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題名 跨國併購經驗對併購表現影響之研究- 以台灣企業跨國併購為例
Effects of M&A Experience on M&A Performance in Cross-Border M&A: An Empirical Study of Taiwanese Companies
作者 莊雅涵
貢獻者 譚丹琪
莊雅涵
關鍵詞 跨國併購經驗
跨國併購績效
事件研究法
異常報酬
日期 2016
上傳時間 11-Jul-2016 16:53:49 (UTC+8)
摘要 本論文以1988年至2014年間，主併公司為台灣上市櫃公司、且目標公司為台灣以外地區，經篩選後剩下97筆資料為研究樣本，檢視跨國併購事件中，地區相關與非相關併購對其股價報酬之影響，並進一步研究主併公司之跨國併購經驗對其併購績效是否有正面影響。研究過程為使用事件研究法研究出主併公司從事跨國併購所得之異常報酬做為主併公司之併購績效的依據之後，再以迴歸分析驗證其跨國併購經驗對其跨國併購績效之影響。本研究發現主併公司之地區相關併購經驗與其併購績效之間呈現倒U型關係，此結果反映主併公司之地區相關併購經驗與當前併購績效存在一最適點，併購經驗一開始對於主併公司當前併購績效為正向影響，然後過最適點之後，反而因為過度自信、併購經驗時間差、能力陷阱、企業迷信的學習等原因，導致併購績效下降。
參考文獻 參考文獻
一、 中文資料
王志誠(1990)，「企業併購與收買之研究-法律與經濟令預知交錯」，《法律評論》，第56卷12期，頁28
王精偉等作;游明德主編(2011)，「企業併購策略與最佳實務」，資誠教育基金會，台北市
全國法規資料庫，「企業併購法」，2016年5月15日，http://law.moj.gov.tw/LawClass/LawAll.aspx?PCode=J0080041
全國法規資料庫，「公平交易法」，2016年5月15日http://law.moj.gov.tw/LawClass/LawAll.aspx?PCode=J0150002
吳安妮(1992)，「台灣企業併購動機之實證研究」，《管理評論》，1992年11月，頁1-28
胡杰武、張秋生、胡靓(2012)，「區域產業整合及經濟增長研究-基於跨區域併購視角」，《中國軟科學》，第6期，頁167-174
黃力行(2014)，「企業併購歷程中有效進行管理模式再造之探討-以鴻海併購建漢為例」，國立中央大學管理學院
陳慧聰、賴秉彥、張國雄(2005)，「國際企業管理」，學富文化，台北市
朝鮮日報，「海外企業併購日371兆韓元中345兆韓8兆」，2016年2月18日，http://dailynews.sina.com/bg/news/int/chosun/20160218/21397188643.html
資誠台灣，「2015海外併購白皮書」，2015年6月28日，http://www.pwc.tw/zh/news/press-release/press-20150525.jhtml
龍潭、廖勇凱(2011)，「企業策略管理」，智勝文化，台北市

二、 英文資料
Amihud, Y. & B. Lev, “Risk Reduction as a Managerial Motive for Conglomerate Mergers,” Bell Journal of Economics, Autumn(1981): 605-617.
Andersson, U., J. Johanson, & J. E. Vahlne, “ Organic Acquisitions in the Internationalization Process of the Business Firm,” Management International Review, Special Issue 2(1997): 67-84.
Argote, Linda, and Ella Miron-Spektor. "Organizational Learning: From Experience to Knowledge." Organization Science 22.5 (2011): 1123-137.
Barkema, Harry G., John H. J. Bell, and Johannes M. Pennings. "Foreign Entry, Cultural Barriers, And Learning." Strategic Management Journal 17.2 (1996): 151-66.
Basuil, Dynah A., and Deepak K. Datta. "Effects of Industry- and Region-Specific Acquisition Experience on Value Creation in Cross-Border Acquisitions: The Moderating Role of Cultural Similarity." Journal of Management Studies 52.6 (2015): 766-95.
Bruton, G. D., B. M. Oviatt, and M. A. White. "Performance Of Acquisitions Of Distressed Firms." Academy of Management Journal 37.4 (1994): 972-89.
Chakrabarti, Rajesh, Swasti Gupta-Mukherjee, and Narayanan Jayaraman. "Mars–Venus Marriages: Culture and Cross-border M&A." Journal of International Business Studies 40.2 (2008): 216-36.
Datta, Deepak K. "Organizational Fit and Acquisition Performance: Effects of Post-acquisition Integration." Strategic Management Journal 12.4 (1991): 281-97.
