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購併經驗、購併型態與主併者剩餘對台灣企業購併績效的影響

M&A experiences, M&A types, and acquirer s slack s impact on Taiwan enterprises M&A performances.

作者：陳冠勳
畢業學校：國立中山大學
出版單位：國立中山大學
核准日期：2008-06-26
類型：Electronic Thesis or Dissertation
權限：Copyright information available at source archive--National Sun Yat-sen University....

中文摘要

Google購併Youtube，而微軟欲購併Yahoo以與其相抗衡。宏碁於去年（2007）年10月底宣告購併美國第四大電腦製造商捷威（Gateway）。以上是海內外最近的大型購併案之代表。企業透過購併成長，是近來的趨勢，但是否所有購併案件都會成功的為主併者帶來正面績效，答案是否定的。舉凡明碁購併西門子、宏碁購併美國康點（Counter Point）公司均告失敗。因此，本研究整理過去國內外相關文獻，針對台灣企業為主併者之購併案件，以1997年至2006為研究範圍，探討購併經驗、購併型態以及主併者剩餘對購併績效的影響，期望找出影響台灣產業購併行為的因素是否同於國外產業。
本研究使用複迴歸模型，有5個自變數，分別為購併次數、購併型態、負債比率、FCF ratio以及銷售規模；而績效變數方面，本研究採用三個應變數來探討各個面向的績效指標，分別為單位員工產值、總資產報酬率以及稅後盈餘。
研究結果顯示，本研究假設購併經驗及購併型態對購併績效有顯著影響，為不成立。而主併者剩餘方面，針對三個應變數均有顯著性影響的只有銷售規模，而應變數為總資產報酬率時，FCF ratio對其有顯著性影響，其他均無顯著影響。這代表影響國內產業購併結果的因素不同於國外產業。

英文摘要

Google merged Youtube, Microsoft wants to merge Yahoo to compete. ACER declared in October 2007 that it merged the fourth largest computer manufacturer in US: Gateway. Above are the representatives of big merger and acquisition cases. Enterprises grow up through M&A is a trend recently, but are all the M&A cases bringing positive performances? The answer is negative. We can prove that through the cases of BENQ-Siemens and Acer-Counter Point which all ends in failure. Therefore this research reviewed related literatures and focused on the cases that serve Taiwan enterprises as the merger & acquirer between 1997 and 2006. In order to examine whether M&A experiences, types and acquirer s slack will affect M&A performance or not and to find out whether the factors affecting Taiwan enterprises to conduct M&A are the same with overseas firms or not.
This research used multiple-regression model which have five independent variables  M&A times, types, debt ratio, FCF ratio and sale scale. On the other hand, this research utilized 3 dependent variables to compare different point of view on performance, they are unit employee output value, return of total assets and income after taxes.
The results show that the hypothesis that M&A experiences and types will have significant impact on M&A performance is rejected. On acquirer s slack, only sale scope has significant impact on M&A performance. When serving ROA as dependent variable, FCF ratio has significant impact, while others possess insignificant loadings. These results told us that the factors of M&A behaviors in Taiwan are different from overseas firms.

同指導教授( 僅台灣地區 )

同中文關鍵字( 僅台灣地區 )

同英文關鍵字


委員 - 蔡憲唐

指導教授 - 曾志弘

召集委員 - 黃北豪

指導教授 - 方至民


M&A types

M&A experiences

M&A performance

Acquirer’s slack

購併經驗

購併型態

主併者剩餘

購併績效

 

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