Pacific-Basin Finance Journal, Volume 46, December 2017, Pages 292–308

台湾的产品市场竞争、并购类型及并购后的表现

作者：Yong-Chin Liu (Asia University, Taiwan, China), Hsiang-Ju Chen (National Taichung University of Science and Technology, Taiwan, China), Ming-Chang Su (Asia University, Taiwan, China)

摘要

本文研究了产品市场竞争，以及市场竞争和并购的类型(集中的或多元化的并购) 的相互作用对并购者的长期表现的影响。文献表明，市场竞争具有约束管理者的作用，迫使管理者高效运营。我们的主要假设是，对于集中的并购，由于多样化折扣现象，市场竞争对合并后的绩效有积极的影响，而多样化的并购可能会侵蚀并购后表现的竞争优势。以台湾上市公司的并购事件为样本，即使考虑到市场竞争的内生性以及只考虑非电子产品事件，我们的研究结果也是支持假设的。从市场竞争中产生的约束效应在整个样本中比较薄弱。稳健性检验证实了竞争所带来的有限的正面效应，因为只针对集中并购发现了收购溢价和竞争呈现负相关关系。

Product market competition, type of mergers, and post-merger performance in Taiwan

Yong-Chin Liu (Asia University, Taiwan, China), Hsiang-Ju Chen (National Taichung University of Science and Technology, Taiwan, China), Ming-Chang Su (Asia University, Taiwan, China)

ABSTRACT

This paper investigates the effect of product market competition, along with the interaction effect of market competition and the type of mergers and acquisitions (focused or diversified M&As) on an acquirer's post-merger long-term performance. Literature suggests that market competition has the function of disciplining managers and forcing them to operate efficiently. Our main hypotheses are that market competition has a positive effect on post-merger performance only for focused mergers due to the diversification-discount phenomenon, and that diversified mergers may erode the benefits of competition in post-merger performance. Using merger events for Taiwan's listed firms as a sample, the evidence supports our hypotheses, even when considering the endogeneity of market competition and considering only non-electronics events. The discipline derived from market competition tends to be weak across the whole sample. The robustness check confirms the limited positive effect of competition caused by finding a negative relation between acquisition premium and competition only for the focused M&As.

原文链接：http://www.sciencedirect.com/science/article/pii/S0927538X17301270

翻译：阙江静