本研究的目的，在於檢視購併案產生後，企業的報酬是否會受到平均數復歸（Mean reversion）的影響，而逐漸回復到產業的平均報酬。並且分析主併公司與被併公司佔雙方總資產比例的高低差異，所受到的不同影響程度。
本次研究的樣本採用1987～2006年中的美國電子電機產業共77件購併案，並依照主併公司佔雙方總資產的比例不同，分成為兩個群集。將兩群集做比較分析。實證結果顯示，兩個群集均有顯著的平均數復歸現象。而主併佔雙方總資產比例較高的群集，在購併第一年即有顯著的優於產業平均報酬，而主併與被併資產相近的群集，則是於第四年開始才有顯著的績效改善。根據實證結果，我們做出以下的結論：
1.企業的報酬具有平均數復歸的特性，表現優良的公司會被他人學習，而使整體產業平均報酬逐漸提升，漸漸蠶食原先與產業平均之間的差距；相反的，表現不佳的公司亦透過學習，逐漸改善自己的績效，也使的整體產業平均報酬上升，最後雙方都將趨向產業的平均水準。
2.當研究者要分析企業遭受偶發性事件（如購併）的影響時，應當考慮平均數復歸的所帶來的效果。如果忽略了平均數復歸所帶來的效果，將會對事件產生的影響給予錯誤的解讀。
3.面對購併績效的研究時，必須移除平均數復歸的負面效果，如此才得以正確估計購併後的績效表現。且此時主併公司資產佔雙方資產比例較高者，於購併第一年就有明顯的績效改善的效果，而雙方資產相近者，則在購併成立後第四年開始才有較佳的績效表現。 / The purpose of this research is to look over the return of enterprise can receive influence from mean reversion on post-merger performance. And it analyzes the degree of influence on acquirer companies with different proportion in total assets of both acquirer and target companies.
The sample of this research adopts 77 cases of electronic and electrical equipment industry of U.S.A. in 1987- 200, take according to the proportion of total assets of acquirer company in both total assets of acquirer and target company, divide into two clusters. Make comparative analysis of these two clusters.
According to the empirical results, we make the following conclusions:
1.The return of enterprises has characteristic of mean reversion. Both well performed companies and worse performed companies will move toward the whole industry's average return.
2.As the researcher wants to analyze the influence of enterprises suffered from the sporadic incident (such as M&A), they should consider the phenomenon of mean reversion. Take off the negative result of the mean reversion in order to estimate correctly for the exactly performance after M&A.
3.The acquirer companies which total assets have a higher proportion in both acquirer and target companies, will have superior to industry average return apparently in first year, and the acquirer companies which total assets close to the target companies, will have apparent improvement in performances until the fourth year.
| Identifer | oai:union.ndltd.org:CHENGCHI/G0094351011 |
| Creators | 洪浩展 |
| 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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