本研究探討了現金持有量對新冠疫情期間收購方併購績效的影響。以美國 2014- 2023 年間進行併購交易的 425 間上市公司作為樣本，並採用事件研究法評估收購方 的累積異常報酬，對於過度投資假說和收購價格低估假說進行探討及驗證。過度投資 假說認為，現金充裕的企業在疫情期間可能會進行價值遞減的併購，因為管理層可能 出於自利動機而選擇保留現金，產生自由現金流量代理問題。相反地，收購價格低估 假說認為，新冠疫情帶來的危機為現金充裕的企業提供了目標公司價值被低估的收購 機會，進而提高併購績效。本研究發現，在新冠疫情期間，高現金持有量對併購績效 有顯著的正面影響，支持收購價格低估假說。然而，在非新冠疫情期間，高現金持有 量對併購績效有顯著的負面影響，顯示可能存在過度投資。

This study investigates the impact of cash holdings on the M&A performance of acquirers during the COVID-19 pandemic. Using a sample of 425 publicly traded U.S. companies that engaged in M&A transactions between 2014 and 2023, this research employs an event study methodology to evaluate acquirers' cumulative abnormal returns (CARs). This study examines both the overinvestment hypothesis and the underpricing hypothesis: the overinvestment hypothesis posits that cash-rich firms may engage in value-destroying acquisitions during the COVID-19 due to managerial self-interest motives, leading to a free cash flow agency problem. Conversely, the underpricing hypothesis suggests that the crisis created by COVID-19 provides cash-rich firms with opportunities to acquire undervalued targets, thereby enhancing M&A performance. The findings reveal that during the COVID- 19 pandemic, high cash holdings had a significant positive effect on M&A performance, supporting the underpricing hypothesis. However, in non-COVID periods, high cash holdings had a significant negative effect on M&A performance, indicating potential overinvestment.

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