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Author: 陳玉泰
Yu-Tai Chen
Thesis Title: 不同支付方式對上市公司併購績效之影響
The Impact Of Alternative Payment Methods On The Performance Of Listed Companies’M&A
Advisor: 謝劍平
Joseph C.P. Shieh
Committee: 劉代洋
Day-Yang Liu
陳俊男
Chun-Nan Chen
Degree: 碩士
Master
Department: 管理學院 - 財務金融研究所
Graduate Institute of Finance
Thesis Publication Year: 2021
Graduation Academic Year: 109
Language: 中文
Pages: 49
Keywords (in Chinese): 併購績效支付方式因子分析財務指標分析多元線性回歸
Keywords (in other languages): M&A Performance, Payment Method, Factor Analysis, Financial Index Analysis, Multiple Linear Regression
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  • 併購活動在中國乃至全球市場皆發展地如火如荼,越來越多的上市企業藉由併購來促進企業的成長與轉型。支付作為併購交易中的最後一環節顯得尤為重要,選擇何種支付方式是決定一宗併購案是否能成功的關鍵因素。本研究為了探討不同支付方式對主併公司企業績效的影響,先從大量國內外學者的文獻和MM理論、信號傳遞理論、風險分擔理論以及稅收理論出發,從中剖析不同企業選擇不同支付方式的原因以及會產生的影響,為後續的實證分析打下扎實的理論基礎。
    本研究以中國滬深A股2017年Wind金融終端資訊宣告完成併購的142家上市公司為研究樣本,使用了財務指標分析中的因子分析法和多元線性回歸法兩種研究方法進行實證分析。首先利用CSMAR數據庫搜集了2016年到2019年間各公司的十項財務指標,並通過因子分析法計算出各公司4年間併購績效的得分。其次探討了可能影響併購績效的其他因素,並將其作為控制變量建立了多元線性回歸模型,最終本研究得出以下結論:
    主併企業併購績效在併購事件發生後並未有顯著差異,僅有一半以上的企業績效短期內呈上升趨勢,長期來看併購績效的表現並不出色且趨於平緩;主併企業在選擇現金支付的方法下對公司績效造成顯著負相關影響;主併企業選擇股票支付的方式對公司發展呈正向顯著的影響,且相比現金支付更能使併購績效得到顯著的提升。
    最後,基於實際結論和中國併購市場現狀為併購參與者和相關政府機構在未來的併購活動中提供了建議,以促進併購績效的持續增長。
    關鍵字: 併購績效,支付方式,因子分析,財務指標分析,多元線性回歸。


    M&A activities are in full swing in China and even the global market. More and more listed companies have promoted their own growth and transformation through merger and acquisition. As the last link of M&A transaction, payment is particularly important, and the choice of payment method is the key factor to determine the success of M&A.
    This study, in order to explore different ways of payment for the main and the influence of corporate performance, starts with a large number of domestic and foreign scholars of literature and the MM theory, signaling theory, risk sharing theory and tax theory. It analyzes the reason why different enterprises choose different payment and the influence of produce, for follow-up to lay a solid theoretical foundation for empirical analysis. In this study, 142 listed companies in Shanghai and Shenzhen A-shares in China which were announced by Wind Financial Terminal Information and completed mergers and acquisitions in 2017 were taken as research samples, and the empirical analysis was carried out by using factor analysis and multiple linear regression methods in financial index analysis. Firstly, the CSMAR database was used to collect ten financial indicators of each company from 2016 to 2019, and factor analysis was used to calculate the score of M&A performance of each company in four years. Secondly, other factors that may affect the performance of M&A are discussed, and a multiple linear regression model is established with these factors as the control variables. Finally, the following conclusions are drawn from this study.
    After the M&A incident, there is no significant difference in the M&A performance of the acquiring company. Only more than half of the enterprises' performance shows an upward trend in the short term, but in the long run, M&A's performance is not outstanding, and it is usually flat. Under the cash payment mode, the acquiring company has a significant negative impact on the company's performance. The choice of stock payment has a significant positive impact on the development of the company, and can significantly improve the M&A performance compared with cash payment.
    Finally, based on the practical conclusions and the current situation of China's M&A market, it provides suggestions for M&A participants and relevant government agencies in future M&A activities, so as to promote the continuous growth of M&A performance.
    Keywords: M&A Performance, Payment Method, Factor Analysis, Financial Index Analysis, Multiple Linear Regression.

    中文摘要 I Abstract II 誌謝 III 目錄 IV 圖目錄 VI 表目錄 VII 第一章 緒論 1 1.1 研究背景及目的 1 1.2 研究方法及研究框架 2 1.2.1研究方法 2 1.2.2研究框架 3 1.3 研究的創新性與不足 3 第二章 文獻回顧 5 2.1國内外文獻綜述 5 2.1.1基於併購績效的相關研究 5 2.1.2基於支付方式的相關研究 6 2.2文獻評述 7 第三章 基礎理論及假説 9 3.1併購相關基礎概念 9 3.1.1併購支付方式類型 9 3.2併購支付方式的相關理論 10 3.2.1MM理論 10 3.2.2信號傳遞理論 10 3.2.3風險分擔理論 11 3.2.4稅收理論 12 3.3研究假説 12 第四章 研究設計 14 4.1樣本選擇及數據來源 14 4.1.1數據來源 14 4.1.2樣本篩選 14 4.2併購績效分析方法 16 4.2.1因子分析理論基礎 16 4.2.2變量選取及定義 18 4.2.3因子分析模型的建立 19 第五章 實證分析 21 5.1因子分析法的實證過程 21 5.1.1相關性驗證 21 5.1.2提取公因子 22 5.1.3旋轉後的成分矩陣 24 5.1.4因子得分及綜合結果 25 5.2實證分析的結果 27 5.2.1總樣本績效檢驗 27 5.2.2兩種支付方式績效檢驗 29 5.3基於不同支付方式下并購績效的多元綫性回歸 31 第六章 結論與建議 37 6.1研究結論 37 6.2建議與展望 39 參考文獻 40

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