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博碩士論文 etd-0623108-225030 詳細資訊
Title page for etd-0623108-225030
論文名稱
Title
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.
系所名稱
Department
畢業學年期
Year, semester
語文別
Language
學位類別
Degree
頁數
Number of pages
83
研究生
Author
指導教授
Advisor
召集委員
Convenor
口試委員
Advisory Committee
口試日期
Date of Exam
2008-06-14
繳交日期
Date of Submission
2008-06-23
關鍵字
Keywords
購併經驗、購併型態、主併者剩餘、購併績效
M&A types, M&A experiences, M&A performance, Acquirer’s slack
統計
Statistics
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中文摘要
Google購併Youtube,而微軟欲購併Yahoo以與其相抗衡。宏?眯韞h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?祫囧皉隤糷l、宏?祫囧眲?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。
Abstract
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.
目次 Table of Contents
致謝詞 I
圖目錄 III
表目錄 IV
摘要 V
ABSTRACT VI
第一章 緒論  1
第一節 研究背景 1
第二節 研究動機 4
第三節 研究問題與研究目的 6
第四節 研究流程 6
第二章 文獻探討 8
第一節 購併的定義與動機 8
第二節 購併經驗相關討論 22
第三節 購併型態相關探討 26
第四節 主併者剩餘相關探討 30
第三章 研究方法 31
第一節 研究對象 31
第二節 研究架構與假說推導 32
第三節 變數定義 36
第四節 統計分析方法 39
第四章 研究結果 41
第一節 敘述性統計分析 41
第二節 複迴歸模型之統計分析 46
第三節 小結  49
第五章 結論與建議 51
第一節 研究結論及發現 51
第二節 研究貢獻 53
第三節 研究限制 54
第四節 對未來研究之建議 55
參考文獻 56
附錄 63  
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