摘要本文研究探討超額現金持有比率，對於主併公司併購宣告事件之績效表現影響。研究實證上使用事件研究方法作分析，併購事件樣本資料總共911件從2000年1月至2017年12月。另外，本文依據公司企業集團型態、產業型態及金融風暴時間點，將整體樣本區分為家族及非家族企業。 單變量實證結果發現，短期事件窗口下的超額現金持有，對於主併公司併購宣告事件之平均累積異常報酬為正向且顯著。家族企業部分，短期事件窗口下較高的超額現金持有，對於主併公司併購宣告事件之平均累積異常報酬為正向且顯著；非家族企業部分，短期事件窗口下較低的超額現金持有，對於主併公司併購宣告事件之平均累積異常報酬為正向且顯著。多變量實證結果發現，超額現金持有比率程度較高，對於主併公司併購宣告事件之績效表現都達到顯著水準且負向。家族及非家族企業部分，實證皆發現超額現金持有比率高的程度，對於主併公司併購宣告事件之績效表現呈現負向顯著。因此，本實證結果符合代理理論假說之觀點，公司超額現金持有對於主併公司併購宣告事件之績效表現呈負向關聯性。 AbstractThis paper is to explore the effect of excess cash holdings on firm performance in mergers and acquisitions. Using event-study methodologies with 911 mergers and acquisitions samples in Taiwan from January 2000 to December 2017. In addition, according to the characteristic of the type of company、industry and different financial storm period , we divided the whole sample into family or non-family firm. Firstly, we investigate that excess cash holdings degree affects mergers and acquisitions abnormal returns, results show that excess cash holdings will positively affect short-term cumulative abnormal returns. Moreover, in family or non-family company, we explore that excess cash holdings will positively affect short-term cumulative abnormal returns. Using financial variables, corporate governance variables and mergers and acquisitions variables, we find that excess cash holdings have a significant negative impact on cumulative abnormal returns during the short-term announcement date of mergers and acquisitions. Finally, in family and non-family firm section, we explore that excess cash holdings have a significant negative impact on cumulative abnormal returns during the short-term announcement date of mergers and acquisitions. Therefore, the empirical results are accepted with the agency theory hypothesis that excess cash holdings have a significant negative impact on cumulative abnormal returns during the short-term announcement date of mergers and acquisitions.
