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| 研究生： |
林品柔 Lin, Pin-Jou |
|---|---|
| 論文名稱： |
機構投資人共同持股對併購公司結果之影響 The Impact of Institutional Common Ownership on M&A Outcomes |
| 指導教授： | 邱健嘉 |
| 口試委員: |
黃嘉威
何柏欣 林智勇 顏汝芳 |
| 學位類別： |
碩士
Master |
| 系所名稱： |
商學院 - 財務管理學系 Department of Finance |
| 論文出版年： | 2026 |
| 畢業學年度： | 114 |
| 語文別： | 英文 |
| 論文頁數： | 74 |
| 中文關鍵詞： | 機構投資人共同持股 、併購 、公告期間報酬 、交易綜效 、水平併購 |
| 外文關鍵詞： | institutional common ownership, mergers and acquisitions, announcement returns, deal synergies, horizontal mergers |
| 相關次數： | 點閱：4 下載：0 |
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本研究探討機構投資人共同持股與併購結果之關係。以 2014 至 2023 年美國上市公司併購交易為樣本，結合 SDC Platinum、CRSP、Compustat 與 13F 機構持股資料，檢驗共同持股的形成因素及其與併購結果之關聯。
實證結果顯示，共同持股與機構持股比例及公司規模呈顯著正向關係。共同持股與收購溢價、併購後市場占有率變化、產業集中度變化及長期營運績效皆無顯著關聯；相較之下，其與較低的公告期股東報酬呈現較一致的負向關聯，尤其在被併公司股東報酬上最為明顯，交易綜效亦呈現較弱的負向證據。水平併購分析則顯示，市值加權共同持股與主併公司公告期報酬之間的負向關聯更為明顯。
整體而言，本文結果較不支持共同持股透過資訊分享或治理監督系統性改善併購結果的觀點，而較符合共同股東與單一公司股東之間可能存在利益不一致的解釋。
This study examines the relation between institutional common ownership and M&A outcomes. Using U.S. public M&A transactions announced between 2014 and 2023 and data from SDC Platinum, CRSP, Compustat, and 13F filings, the study analyzes the determinants of common ownership and its association with merger outcomes.
The results show that common ownership is positively associated with institutional ownership and firm size. Common ownership is not significantly associated with takeover premiums, postmerger changes in market share or industry concentration, or long-term operating performance. In contrast, it is more consistently associated with lower announcement-period shareholder returns, particularly for target shareholders, while the synergy results provide weaker negative evidence. In horizontal mergers, market-value-weighted common ownership is also associated with a stronger negative relation with acquirer announcement returns.
Overall, the findings provide limited support for the information-sharing or governancemonitoring view and are more consistent with potential misalignment between common shareholders and shareholders concentrated in a single firm.
Chapter 1 Introduction 7
1.1 Research Background and Motivation 7
1.2 Research Questions 9
1.3 Research Contributions 9
1.4 Thesis Structure 10
Chapter 2 Literature Review 11
2.1 Determinants of Institutional Common Ownership 11
2.2 Common Ownership, Information Sharing, and Governance Monitoring 11
2.3 Common Ownership and Shareholder-Interest Misalignment 12
2.4 Common Ownership and Product-Market Competition 13
2.5 Horizontal Mergers and Portfolio-Level Incentives 14
Chapter 3 Methodology and Data 15
3.1 Data Sources and Sample Selection 15
3.2 Institutional Common Ownership Measures 16
3.3 M&A Outcome Variables 16
3.4 Control Variables 18
3.5 Empirical Models 19
3.5.1 Determinants of Common Ownership 19
3.5.2 Common Ownership and M&A Outcomes 19
3.5.3 Horizontal-Merger Interaction Model 20
Chapter 4 Empirical Findings 21
4.1 Determinants of Common Ownership 21
4.2 Common Ownership and Deal Terms 22
4.2.1 Takeover Premium 22
4.2.2 Percentage of Stock Payment 23
4.3 Common Ownership and Announcement-Period Shareholder Wealth Effects 23
4.3.1 Target Announcement Returns 23
4.3.2 Acquirer Announcement Returns 24
4.4 Common Ownership and Combined Deal Synergy 25
4.5 Common Ownership and Product-Market Outcomes 26
4.6 Common Ownership and Long-Term Operating Performance 27
4.7 Horizontal-Merger Interaction Effects 28
Chapter 5 Discussion and Conclusion 29
5.1 Main Findings 29
5.2 Interpretation of the Results 31
5.3 Contributions 33
5.4 Practical and Policy Implications 34
5.5 Limitations 35
5.6 Conclusion 36
References 37
Table 39
Appendix A 67
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Azar, J., Schmalz, M. C., & Tecu, I. (2018). Anticompetitive effects of common ownership. The Journal of Finance, 73(4), 1513-1565.
Bernile, G., & Lyandres, E. (2019). The effects of horizontal merger operating efficiencies on rivals, customers, and suppliers. Review of Finance, 23(1), 117-160.
Bodnaruk, A., & Rossi, M. (2016). Dual ownership, returns, and voting in mergers. Journal of Financial Economics, 120(1), 58-80.
Brooks, C., Chen, Z., & Zeng, Y. (2018). Institutional cross-ownership and corporate strategy: The case of mergers and acquisitions. Journal of Corporate Finance, 48, 187-216.
Fathollahi, M., Harford, J., & Klasa, S. (2022). Anticompetitive effects of horizontal acquisitions: The impact of within-industry product similarity. Journal of Financial Economics, 144(2), 645-669.
Foros, Ø., Kind, H. J., & Shaffer, G. (2011). Mergers and partial ownership. European Economic Review, 55(7), 916-926.
Goranova, M., Dharwadkar, R., & Brandes, P. (2010). Owners on both sides of the deal: Mergers and acquisitions and overlapping institutional ownership. Strategic Management Journal, 31(10), 1114-1135.
Harford, J., Jenter, D., & Li, K. (2011). Institutional cross-holdings and their effect on acquisition decisions. Journal of Financial Economics, 99(1), 27-39.
He, J., & Huang, J. (2017). Product market competition in a world of cross-ownership: Evidence from institutional blockholdings. The Review of Financial Studies, 30(8), 2674-2718.
Hennig, J. C., Oehmichen, J., Steinberg, P. J., & Heigermoser, J. (2022). Determinants of common ownership: Exploring an information-based and a competition-based perspective in a global context. Journal of Business Research, 144, 690-702.
Huse, C., Ribeiro, R., & Verboven, F. (2024). Common‐Ownership Versus Cross‐Ownership: Evidence from the Automobile Industry. The Journal of Industrial Economics, 72(4), 1339-1359.
Mataigne, V., Manigart, S., & Luypaert, M. (2021). Acquisitions: A curse or blessing for direct competitors? The impact of target ownership structure. Journal of Corporate Finance, 69, 101988.
Matvos, G., & Ostrovsky, M. (2008). Cross-ownership, returns, and voting in mergers. Journal of Financial Economics, 89, 391-403.
Oldford, E., & Otchere, I. (2021). Institutional cross-ownership, heterogeneous incentives, and negative premium mergers. Review of Quantitative Finance and Accounting, 57(1), 321-351.
Xia, F. (2023). Common institutional ownership and mergers and acquisitions outcomes. Review of Quantitative Finance and Accounting, 60, 1429-1449.
全文公開日期 2031/08/23