學術產出-Theses

Article View/Open

Publication Export

Google ScholarTM

政大圖書館

Citation Infomation

  • No doi shows Citation Infomation
題名 台灣跨國併購與非跨國併購績效之研究
The Efficiency comparison between foreign and domestic acquicisions in Taiwan
作者 林佳蓉
Lin, Chia Jung
貢獻者 林良楓
林佳蓉
Lin, Chia Jung
關鍵詞 資料包絡分析法
併購
國內併購
跨國併購
績效
Data Envelopment Analysis
Merger and acquisition
Domestic acquisitions
Cross-Border acquisitions
Performance
Foreign acquisition
日期 2007
上傳時間 18-Sep-2009 20:04:03 (UTC+8)
摘要 本研究係以民國81年1月1日至民國90年12月31日間曾從事併購行為之國內53家上市櫃公司為研究樣本,取其併購前後五年之財務資料,利用資料包落分析法計算其整體技術效率、純技術效率、規模效率值,再依據目標公司是否位於國內為併購類型的分類標準,探討併購活動與併購類型是否影響主併公司績效。
本研究實證結果如下:
一、在不考慮併購類型的情況下,併購前後對於整體技術效率、純技術效率與規模效率呈現不顯著的正向關係,表示併購後效率雖然有提升,但未達顯著水準。
二、在未區別併購前後的情況下,雖然併購類型對於整體技術效率與純技術效率均呈正向關係,與規模效率則呈負向關係,但三種效率值皆未達到統計上顯著水準,表示進行國內併購與跨國併購的主併公司在效率上沒有太大差異。
三、跨國併購後在整體技術效率、純技術效率與規模效率均呈現正向關係,並且在整體技術效率與純技術效率達到統計上顯著水準,表示「國際化網路」假說確實存在。
In this research, we based on the companies that listed in Taiwan Security Exchange or the OTC which had domestic or foreign acquisitions over the period from 1992 to 2001. Using these firms’ five years financial data before and after acquisitions, we apply Data Envelopment Analysis to measure efficiency and compare the performance of firms following domestic or foreign acquisitions.
The major research finding as follows. First, if we do not consider the type of acqusiontion, domestic or foreign, the results denote that there is no efficiency difference before or after acquisitions. Second, after we control before or after acquisitions, the results demonstrate that there is no efference difference between domestic and foreign acquisions. Third, after we control the cross effects between acquisition time and acquisition types, the results show that after foreign acquisitions the merger companies increase efficiency significantly, which confirms “Positive Multinational Network Hypothesis”.
參考文獻 中文部分
方仕豪,1999,企業進行跨國購併後對經營效率與獲利能力之影響─以台灣主併公司為例,私立淡江大學國際貿易研究所未出版碩士論文。
方螢基,1990,企業合併策略對營運及績效影響之研究,,國立中山大學企業管理研究所碩士論文。
王佳宜,1995,我國企業購併後企業文化與綜效之關係研究,私立文化大學企業管理研究所未出版碩士論文。
王浚宇,2007 ,NBA外籍球員薪資與效率衡量之關聯性研究,國立政治大學會計研究所未出版碩士論文。
石月烘,1995,台灣併購標的公司財務績效之實證研究,私立淡江大學金融研究所未碩士出版論文。
朱心怡,1999,購併型態對股東財富影響之實證研究,東吳大學企業管理研究所未出版碩士論文。
吳美麗,1994,台灣製造業購併前後績效購併綜效與經營績效之實證研究,私立淡江大學管理科學研究所未出版碩士論文。
吳啟明,1984,企業合併之策略分析與財務評估-個案研究,國立台灣大學商學研究所碩士論文。
吳雅章,1982,營利事業合併經營之財務管理研究,國立政治大學企業管理研究所碩士論文。
李世豪,1998,企業併購成功與不成功群組綜效之研究,私立淡江大學會計研究所未碩士出版論文。
李淑芬,2005,企業購併前後之經營績效研究 ,國立成功大/高階管理碩士在職專班碩士論文。
林永隆,1998,企業購併在財務上之探討,國立中興大學企業管理研究所未出版碩士論文。
林坤正,1990,我國企業收購合併之策略分析與績效評估,私立中國文化大學企業管理硏究所未出版碩士論文。
林秋琴,2003,歐洲國家效率及生產力分析-資料包絡分析法之應用,國立政治大學會計研究所未出版碩士論文。
林嬋娟、吳安妮,1992,台灣企業併購綜效及績效之實證研究,會計評論,第26 期(4月):1-23。
林聰哲,1989,財務績效對企業合併經營決策影響之研究,私立東吳大學管理學研究所未出版碩士論文。
邱偉琳,2003,開放新銀行對我國金融業效率之影響,國立政治大學會計研究所未出版碩士論文。
洪宏達,2002,購併活動對主併公司經營績效之影響–以臺灣上市公司為例,國立中山大學財務管理學系研究所碩士論文。
胡慈容,2002,企業購併之長期績效評估,私立東海大學企業管理研究所碩士論文。
孫克難,1987,企業合併獎勵措施的成效調查與分析,企銀季刊,第十二卷,第4期(4月):28-42。
孫梅瑞,1999,國內上市公司從事公司購併活動對經營績效影響之研究,國立政治大學企業管理研究所博士論文,
孫梅瑞、陳隆麒,國內上市公司從事購併活動對經營績效影響之研究,中山管理評論,第十卷,第一期:155-184。
孫增松,2004,台灣TFT-LCD 產業生產力與效率分析。國立政治大學經濟學系碩士論文。
