| 摘要: | 本研究的主要目的是在探討公司在併購後綜效是否真的有產生？以及支付方式與相關產業併購是否又會影響到綜效？
本文實證結果顯示，在運用配對t檢定進行差異分析後發現，每股自由現金流量(FCF)呈顯著上升的趨勢，代表上市櫃公司從事併購後確實可提高公司的每股自由現金流量增額，也就是說，併購後確實會有綜效的產生。
本文也進一步探討影響綜效的相關因素，實證結果顯示，就經營效率面而言，應收帳款週轉率呈現顯著負相關，主要是因為公司在併購後，營收額及應收帳款金額會比併購前高，公司管理當局若無法有效管控應收帳款的話，會有流於呆帳的情況發生，故併購後如欲彰顯其經營績效，則應想辦法降低其應收帳款週轉率。就償債能力面而言，現金流量比率呈現顯著的正相關，代表公司的償債能力愈佳，在併購後經營績效改善程度愈大。在獲利能力面而言，資產報酬率呈顯著負相關，主要是由於主併公司經理人往往基於自利動機，而從事一些無效率的投資行為。在相關產業方面則不顯著，代表公司採相關產業併購時並不會有較好的綜效產生。就併購支付方式而言，實證結果顯示，現金支付方式與其他類型支付方式相比，沒有明顯的差異產生。
The main purpose of this study is to investigate the company after the merger to generate synergies really have? And payment of related industry whether the takeover would affect the synergy?
Empirical results show that the use of paired t-test variance analysis found that free cash flow per share (FCF) showed a significant upward trend, on behalf of all listed companies engaged in mergers and acquisitions after the increase in volume can indeed increase the amount of free cash flow per share of the company, in other words, there will indeed generate synergies after the merger.
This article also further explore the synergies of the relevant factors, the empirical results show that on the surface in terms of operational efficiency, accounts receivable turnover ratio presented significant negative correlation, mainly because the company after the acquisition, the amount of revenues and receivables higher than before the merger, the Company's management, if not effectively control accounts receivable, the situation will flow to the occurrence of bad debt, so wish to highlight its operating performance after the acquisition, it should find ways to reduce its accounts receivable turnover rate.
On the solvency side, the cash flow ratio (CF) presented significant positive correlation, on behalf of the company's solvency more good, operating performance after the acquisition, the greater the degree of improvement. In terms of profitability side, return on assets was a significant negative correlation was mainly due to primary and company managers are often based on selfish motives, and to engage in inefficient investment behavior. In related industries is not significant, on behalf of the company would not have taken better synergies generated when the relevant industry mergers and acquisitions. Payment on the acquisition, the empirical results show that cash payments compared to other types of payment, produced no significant difference. |
