本文檢驗合併與收購中對目標公司資產重配置對綜效的影響。本文將常用之市價會計價值比拆分為長期基礎價值以及未備解釋部份，並預期在美國樣本中發現高長期基礎價值之主併公司購買低長期基礎價值之目標公司會有較高的綜效。此一效果應為對目標公司有形資產再配置所導致，是以其效果應與目標公司相對主併公司價值正相關。另一方面，對於主要牽涉無形資產轉移的購併，我們預期低長期基礎價值公司購併高長期基礎價值公司會產生較高的綜效。此一效果應為低基礎價值公司為尋求外部投資機會而導致。我們也將檢驗此一效果在台灣購併市場之效果。由於台灣以高科技產業為主，預期結果與無形資產轉移理論一致。本文預期發現揭示購併中對有形暨無形資產的配置之重要性，不但可以解決文獻中之爭議，也可彌補學術與實務界認知之落差。 ;We will examine which M&As facilitate a value increasing reallocation of the target’s assets as revealed by announcement stock returns. We decompose the M/B ratio into its fundamental and unexplained components and expect to find evidence of beneficial asset reallocation when acquirers with high long-term fundamental values buy low-value targets. However, this effect would be limited to deals that primarily reallocate physical capital and its magnitude increases with the size of the reallocated assets. In contrast, deals that involve substantial intangible asset transfer create value when low-value acquirers that are seeking external growth options buy high-value targets with quality projects. We will be also able to find external validation of the valuation effect of intangible asset by extending our study to Taiwan where majority of the merger deals involve high-tech firms. Our results would suggest that separating the two motives for mergers — reallocation of physical assets and reallocation of intangible assets — can reconcile conflicting evidence of wealth creation related to a positive valuation discrepancy between bidder and target, and can also explain the patterns of firm pairings in merger data that are contrary to conventional wisdom.