張曼成,1980,企業合併財務理論與我國合併現況之研究,國立成功大學工業管理研究所碩士論文。
張紹基、楊勝淵,2000,台灣企業購併實質效益之研究,管理學報,第十八卷,第一期(3月):1-21。
許淑瑋,2001,台灣企業購併後績效衡量之實證研究,國立臺灣大學財務金融研究所未出版碩士論文。
許嘉玲,2002,銀行合併後效率分析之檢定,國立逢甲大學經濟學研究所碩士論文。
陳匯中,1994,上市公司購併宣告對股東財富影響之研究,國立政治大學 企業管理研究所未出版碩士論文。
傅志偉,1988,收購與合併對公司營運績效影響之分析,國立中山大學財務管理學系未出版碩士論文。
黃仁正,2001,台灣上市公司併購動機,動機達成程度與經營績效之研究,私立東海大學企業管理研究所碩士論文。
楊家瑜,2006,專利權績效與公司價值之關聯性研究-以我國化學產業為例,國立政治大學會計研究所碩士論文。
葉秋美,1992,臺灣企業購併宣告對股東財富之影響,國立政治大學企業管理研究所未出版碩士論文。
廖怡婷,2004,我國上市(櫃)公司合併後長期績效之探討,國立中國文化大學會計研究所碩士論文。
廖國翔,2004,台灣、日本、南韓筆記型電腦產業績效分析與比較。國立政治 大學經濟學系碩士論文。
趙莊敏,2003,金融控股公司經營績效之衡量-DEA之應用,國立台北科技大學/商業自動化與管理研究所未出版碩士論文。
劉育秀,1993,購併決策影響購併綜效及經營績效之關鍵因素,管理會計,第二十五卷(10月):47-78。
潘思翰,2005,亞洲金融風暴對東亞國家效率及生產力分析–資料包絡分析法之應用,國立政治大學會計研究所未出版碩士論文。
蕭惠元,1996,購併活動對股價行為與會計資訊之影響─以台灣上市公司為例,私立東吳大學會計研究所未出版碩士論文。
蕭靜芳,2001,全球光通訊廠商購併之研究-DEA法之研究,國立交通大學管理科學研究所未出版碩士論文。
謝佩霓,2001,企業合併綜效及其影響因素之研究,私立銘傳大學國際企業管理研究所碩士論文。
謝惠貞,1997,併購活動對國內上市主併公司價值影響之研究,國立台灣大學會計研究所未出版碩士論文。
顏秀玲,1991,企業合併與財務績效關係間之研究,國立成功大學企業管理研究所碩士論文。
顏銘志,2000,以MVA、FCF 等新型指標衡量企業購併之財務績效,國立中正大學企業管理研究所碩士論文。
顏錫銘、彭一正,1993,台灣企業國際併購對股東財富影響之實證研究,台灣銀行季刊,第四十四卷,第2期(6月):139-171。
蘇祐霆,2002,評估企業之購併綜效與效能變動─以國內上市公司為例,國立屏東科技大學企業管理研究所碩士論文。
英文部分
Agrawal, A., J. F. J. and G. N. Mandelker. 1992. The post-merger performance of acquiring firms: Are-examination of an anomaly. Journal of Finance 47: 1605-1621.
Alan, G., and S. McCorriston. 2005. Foreign acquisitions by UK limited companies: short-and long-run performance. Journal of Empirical Finance 12 (January): 99-125.
Ansoff, H. I., R. G. B., F. E. P., and R. Radosevich. 1971. Acquisition Behavior of U.S.Manufacturing Firms. Vanclerbilt University Press: 1976-1965.
Asquith, P., R. Bruner and D. Mullin. 1983. The gains to bidding firms from merger. Journal of Financial Economics 11(1-4): 121-140.
Banerjee, A., amd E. W. Eckard. 1998. Are mega-mergers anticompetitive? Evidence from the first great merger wave. Rand Journal of Economics 29: 8.
Banker, R. D., A. C. Charnes, and W. W. Cooper. 1984. Some model for the Estimation of Technical and Scale Efficiencies in Data Envelopment Analysis. Management Science 30: 1078-1092.
Beattie, D. L. 1980. Conglomerate diversification and performance. Applied Economics 12: 379-393.
Beatty, C. A. 1994. Wanted: the perfect tiny acquisition. Business Quarterly(Summer): 51-59.
Cakici, N., H. C., K. Tandon. 1996. Foreign acquisitions in the united states: effect on shareholder wealth of foreign acquiring firms. Journal of Banking and Finance 20: 307-329.
Caves, R. E. 1989. Mergers, takeovers, and economic efficiency. International Journal of Industrial Organization 7: 151-174.
Charnes, A., W. W. Cooper, and E. Rhodes. 1978. Measuring the efficiency of decision making units. Europeans Journal of Operational Research 2 (6):429-444.
Chatterjee, R., A. M. 2000. The performance of UK firms acquiring large cross-border and domestic takeover targets. Working paper No. 07/00. Judge Institute of Management Studies Research Paper. Cambridge, UK.
Conn, R. C., and F. Connell. 1990. International mergers: Returns to US and British firms. Journal of Business Finance and Accounting 17: 689-711.
