题名

外部治理機制是否足以抑制主併公司傲慢自大的價值破壞？

并列篇名

Does External Governance Mechanism Curb the Value-Destroying M&As of Hubris CEOs?

DOI

10.29698/FJMR.200909.0003

作者

廖俊杰(Chun-Chieh Liao)；陳家妤(Jia-Yu Chen)

关键词

傲慢自大 ； 過度自信 ； 外部治理 ； 企業併購 ； 價值破壞 ； hubris ； overconfidence ； external governance ； mergers and acquisitions ； value-destroying

期刊名称

輔仁管理評論

卷期/出版年月

16卷3期（2009 / 09 / 01）

页次

59 - 97

内容语文

繁體中文
中文摘要

本研究旨在針對主併公司股東長期平均報酬爲負值的現象，以行爲公司財務觀點，提出新的解釋方式，驗證傲慢假說(hubris hypothesis)或過度自信假說(overconfidence hypothesis)，是否也適用於台灣的併購市場。研究的樣本期間爲1993年到2003年，利用企業在併購事件日前的會計指標（相對ROA、相對ROE）及事件日前的相對股票報酬率，作爲衡量主併者是否傲慢自大。研究發現傲慢自大指標爲負值且具顯著性，顯示傲慢自大主併者，其併購後的異常報酬較低，且隨著事件窗口拉長負值愈大且顯著，顯示併購案並不能爲股東創造長期價值；而上述長、短期破壞股東價值的情況，可透過外部董事席次比率、外部大股東的存在，產生不同型式的調節效果。綜言之，主併公司外部治理機制可以抑制傲慢自大主併者的長、短期價值破壞行爲。研究中並進行健全性檢定，確認研究結論的健全性。
英文摘要

We examine the issue of hubris (over-confidence) about mergers and acquisitions (M&A) market in Taiwan. We measure past (excess) accounting performance and market return as a proxy for the likelihood of hubris. Using a panel dataset of acquirers in Taiwan from 1993 to 2003, we find that high hubris bidders have negative abnormal return subsequent to the M&A event, and the negative effect become more significant with longer event-window. We also examine the moderating effects of two sources of external monitoring (independent outside board members and external blockholders) on the relationship between CEO hubris/overconfidence and M&A performance. Results showed that outside blockholders and independent outside board play different moderating role. Our results are largely consistent with the hubris hypothesis where overconfident managers may engage in value-destroying M&A. We also perform several robustness tests to confirm the conclusion.
主题分类 社會科學 > 管理學
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