Gaur, A. S., and J. W. Lu. "Ownership Strategies and Survival of Foreign Subsidiaries: Impacts of Institutional Distance and Experience." Journal of Management 33.1 (2007): 84-110.
H. Kiymaz and H. Kent Baker, "Short-Term Performance, Industry Effects, and Motives: Evidence from Large M&As ", Quarterly Journal of Finance and Accounting 47.2 (2008):17-44
Haleblian, J., and N. Rajagoplan. "The Influence Of Acquisition Experience And Performance On Acquisition Behavior: Evidence From The U.s. Commercial Banking Industry." Academy of Management Journal 49.2 (2006): 357-70.
Hayward, Mathew L. A. "When Do Firms Learn from Their Acquisition Experience? Evidence from 1990 to 1995." Strategic Management Journal 23.1 (2001): 21-39.
Heimeriks, Koen H., and Geert Duysters. "Alliance Capability as a Mediator Between Experience and Alliance Performance: An Empirical Investigation into the Alliance Capability Development Process." Journal of Management Studies 44.1 (2007): 25-49.
Kroll, Mark, Peter Wright, Leslie Toombs, and Hadley Leavell. "Form Of Control: A Critical Determinant Of Acquisition Performance And Ceo Rewards." Strategic Management Journal 18.2 (1997): 85-96.
Kusewitt, John B. "An Exploratory Study of Strategic Acquisition Factors Relating to Performance." Strategic Management Journal 6.2 (1985): 151-69.
Lee, Tung-Jean, and Richard E. Caves. "Uncertain Outcomes of Foreign Investment: Determinants of the Dispersion of Profits After Large Acquisitions." Journal of International Business Studies 29.3 (1998): 563-81.
Lei, D. "Dynamic Core Competences through Meta-Learning and Strategic Context." Journal of Management 22.4 (1996): 549-69.
Levitt, Barbara, and James G. March. "Organizational Learning." Annual Review of Sociology 14.1 (1988): 319-38. Web.
Lubatkin, Michael. "Merger Strategies and Stockholder Value." Strategic Management Journal 8.1 (1987): 39-53.
Mark L. Sirower. “The Synergy Trap: How Companies Lose the Acquisition Game.” New York: The Free Press, 1997.
Markides, Constantinos C., and Christopher D. Ittner. "Shareholder Benefits from Corporate International Diversification: Evidence from U.S. International Acquisitions." Journal of International Business Studies 25.2 (1994): 343-66.
Nadolska, Anna, and Harry G. Barkema. "Learning to Internationalise: The pace and Success of Foreign Acquisitions." Journal of International Business Studies 38.S7 (2007): 1170-186.
Porrini, P. "Can a Previous Alliance Between an Acquirer and a Target Affect Acquisition Performance?" Journal of Management 30.4 (2004): 545-62.
Qian, Gongming, Theodore A. Khoury, Mike W. Peng, and Zhengming Qian. "The Performance Implications of Intra- and Inter-regional Geographic Diversification." Strategic Management Journal (2010): n. pag.
Ragozzino, Roberto, and Jeffrey J. Reuer. "Geographic Distance and Corporate Acquisitions: Signals from IPO Firms." Strategic Management Journal 32.8 (2011): 876-94.
Weber, Yaakov, Oded Shenkar, and Adi Raveh. "National and Corporate Cultural Fit in Mergers/Acquisitions: An Exploratory Study." Management Science 42.8 (1996): 1215-227.
Weber, Yaakov, Shlomo Y. Tarba, and Arie Reichel. "A Model of the Influence of Culture on Integration Approaches and International Mergers and Acquisitions Performance." International Studies of Management and Organization 41.3 (2011): 9-24.
Wright, Peter, Mark Kroll, Augustine Lado, and Bonnie Van Ness. "The Structure of Ownership and Corporate Acquisition Strategies." Strategic Management Journal 23.1 (2001): 41-53.