Conn, R. C., C. A., G. P., and A. Hughes. 2001. Long-run share performance of UK firms engaging in cross-border acquisitions. Working paper 214. University of Cambridge.
Conyon, M. J., S. G., S. T., and P. Wright. 2002. The productivity and wage effects of foreignacquisition in the United Kingdom. Journal of Industrial Economics 50: 85-102.
Corhay, A., and A. T. Rad.2000. International acquisitions and shareholder weath: Evidence from the Netherlands. International Review of Financial Analysis 9: 163-174.
Datta, D. K., and G. Puia. 1995. Cross-border acquisitions: An examination of the influence of related and cultural fit on shareholder value creation in US acquiring firms. Management International Review 35: 337-359.
Doukas, J., and N. G. Travlos. 1988. The effect of corporate multinationalism on shareholders` wealth: Evidence from international acquisitions. Journal of Finance 43: 401-417.
Eckbo, B. E., and K. S. Thorburn. 2000. Gains to bidder firms revisited: Domestic and foreign acquisitions in Canada. Journal of Financial and Quantitative Analysis 35 (1): 1-25.
Eun, C. S., K. R., C. Scheraga. 1996. Cross-borser acquisitions and shareholder wealth: Tests of thee synergy and internalization hypothesis. Journal of Banking and Finance 20: 1559-1582.
Farrell, M. J. 1957. The measurement of productive efficiency. Journal of Royal Statistical Society-Series 120: 253-290.
Fatemi, A., E. P. Furtado. 1988. An empirical investigation of the wealth effects of foreign acquisitions in: Kouri, S., Ghosh, A. (Eds.). Recent Developments in International Banking and Finance 2: 363-379.
Fowler L.K., and R.D. Schmidt. 1988. Tender offers, acquisition, and subsequent performance in manufacturing firm. Academy of Management Journal 31 (4): 962-974.
Frank, J., R. Harris and S. Timan. 1991. The post merger share-price performance of acquisitions. Journal of Finance 44: 41-57.
Girma, S., and H. G rg. 2002. Foreign ownership, returns to scale and productivity: Evidence frim UK manufacturing establishments. GEP Discussion Paper 3503.
Harris R. S., and D. Ravenscraft. 1991. The role of acquisitions in foreign direct investment: Evidence from the U.S. stock market. Journal of Finance 46: 825-44.
Healy, P. M., P., K. G., R. S., and R. S. Ruback. 1992. Does corporate performance improve after merger? Journal of Financial Economics 3: 135-175.
Hoshino, Y. 1982. The performance of corporate mergers in Japan. Journal of Business Finance and Accounting 9: 153-165.
Jensen, M.C. 1988. The takeover controversy: Analysis and evidence. Midland Corporate Finance Journal 4 (Summer): 27-39.
Kang, J. K. 1993. The international market foor corporate control. Journal of Financial Economics 34: 345-371.
Kim, E.H., and J. McConnell. 1977. Coporate mergers and the co-insurance of coporate debt. The Journal of Finance 32: 394-365.
Kitching, J. 1967. Why do merger miscarry? Harvard Business Review 45: 84-101.
Klaus, G., D. M., B. B. Y., and C. Zulehner. 2003. The effects of mergers: an international comparison. International Journal of Industrial Organization 21 (May): 625-653.
Kusewitt, J. B., and Jr. 1985. An exploratory study of strategic acquisition factors relating to performance. Strategic Management Journal 6 (Aprl/June): 151-169.
Lichtenberg, F. and D. Siegel. 1987. Productivity and changes in ownership of manufacturing plants. Brookings Papers on Economic Activity 3: 643-73.
Lichtenberg, F. and D. Siegel. 1990. The effects of leveraged buyouts on productivity and relates aspects of firm behavior. Journal of Financial Economics 27: 165-194.
Loughran, T., and A. M. Vijh. 1997. Do long-term shareholders benefit from coporate acquisitions? Journal of Finance 52: 1765-1790.
Markides, C. C., C. D. Ittner.1994. Shareholder benefits from coporate international diversification: Evidence from US international acquisions. Journal of International Business Studies 24: 343-366.
McGuckin, R., S. Nguyen, and A. Reznek. 1995. Theimpact of ownership change on employment, wagesand labour productivity in US manufacturing 1977-87.Center for Economic Studies, US Bureau of Census: 95-8.
McGuckin, R., S. Nguyen. 1995. On productivity and plant ownweship change: New evidence from Longitudinal Reaserch Database. Rand Journal of Economics 26: 257-276.
Mead, J. E. 1968. Is the new industrial state inevitable?. Economic Journal 78: 372-392.
Muller, D.C. 1985.Merger and market share. The Review of Economics and Statistics 67 (2): 259-267.
Olivier, B., H. Zitouna. 2005. Domestic versus cross-border acquisitions: which impact on the target firms` performance? Working paper No. 647.
Pfaffermayr, M. 1999. Ownership advantages, foreign production and productivity: Evidence from Astrian manufacturing firms. Review of Industrial Organization 15: 379-396.
Piscitello, L. and L. Rabbiosi. 2003. Medium term effects of foreign acquisitions upon the target companies’performance. mimeo.
Ramaswamy, K. P., and J. F. Waegelein. 2003. Firm financial performance following mergers. Review of Quantitative Finance and Accounting 20 (Mar): 115-126.
