The Study of Relationships among Ownership Structure, Payment Method, and Performance of Mergers and Acquisitions

[[abstract]]本研究以1997-2006年間台灣上市上櫃公司曾發生購併事件的83家主併公司為研究對象，先利用事件研究法計算主併公司的累積平均異常報酬，再利用複迴歸分析，探討股權結構、支付方式與購併績效的關係。實證發現，購併時以股權交換支付方式對長期購併績效（Tobin Q值）有顯著負向影響，而對短期購併績效（累積平均異常報酬）則無影響。以現金支付方式對長期購併績效（Tobin Q值）與短期購併績效（累積平均異常報酬）皆無影響。此外，股權結構（控制股東的控制權減現金流量權偏離程度、控制股東涉入公司經營管理程度）不會影響支付方式對長短期購併績效的影響。此結果可提供政府主管機關、投資人與公司管理當局參考。[[abstract]]The 83 samples of mergers or acquisitions (M&As) from year 1997 to 2006 in Taiwan listed SEC and OTC companies are chosen as research objects. An events study method is used to calculate cumulative average abnormal returns. The relationships among ownership structure, payment method and performance of M&As are investigated by multiple regression model. The resultants show that stock payment has significantly negative influences on long- term performance (Tobin’s Q value), but has not influences on short-term performance (cumulative average abnormal returns). Cash payment has not influences on both long-term and short-term M&As performance. Additionally, the ownership structure (control rights exceed cash flow right, control shareholder is president or CEO) does not affect the effects of payment method on both long-term and short-term M&As performance. The governor, investor and management can make a reference to the research results