篇名 | 高階主管股票選擇權、現金持有與併購決策 |
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卷期 | 31:1 |
並列篇名 | Executive Stock Options, Corporate Cash Holdings and M&A Decisions |
作者 | 黃幼琳 、 陳嬿如 、 陳佰弦 |
頁次 | 071-116 |
關鍵字 | 高階主管股票選擇權 、 現金持有 、 企業併購 、 executive stock options 、 corporate cash holdings 、 mergers and acquisitions 、 Scopus 、 TSSCI |
出刊日期 | 202104 |
DOI | 10.6226/NTUMR.202104_31(1).0003 |
本研究探討現金持有於高階主管股票選擇權(ESOs)誘發之風險承擔行為之影響,以企業併購作為衡量指標。實證發現公司持有超額現金將有助於提升高階主管因ESOs風險誘因而進行併購決策之機率。當持有超額現金,高階主管因ESOs而進行併購之機率顯著高於未持有超額現金公司之併購機率,差異約達7.58%。同時,超額現金對於因ESOs而進行併購決策之正向影響,在低負債企業與隸屬舊經濟產業之公司中較為明顯。此外,透過宣告效果與績效表現之分析,市場對於超額現金公司因ESOs而併購之決策較傾向認定為預防性動機所致。雖此決策將有助公司未來營運績效,但市場如何衡量其併購後評價仍取決於其公司治理環境。
This study examines the effect of corporate cash holdings on the risk-taking activities induced by executive stock options (ESOs). Using mergers and acquisitions (M&As) as the proxy of corporate decisions more associated with idiosyncratic risk taking, we find excess cash holdings stimulate the M&A bidding probability induced by the risk incentive of ESOs (vega). The probability of conducting ESOs-induced M&As in cash-rich firms is 7.58% higher than that in non-cash-rich firms. The positive impact of excess cash on the ESOs-induced M&A decisions is more pronounced in firms with low leverage and those in the old economy. Through analyses of the announcement effect and the one-year profitability effect, our results show the market considers the ESOs-induced M&A decisions made by cash-rich firms are more associated with precautionary motives rather than agency incentives. However, while cash-rich firms undertaking ESOs-induced M&As have better profitability than those not conducting ESOs-induced M&As, how the market assigns future valuations to cash-rich firms conducting ESOs-induced M&As still depends on the corporate governance environment of these firms.