Ravenscraft, J. D., and F. M. Scherer. 1989. The profitability of mergers. International Journal of Industrial Organization 7: 101-116.
Richard, H., and C. Robinson. 2002. The effect of foreign acquisitions on total factor productivity: Plant-level evidence from U.K. manufacturing, 1987–1992. The Review of Economics and Statistics 84 (August): 562-568.
Salter, M. S. and W. A. Weinhold. 1978. Diversification via acquisition: creating value. Harvard Business Review 55 (July/August): 166-176.
Sara, B. M.,and F. P. Schlingemann. 2005. Global diversification and bidder gains: A comparison between cross-border and domestic acquisitions. Journal of Banking & Finance 29 (Mar): 533-564.
Shaked, A. M., and D. McClain. 1991. The foreign acquirer bonanza: Myth or reality? Journal of Business Finance and Accounting 18: 431-448.
Vester, J. 2002. Lessons learned about integrating acquisitions. Research technology management 45 (May/June): 33-41.
Wu, Y. 2004. Horizontal mergers, efficiency and capacity utilization: A DEA approach. Ph. D. dissertation, The University of Connecticut.
網站
全球台商服務網http://twbusiness.nat.gov.tw/asp/MandA01.asp
http://www.alberthsueh.com/index.php?load=read&id=6
描述 碩士
國立政治大學
會計研究所
95353016
96
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0095353016
資料類型 thesis
dc.contributor.advisor 林良楓zh_TW
dc.contributor.author (Authors) 林佳蓉zh_TW
dc.contributor.author (Authors) Lin, Chia Jungen_US
dc.creator (作者) 林佳蓉zh_TW
dc.creator (作者) Lin, Chia Jungen_US
dc.date (日期) 2007en_US
dc.date.accessioned 18-Sep-2009 20:04:03 (UTC+8)-
dc.date.available 18-Sep-2009 20:04:03 (UTC+8)-
dc.date.issued (上傳時間) 18-Sep-2009 20:04:03 (UTC+8)-
dc.identifier (Other Identifiers) G0095353016en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/36892-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 會計研究所zh_TW
dc.description (描述) 95353016zh_TW
dc.description (描述) 96zh_TW
dc.description.abstract (摘要) 本研究係以民國81年1月1日至民國90年12月31日間曾從事併購行為之國內53家上市櫃公司為研究樣本,取其併購前後五年之財務資料,利用資料包落分析法計算其整體技術效率、純技術效率、規模效率值,再依據目標公司是否位於國內為併購類型的分類標準,探討併購活動與併購類型是否影響主併公司績效。
本研究實證結果如下:
一、在不考慮併購類型的情況下,併購前後對於整體技術效率、純技術效率與規模效率呈現不顯著的正向關係,表示併購後效率雖然有提升,但未達顯著水準。
二、在未區別併購前後的情況下,雖然併購類型對於整體技術效率與純技術效率均呈正向關係,與規模效率則呈負向關係,但三種效率值皆未達到統計上顯著水準,表示進行國內併購與跨國併購的主併公司在效率上沒有太大差異。
三、跨國併購後在整體技術效率、純技術效率與規模效率均呈現正向關係,並且在整體技術效率與純技術效率達到統計上顯著水準,表示「國際化網路」假說確實存在。
zh_TW
dc.description.abstract (摘要) In this research, we based on the companies that listed in Taiwan Security Exchange or the OTC which had domestic or foreign acquisitions over the period from 1992 to 2001. Using these firms’ five years financial data before and after acquisitions, we apply Data Envelopment Analysis to measure efficiency and compare the performance of firms following domestic or foreign acquisitions.
The major research finding as follows. First, if we do not consider the type of acqusiontion, domestic or foreign, the results denote that there is no efficiency difference before or after acquisitions. Second, after we control before or after acquisitions, the results demonstrate that there is no efference difference between domestic and foreign acquisions. Third, after we control the cross effects between acquisition time and acquisition types, the results show that after foreign acquisitions the merger companies increase efficiency significantly, which confirms “Positive Multinational Network Hypothesis”.
