The Study of Relationship between Takeover and Corporate Governance

[[abstract]]本研究針對台灣1991年至2001年之間曾發生被接管的55家上市上櫃公司為研究對象，並採用binary logistic regression將此類目標公司與配對樣本以1：1比率從事分析，研究被接管的上市公司是否在公司治理層面和財務績效上和配對樣本有所差異。並且試圖建構一套以公司治理為主軸的被接管行為預測模型。實證結果發現，就董監事會機制變數而言，董監事會持股比率和董監事會規模大小與被接管機率呈現負相關，而董事長是否兼任總經理則與被接管機率呈正相關。就股權結構變數而言，被接管機率和控制股東控制權偏離現金流量權程度呈現正相關，被接管機率則與金字塔結構與交叉持股是否存在呈正相關。除此之外，目標公司的規模大小也和被接管機率有著顯著的負向關係。在利用以上變數所建構之被接管行為預測模型對於正常公司與被接管公司的正確辨識率則為81.82%。這也呼應了Jensen(1993)和後續學者認為的當公司的治理情況不佳下，可能發生大股東侵占外部投資人的利益，而造成公司價值偏低，市場機制將更有可能對此類公司進行接管舉動，但被接管公司的績效在研究期間內則未能有顯著改善，顯示購併行為下的被併公司績效是否真有顯著提升仍有待商確。[[abstract]]By using the samples of 55 listed companies in Taiwan Stock Exchange from 1991 to 2001, this study employs a binary logistic regression model to construct a prediction model to examine the relations between corporate governance and takeover act. The evidences show as follows. The possibility of being takeover target is negatively related to the shareholdings and size of the director board. When the chairman and CEO is the same person, the company has greater possibility to be taken-over. The deviation of controlling shareholders’ voting rights from their cash flow rights and the existence of the pyramids and cross-holdings are all positively related to the possibility of being takeover target. However, the size of company has significant negative relationship with takeover probability. This prediction model containing corporate governance features has correctly classified 81.82% of the sample firms. This paper confirms the findings of Jensen (1993) and other studies. That is, when corporate governance performance is worsening, the company value is decreased, which induces the market mechanism of takeover