併購者品牌價值與併購交易價格關係－產業類別之干擾效果

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Title:	併購者品牌價值與併購交易價格關係－產業類別之干擾效果 The Relationship Between the Brand Value of the Acquirer and the Value of the M&A Transaction: the Moderatoring Effect of Industrial Distance
Authors:	孔憲禮
Contributors:	國際企業管理學系
Keywords:	併購者品牌價值併購交易價格產業一致性 acquirer's brand value M&A transaction price industry consistency
Date:	2022
Issue Date:	2023-03-21 14:24:38 (UTC+8)
Abstract:	併購活動於全球經濟發展中快速擴散，成為企業發展和擴張的重要方法。企業併購活動的成功關鍵在於併購交易價格，其涉及併購者營運績效優劣與直接影響股東獲利情形。過往研究專注於被併購者的價值，亟少探究併購者品牌價值；被併購者會因併購者需求高又有高的品牌價值，而開出高併購交易價格，拉升企業併購交易價格；亦無實證研究探討併購者與被併購者處於異同產業時，會因雙方資訊交換或資訊對不對稱原因，干擾併購者品牌價值與企業併購交易價格之關係。故用2009~2018年SDC資料庫的491,381筆紀錄，比對2008~2017年Interbrand公司公布的百大企業品牌價值，得到666筆有效數據，以多元迴歸分析模型進行分析併購者品牌價值與企業併購交易價格之關係？及併購者品牌價值及企業併購交易價格間與併購者及被併購者產業一致性的干擾關係？研究結果發現，併購者品牌價值正向影響併購交易價格；而產業一致性對於併購者品牌價值與併購交易價格間，無顯著的干擾效果。本研究結果是併購者品牌價值越高，會支付較高的併購交易價格，可協助企業在併購活動展開前，思考減少投資於經營品牌價值的資源，將支付較低的併購交易價格，亦可讓企業經營者有依據地去權衡投資於企業併購活動及經營品牌價值的實務作法。 Mergers and acquisitions have become an important method for corporate development and expansion. The key to the success of mergers and acquisitions is the price of the merger transaction. Previous research has not explored the brand value of the acquirer, nor has it studied that the acquirer regards the acquirer’s high demand and high brand value, and offers high M&A transaction prices to increase the price of M&A transactions. There is no empirical study on the similarities and differences between acquirers and acquirers. Industry, due to the asymmetry of information between the two parties, interferes with the brand value of corporate M&A transactions. Using 491,381 records in the SDC database from 2009 to 2018, comparing the brand value of the top 100 companies announced by Interbrand from 2008 to 2017, 666 valid data were obtained, and the multiple regression analysis model was used to analyze the merger and acquisition transaction price of the acquirer’s brand. The relationship? And the interference relationship between the acquirer’s brand value and the corporate M&A transaction price and the industry consistency of the acquirer and the acquired? The result of this research is that the higher brand value of the acquirer, the higher the price of the M&A transaction, which can assist the company in thinking about reducing the resources invested in the management of brand value before the start of the M&A activity, and will pay a lower M&A transaction price. Let business operators have a basis to weigh the practical practices of investing in corporate mergers and acquisitions and operating brand value.
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