en_US
dc.description.tableofcontents 謝辭 I
摘要 II
Abstract III
表目錄 V
圖目錄 VI
第一章 緒論 1
第一節 研究背景 1
第二節 研究動機 2
第三節 研究目的與問題 3
第四節 研究流程與架構 4
第二章 文獻探討 6
第一節 併購之定義與型態 6
第二節 相關文獻整理 7
第三章 研究設計 16
第一節 研究假說 16
第二節 研究樣本與資料來源 17
第三節 研究方法 18
第四節 研究變數定義衡量 22
第四章 實證結果與分析 29
第一節 敘述性統計 29
第二節 效率分析 30
第三節 敏感性分析 44
第五章 結論與建議 46
第一節 研究結論 46
第二節 研究建議 48
第三節 研究限制 49
參考文獻 50
附錄一 樣本公司 56
附錄二 敏感性分析 58
zh_TW
dc.format.extent 43423 bytes-
dc.format.extent 89593 bytes-
dc.format.extent 60568 bytes-
dc.format.extent 71937 bytes-
dc.format.extent 139678 bytes-
dc.format.extent 180992 bytes-
dc.format.extent 170496 bytes-
dc.format.extent 173577 bytes-
dc.format.extent 119362 bytes-
dc.format.extent 153719 bytes-
dc.format.extent 76354 bytes-
dc.format.extent 54603 bytes-
dc.format.mimetype application/pdf-
dc.format.mimetype application/pdf-
dc.format.mimetype application/pdf-
dc.format.mimetype application/pdf-
dc.format.mimetype application/pdf-
dc.format.mimetype application/pdf-
dc.format.mimetype application/pdf-
dc.format.mimetype application/pdf-
dc.format.mimetype application/pdf-
dc.format.mimetype application/pdf-
dc.format.mimetype application/pdf-
dc.format.mimetype application/pdf-
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0095353016en_US
dc.subject (關鍵詞) 資料包絡分析法zh_TW
dc.subject (關鍵詞) 併購zh_TW
dc.subject (關鍵詞) 國內併購zh_TW
dc.subject (關鍵詞) 跨國併購zh_TW
dc.subject (關鍵詞) 績效zh_TW
dc.subject (關鍵詞) Data Envelopment Analysisen_US
dc.subject (關鍵詞) Merger and acquisitionen_US
dc.subject (關鍵詞) Domestic acquisitionsen_US
dc.subject (關鍵詞) Cross-Border acquisitionsen_US
dc.subject (關鍵詞) Performanceen_US
dc.subject (關鍵詞) Foreign acquisitionen_US
dc.title (題名) 台灣跨國併購與非跨國併購績效之研究zh_TW
dc.title (題名) The Efficiency comparison between foreign and domestic acquicisions in Taiwanen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 中文部分zh_TW
dc.relation.reference (參考文獻) 方仕豪,1999,企業進行跨國購併後對經營效率與獲利能力之影響─以台灣主併公司為例,私立淡江大學國際貿易研究所未出版碩士論文。zh_TW
dc.relation.reference (參考文獻) 方螢基,1990,企業合併策略對營運及績效影響之研究,,國立中山大學企業管理研究所碩士論文。zh_TW
dc.relation.reference (參考文獻) 王佳宜,1995,我國企業購併後企業文化與綜效之關係研究,私立文化大學企業管理研究所未出版碩士論文。zh_TW
dc.relation.reference (參考文獻) 王浚宇,2007 ,NBA外籍球員薪資與效率衡量之關聯性研究,國立政治大學會計研究所未出版碩士論文。zh_TW
dc.relation.reference (參考文獻) 石月烘,1995,台灣併購標的公司財務績效之實證研究,私立淡江大學金融研究所未碩士出版論文。zh_TW
dc.relation.reference (參考文獻) 朱心怡,1999,購併型態對股東財富影響之實證研究,東吳大學企業管理研究所未出版碩士論文。zh_TW
dc.relation.reference (參考文獻) 吳美麗,1994,台灣製造業購併前後績效購併綜效與經營績效之實證研究,私立淡江大學管理科學研究所未出版碩士論文。zh_TW
dc.relation.reference (參考文獻) 吳啟明,1984,企業合併之策略分析與財務評估-個案研究,國立台灣大學商學研究所碩士論文。zh_TW
dc.relation.reference (參考文獻) 吳雅章,1982,營利事業合併經營之財務管理研究,國立政治大學企業管理研究所碩士論文。zh_TW
dc.relation.reference (參考文獻) 李世豪,1998,企業併購成功與不成功群組綜效之研究,私立淡江大學會計研究所未碩士出版論文。zh_TW
dc.relation.reference (參考文獻) 李淑芬,2005,企業購併前後之經營績效研究 ,國立成功大/高階管理碩士在職專班碩士論文。zh_TW
dc.relation.reference (參考文獻) 林永隆,1998,企業購併在財務上之探討,國立中興大學企業管理研究所未出版碩士論文。zh_TW
dc.relation.reference (參考文獻) 林坤正,1990,我國企業收購合併之策略分析與績效評估,私立中國文化大學企業管理硏究所未出版碩士論文。zh_TW
dc.relation.reference (參考文獻) 林秋琴,2003,歐洲國家效率及生產力分析-資料包絡分析法之應用,國立政治大學會計研究所未出版碩士論文。zh_TW
dc.relation.reference (參考文獻) 林嬋娟、吳安妮,1992,台灣企業併購綜效及績效之實證研究,會計評論,第26 期(4月):1-23。zh_TW
dc.relation.reference (參考文獻) 林聰哲,1989,財務績效對企業合併經營決策影響之研究,私立東吳大學管理學研究所未出版碩士論文。zh_TW
dc.relation.reference (參考文獻) 邱偉琳,2003,開放新銀行對我國金融業效率之影響,國立政治大學會計研究所未出版碩士論文。zh_TW
dc.relation.reference (參考文獻) 洪宏達,2002,購併活動對主併公司經營績效之影響–以臺灣上市公司為例,國立中山大學財務管理學系研究所碩士論文。zh_TW
dc.relation.reference (參考文獻) 胡慈容,2002,企業購併之長期績效評估,私立東海大學企業管理研究所碩士論文。zh_TW
dc.relation.reference (參考文獻) 孫克難,1987,企業合併獎勵措施的成效調查與分析,企銀季刊,第十二卷,第4期(4月):28-42。zh_TW
dc.relation.reference (參考文獻) 孫梅瑞,1999,國內上市公司從事公司購併活動對經營績效影響之研究,國立政治大學企業管理研究所博士論文,zh_TW
dc.relation.reference (參考文獻) 孫梅瑞、陳隆麒,國內上市公司從事購併活動對經營績效影響之研究,中山管理評論,第十卷,第一期:155-184。zh_TW
dc.relation.reference (參考文獻) 孫增松,2004,台灣TFT-LCD 產業生產力與效率分析。國立政治大學經濟學系碩士論文。zh_TW
dc.relation.reference (參考文獻) 張曼成,1980,企業合併財務理論與我國合併現況之研究,國立成功大學工業管理研究所碩士論文。zh_TW
dc.relation.reference (參考文獻) 張紹基、楊勝淵,2000,台灣企業購併實質效益之研究,管理學報,第十八卷,第一期(3月):1-21。zh_TW
