in the second year. The FCF/IC of the acquirers with net buy of foreign institutions have significantly negative value compared to the premerger level, but have significantly positive value compared to the match firms in the first year. In the regression analysis, the results indicate a near-all insignificant positive EVA/IC and FCF/IC in the three year period after merger and acquisition.
| Identifer | oai:union.ndltd.org:CHENGCHI/G1013570364 |
| Creators | 林仕翰, Lin, Shih Han |
| Publisher | 國立政治大學 |
| Source Sets | National Chengchi University Libraries |
| Language | 中文 |
| Detected Language | English |
| Type | text |
| Rights | Copyright © nccu library on behalf of the copyright holders |
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