The Long-Term Post-Merger Performance of Acquiring Firms：A research of new measure of financial performance and Stock Abnormal Returns

[[abstract]]近年來，世界各地的學者皆積極地以經濟利潤(Economic Profit；EP)來取代傳統的會計衡量指標，冀望藉由經濟附加價值(Economic Value Added；EVA)衡量出企業的真實價值，並且能清楚地定義企業的營運績效與股東價值創造的關聯性。且目前文獻中對於主併公司合併後之績效所持之意見相當分岐，我們使用民國九十一年二月六日所發佈之企業併購法來檢驗進行購併之上市、上櫃公司，發現主併公司之股東在合併後之兩年期間，股東財富有顯著地增加，且在樣本分類上，分別支持購併對股東財富有顯著地遞增效應。我們也檢驗市場反應合併訊息是否為緩慢，而實證結果發現市場反應合併宣告的訊息與效率市場假設相互衝突。 研究結果也顯示出，經濟附加價值(EVA)、目前營運價值(COV)、未來成長價值(FGV)與市場附加價值(MVA)存在其顯著正相關。此外，研究結果亦發現總投入資本(IC)、目前營運價值(COV)及未來成長價值(FGV)對市場附加價值(MVA)具有顯著的解釋能力。而正向的資本化EVA則顯著的低於50%，但正向的投入資本報酬率(ROIC)及正向的資本化MVA則顯著的高於50%。但資本化EVA、資本化MVA與投入資本報酬率(ROIC)對標準化異常報酬(SAR)卻沒有顯著的相關性。 最後主併公司於購併後之經濟附加價值(EVA)和股價報酬均較購併前有顯著地增加。足見投資人對我國企業進行購併活動具有其信心，且整體看來購併活動對股東財富的確能有所提昇。[[abstract]]ABSTRACT In recent years rather than using traditional accounting scholars in the world apply Economic Profit (EP) to hope to find the true value of enterprises with the Economic Value Added (EVA) and define clearly about the relationship between the operation performance of enterprises and shareholders' value And the existing literature on the post-merger performance of acquiring firms is divided We examine this issue using a sample of Taiwan's listed acquiring firms by the law of enterprise merger and acquisition which issued on 6 February 2002 We find that stockholders of acquiring firms suffer a statistically significant gain over the two-year post-merger period And subsamples also suggest the evidence We also examine whether the market is a slow adjustment to the merger event Our results do not consistent with the efficient market hypothesis The research results also show that Economic Value Added (EVA) Current Operating Value (COV) and Future Growth Value (FGV) are positively associated with Market Value Added (MVA) Besides we also find that Total Invested Capital (IC) Current Operating Value (COV) and Future Growth Value (FGV) are significant in cross-section regression The percentage of positive capitalized EVA over the two-year period is significantly lower than 50% Then the percentage of positive capitalized MVA and return rate of invested capital (ROIC) over the two-year period is significantly higher than 50% But standardized abnormal returns (SAR) are insignificant relationship between capitalized EVA capitalized MVA and return rate of invested capital (ROIC) iii Finally economic value added (EVA) and the stock of returns of acquiring firms have a statistically significant increase over the two-year post-merger than before We also find that investors have confidences in acquiring activities And stockholders of acquiring firms have a significant gain over the two-year post-merger perio