dc.relation.reference (參考文獻) 許淑瑋,2001,台灣企業購併後績效衡量之實證研究,國立臺灣大學財務金融研究所未出版碩士論文。zh_TW
dc.relation.reference (參考文獻) 許嘉玲,2002,銀行合併後效率分析之檢定,國立逢甲大學經濟學研究所碩士論文。zh_TW
dc.relation.reference (參考文獻) 陳匯中,1994,上市公司購併宣告對股東財富影響之研究,國立政治大學 企業管理研究所未出版碩士論文。zh_TW
dc.relation.reference (參考文獻) 傅志偉,1988,收購與合併對公司營運績效影響之分析,國立中山大學財務管理學系未出版碩士論文。zh_TW
dc.relation.reference (參考文獻) 黃仁正,2001,台灣上市公司併購動機,動機達成程度與經營績效之研究,私立東海大學企業管理研究所碩士論文。zh_TW
dc.relation.reference (參考文獻) 楊家瑜,2006,專利權績效與公司價值之關聯性研究-以我國化學產業為例,國立政治大學會計研究所碩士論文。zh_TW
dc.relation.reference (參考文獻) 葉秋美,1992,臺灣企業購併宣告對股東財富之影響,國立政治大學企業管理研究所未出版碩士論文。zh_TW
dc.relation.reference (參考文獻) 廖怡婷,2004,我國上市(櫃)公司合併後長期績效之探討,國立中國文化大學會計研究所碩士論文。zh_TW
dc.relation.reference (參考文獻) 廖國翔,2004,台灣、日本、南韓筆記型電腦產業績效分析與比較。國立政治 大學經濟學系碩士論文。zh_TW
dc.relation.reference (參考文獻) 趙莊敏,2003,金融控股公司經營績效之衡量-DEA之應用,國立台北科技大學/商業自動化與管理研究所未出版碩士論文。zh_TW
dc.relation.reference (參考文獻) 劉育秀,1993,購併決策影響購併綜效及經營績效之關鍵因素,管理會計,第二十五卷(10月):47-78。zh_TW
dc.relation.reference (參考文獻) 潘思翰,2005,亞洲金融風暴對東亞國家效率及生產力分析–資料包絡分析法之應用,國立政治大學會計研究所未出版碩士論文。zh_TW
dc.relation.reference (參考文獻) 蕭惠元,1996,購併活動對股價行為與會計資訊之影響─以台灣上市公司為例,私立東吳大學會計研究所未出版碩士論文。zh_TW
dc.relation.reference (參考文獻) 蕭靜芳,2001,全球光通訊廠商購併之研究-DEA法之研究,國立交通大學管理科學研究所未出版碩士論文。zh_TW
dc.relation.reference (參考文獻) 謝佩霓,2001,企業合併綜效及其影響因素之研究,私立銘傳大學國際企業管理研究所碩士論文。zh_TW
dc.relation.reference (參考文獻) 謝惠貞,1997,併購活動對國內上市主併公司價值影響之研究,國立台灣大學會計研究所未出版碩士論文。zh_TW
dc.relation.reference (參考文獻) 顏秀玲,1991,企業合併與財務績效關係間之研究,國立成功大學企業管理研究所碩士論文。zh_TW
dc.relation.reference (參考文獻) 顏銘志,2000,以MVA、FCF 等新型指標衡量企業購併之財務績效,國立中正大學企業管理研究所碩士論文。zh_TW
dc.relation.reference (參考文獻) 顏錫銘、彭一正,1993,台灣企業國際併購對股東財富影響之實證研究,台灣銀行季刊,第四十四卷,第2期(6月):139-171。zh_TW
dc.relation.reference (參考文獻) 蘇祐霆,2002,評估企業之購併綜效與效能變動─以國內上市公司為例,國立屏東科技大學企業管理研究所碩士論文。zh_TW
dc.relation.reference (參考文獻) 英文部分zh_TW
dc.relation.reference (參考文獻) Agrawal, A., J. F. J. and G. N. Mandelker. 1992. The post-merger performance of acquiring firms: Are-examination of an anomaly. Journal of Finance 47: 1605-1621.zh_TW
dc.relation.reference (參考文獻) Alan, G., and S. McCorriston. 2005. Foreign acquisitions by UK limited companies: short-and long-run performance. Journal of Empirical Finance 12 (January): 99-125.zh_TW
dc.relation.reference (參考文獻) Ansoff, H. I., R. G. B., F. E. P., and R. Radosevich. 1971. Acquisition Behavior of U.S.Manufacturing Firms. Vanclerbilt University Press: 1976-1965.zh_TW
dc.relation.reference (參考文獻) Asquith, P., R. Bruner and D. Mullin. 1983. The gains to bidding firms from merger. Journal of Financial Economics 11(1-4): 121-140.zh_TW
dc.relation.reference (參考文獻) Banerjee, A., amd E. W. Eckard. 1998. Are mega-mergers anticompetitive? Evidence from the first great merger wave. Rand Journal of Economics 29: 8.zh_TW
dc.relation.reference (參考文獻) Banker, R. D., A. C. Charnes, and W. W. Cooper. 1984. Some model for the Estimation of Technical and Scale Efficiencies in Data Envelopment Analysis. Management Science 30: 1078-1092.zh_TW
dc.relation.reference (參考文獻) Beattie, D. L. 1980. Conglomerate diversification and performance. Applied Economics 12: 379-393.zh_TW
dc.relation.reference (參考文獻) Beatty, C. A. 1994. Wanted: the perfect tiny acquisition. Business Quarterly(Summer): 51-59.zh_TW
dc.relation.reference (參考文獻) Cakici, N., H. C., K. Tandon. 1996. Foreign acquisitions in the united states: effect on shareholder wealth of foreign acquiring firms. Journal of Banking and Finance 20: 307-329.zh_TW
dc.relation.reference (參考文獻) Caves, R. E. 1989. Mergers, takeovers, and economic efficiency. International Journal of Industrial Organization 7: 151-174.zh_TW
dc.relation.reference (參考文獻) Charnes, A., W. W. Cooper, and E. Rhodes. 1978. Measuring the efficiency of decision making units. Europeans Journal of Operational Research 2 (6):429-444.zh_TW
dc.relation.reference (參考文獻) Chatterjee, R., A. M. 2000. The performance of UK firms acquiring large cross-border and domestic takeover targets. Working paper No. 07/00. Judge Institute of Management Studies Research Paper. Cambridge, UK.zh_TW
dc.relation.reference (參考文獻) Conn, R. C., and F. Connell. 1990. International mergers: Returns to US and British firms. Journal of Business Finance and Accounting 17: 689-711.zh_TW
dc.relation.reference (參考文獻) Conn, R. C., C. A., G. P., and A. Hughes. 2001. Long-run share performance of UK firms engaging in cross-border acquisitions. Working paper 214. University of Cambridge.zh_TW
dc.relation.reference (參考文獻) Conyon, M. J., S. G., S. T., and P. Wright. 2002. The productivity and wage effects of foreignacquisition in the United Kingdom. Journal of Industrial Economics 50: 85-102.zh_TW
dc.relation.reference (參考文獻) Corhay, A., and A. T. Rad.2000. International acquisitions and shareholder weath: Evidence from the Netherlands. International Review of Financial Analysis 9: 163-174.zh_TW
dc.relation.reference (參考文獻) Datta, D. K., and G. Puia. 1995. Cross-border acquisitions: An examination of the influence of related and cultural fit on shareholder value creation in US acquiring firms. Management International Review 35: 337-359.zh_TW
dc.relation.reference (參考文獻) Doukas, J., and N. G. Travlos. 1988. The effect of corporate multinationalism on shareholders` wealth: Evidence from international acquisitions. Journal of Finance 43: 401-417.zh_TW
dc.relation.reference (參考文獻) Eckbo, B. E., and K. S. Thorburn. 2000. Gains to bidder firms revisited: Domestic and foreign acquisitions in Canada. Journal of Financial and Quantitative Analysis 35 (1): 1-25.zh_TW
dc.relation.reference (參考文獻) Eun, C. S., K. R., C. Scheraga. 1996. Cross-borser acquisitions and shareholder wealth: Tests of thee synergy and internalization hypothesis. Journal of Banking and Finance 20: 1559-1582.zh_TW
dc.relation.reference (參考文獻) Farrell, M. J. 1957. The measurement of productive efficiency. Journal of Royal Statistical Society-Series 120: 253-290.zh_TW
dc.relation.reference (參考文獻) Fatemi, A., E. P. Furtado. 1988. An empirical investigation of the wealth effects of foreign acquisitions in: Kouri, S., Ghosh, A. (Eds.). Recent Developments in International Banking and Finance 2: 363-379.zh_TW
dc.relation.reference (參考文獻) Fowler L.K., and R.D. Schmidt. 1988. Tender offers, acquisition, and subsequent performance in manufacturing firm. Academy of Management Journal 31 (4): 962-974.zh_TW
dc.relation.reference (參考文獻) Frank, J., R. Harris and S. Timan. 1991. The post merger share-price performance of acquisitions. Journal of Finance 44: 41-57.zh_TW
dc.relation.reference (參考文獻) Girma, S., and H. G rg. 2002. Foreign ownership, returns to scale and productivity: Evidence frim UK manufacturing establishments. GEP Discussion Paper 3503.zh_TW
dc.relation.reference (參考文獻) Harris R. S., and D. Ravenscraft. 1991. The role of acquisitions in foreign direct investment: Evidence from the U.S. stock market. Journal of Finance 46: 825-44.zh_TW
dc.relation.reference (參考文獻) Healy, P. M., P., K. G., R. S., and R. S. Ruback. 1992. Does corporate performance improve after merger? Journal of Financial Economics 3: 135-175.zh_TW
dc.relation.reference (參考文獻) Hoshino, Y. 1982. The performance of corporate mergers in Japan. Journal of Business Finance and Accounting 9: 153-165.zh_TW
dc.relation.reference (參考文獻) Jensen, M.C. 1988. The takeover controversy: Analysis and evidence. Midland Corporate Finance Journal 4 (Summer): 27-39.zh_TW
dc.relation.reference (參考文獻) Kang, J. K. 1993. The international market foor corporate control. Journal of Financial Economics 34: 345-371.zh_TW
dc.relation.reference (參考文獻) Kim, E.H., and J. McConnell. 1977. Coporate mergers and the co-insurance of coporate debt. The Journal of Finance 32: 394-365.zh_TW
dc.relation.reference (參考文獻) Kitching, J. 1967. Why do merger miscarry? Harvard Business Review 45: 84-101.zh_TW
dc.relation.reference (參考文獻) Klaus, G., D. M., B. B. Y., and C. Zulehner. 2003. The effects of mergers: an international comparison. International Journal of Industrial Organization 21 (May): 625-653.zh_TW
dc.relation.reference (參考文獻) Kusewitt, J. B., and Jr. 1985. An exploratory study of strategic acquisition factors relating to performance. Strategic Management Journal 6 (Aprl/June): 151-169.zh_TW
dc.relation.reference (參考文獻) Lichtenberg, F. and D. Siegel. 1987. Productivity and changes in ownership of manufacturing plants. Brookings Papers on Economic Activity 3: 643-73.zh_TW
dc.relation.reference (參考文獻) Lichtenberg, F. and D. Siegel. 1990. The effects of leveraged buyouts on productivity and relates aspects of firm behavior. Journal of Financial Economics 27: 165-194.zh_TW
dc.relation.reference (參考文獻) Loughran, T., and A. M. Vijh. 1997. Do long-term shareholders benefit from coporate acquisitions? Journal of Finance 52: 1765-1790.zh_TW
dc.relation.reference (參考文獻) Markides, C. C., C. D. Ittner.1994. Shareholder benefits from coporate international diversification: Evidence from US international acquisions. Journal of International Business Studies 24: 343-366.zh_TW
dc.relation.reference (參考文獻) McGuckin, R., S. Nguyen, and A. Reznek. 1995. Theimpact of ownership change on employment, wagesand labour productivity in US manufacturing 1977-87.Center for Economic Studies, US Bureau of Census: 95-8.zh_TW
dc.relation.reference (參考文獻) McGuckin, R., S. Nguyen. 1995. On productivity and plant ownweship change: New evidence from Longitudinal Reaserch Database. Rand Journal of Economics 26: 257-276.zh_TW
dc.relation.reference (參考文獻) Mead, J. E. 1968. Is the new industrial state inevitable?. Economic Journal 78: 372-392.zh_TW
dc.relation.reference (參考文獻) Muller, D.C. 1985.Merger and market share. The Review of Economics and Statistics 67 (2): 259-267.zh_TW
dc.relation.reference (參考文獻) Olivier, B., H. Zitouna. 2005. Domestic versus cross-border acquisitions: which impact on the target firms` performance? Working paper No. 647.zh_TW
dc.relation.reference (參考文獻) Pfaffermayr, M. 1999. Ownership advantages, foreign production and productivity: Evidence from Astrian manufacturing firms. Review of Industrial Organization 15: 379-396.zh_TW
dc.relation.reference (參考文獻) Piscitello, L. and L. Rabbiosi. 2003. Medium term effects of foreign acquisitions upon the target companies’performance. mimeo.zh_TW
dc.relation.reference (參考文獻) Ramaswamy, K. P., and J. F. Waegelein. 2003. Firm financial performance following mergers. Review of Quantitative Finance and Accounting 20 (Mar): 115-126.zh_TW
dc.relation.reference (參考文獻) Ravenscraft, J. D., and F. M. Scherer. 1989. The profitability of mergers. International Journal of Industrial Organization 7: 101-116.zh_TW
dc.relation.reference (參考文獻) Richard, H., and C. Robinson. 2002. The effect of foreign acquisitions on total factor productivity: Plant-level evidence from U.K. manufacturing, 1987–1992. The Review of Economics and Statistics 84 (August): 562-568.zh_TW
dc.relation.reference (參考文獻) Salter, M. S. and W. A. Weinhold. 1978. Diversification via acquisition: creating value. Harvard Business Review 55 (July/August): 166-176.zh_TW
dc.relation.reference (參考文獻) Sara, B. M.,and F. P. Schlingemann. 2005. Global diversification and bidder gains: A comparison between cross-border and domestic acquisitions. Journal of Banking & Finance 29 (Mar): 533-564.zh_TW
dc.relation.reference (參考文獻) Shaked, A. M., and D. McClain. 1991. The foreign acquirer bonanza: Myth or reality? Journal of Business Finance and Accounting 18: 431-448.zh_TW
dc.relation.reference (參考文獻) Vester, J. 2002. Lessons learned about integrating acquisitions. Research technology management 45 (May/June): 33-41.zh_TW
dc.relation.reference (參考文獻) Wu, Y. 2004. Horizontal mergers, efficiency and capacity utilization: A DEA approach. Ph. D. dissertation, The University of Connecticut.zh_TW
dc.relation.reference (參考文獻) 網站zh_TW
dc.relation.reference (參考文獻) 全球台商服務網http://twbusiness.nat.gov.tw/asp/MandA01.aspzh_TW
dc.relation.reference (參考文獻) http://www.alberthsueh.com/index.php?load=read&id=6zh_TW