Yurov, Kirill M.(2008) "The Roles of Geographic Distance and Networks in the Acquisition Strategies of High-technology Firms." , University of Illinois, Chicago
Zollo, Maurizio, and Harbir Singh. "Deliberate Learning in Corporate Acquisitions: Post-acquisition Strategies and Integration Capability in U.S. Bank Mergers." Strategic Management Journal 25.13 (2004): 1233-256
描述 碩士
國立政治大學
國際經營與貿易學系
103351029
資料來源 http://thesis.lib.nccu.edu.tw/record/#G1033510292
資料類型 thesis
dc.contributor.advisor 譚丹琪zh_TW
dc.contributor.author (Authors) 莊雅涵zh_TW
dc.creator (作者) 莊雅涵zh_TW
dc.date (日期) 2016en_US
dc.date.accessioned 11-Jul-2016 16:53:49 (UTC+8)-
dc.date.available 11-Jul-2016 16:53:49 (UTC+8)-
dc.date.issued (上傳時間) 11-Jul-2016 16:53:49 (UTC+8)-
dc.identifier (Other Identifiers) G1033510292en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/98838-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 國際經營與貿易學系zh_TW
dc.description (描述) 103351029zh_TW
dc.description.abstract (摘要) 本論文以1988年至2014年間，主併公司為台灣上市櫃公司、且目標公司為台灣以外地區，經篩選後剩下97筆資料為研究樣本，檢視跨國併購事件中，地區相關與非相關併購對其股價報酬之影響，並進一步研究主併公司之跨國併購經驗對其併購績效是否有正面影響。研究過程為使用事件研究法研究出主併公司從事跨國併購所得之異常報酬做為主併公司之併購績效的依據之後，再以迴歸分析驗證其跨國併購經驗對其跨國併購績效之影響。本研究發現主併公司之地區相關併購經驗與其併購績效之間呈現倒U型關係，此結果反映主併公司之地區相關併購經驗與當前併購績效存在一最適點，併購經驗一開始對於主併公司當前併購績效為正向影響，然後過最適點之後，反而因為過度自信、併購經驗時間差、能力陷阱、企業迷信的學習等原因，導致併購績效下降。zh_TW
dc.description.tableofcontents 第壹章 緒論 1
第一節 研究背景與動機 1
第二節 研究問題 3
第貳章 文獻探討 4
第一節 併購定義與併購模式 4
第二節 併購之動機理論 7
第三節 影響併購績效之因素 10
第四節　國內外研究彙整 12
第參章 假說發展與研究設計 16
第一節 研究假說 16
第二節 資料來源與選樣標準 19
第三節　研究方法 24
第肆章　實證結果與分析 32
第一節　樣本特性 32
第二節　併購宣告異常報酬分析 39
第三節　模型迴歸分析 46
第伍章　結論 52
第一節 研究結論 52
第二節 研究限制與未來方向 54
第三節 管理意涵 56
參考文獻 57		zh_TW
dc.format.extent 1256276 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G1033510292en_US
dc.subject (關鍵詞) 跨國併購經驗zh_TW
dc.subject (關鍵詞) 跨國併購績效zh_TW
dc.subject (關鍵詞) 事件研究法zh_TW
dc.subject (關鍵詞) 異常報酬zh_TW
dc.title (題名) 跨國併購經驗對併購表現影響之研究- 以台灣企業跨國併購為例zh_TW
dc.title (題名) Effects of M&A Experience on M&A Performance in Cross-Border M&A: An Empirical Study of Taiwanese Companiesen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 參考文獻
一、 中文資料
王志誠(1990)，「企業併購與收買之研究-法律與經濟令預知交錯」，《法律評論》，第56卷12期，頁28
王精偉等作;游明德主編(2011)，「企業併購策略與最佳實務」，資誠教育基金會，台北市
全國法規資料庫，「企業併購法」，2016年5月15日，http://law.moj.gov.tw/LawClass/LawAll.aspx?PCode=J0080041
全國法規資料庫，「公平交易法」，2016年5月15日http://law.moj.gov.tw/LawClass/LawAll.aspx?PCode=J0150002
吳安妮(1992)，「台灣企業併購動機之實證研究」，《管理評論》，1992年11月，頁1-28
胡杰武、張秋生、胡靓(2012)，「區域產業整合及經濟增長研究-基於跨區域併購視角」，《中國軟科學》，第6期，頁167-174
黃力行(2014)，「企業併購歷程中有效進行管理模式再造之探討-以鴻海併購建漢為例」，國立中央大學管理學院
陳慧聰、賴秉彥、張國雄(2005)，「國際企業管理」，學富文化，台北市
朝鮮日報，「海外企業併購日371兆韓元中345兆韓8兆」，2016年2月18日，http://dailynews.sina.com/bg/news/int/chosun/20160218/21397188643.html
資誠台灣，「2015海外併購白皮書」，2015年6月28日，http://www.pwc.tw/zh/news/press-release/press-20150525.jhtml
龍潭、廖勇凱(2011)，「企業策略管理」，智勝文化，台北市

二、 英文資料
Amihud, Y. & B. Lev, “Risk Reduction as a Managerial Motive for Conglomerate Mergers,” Bell Journal of Economics, Autumn(1981): 605-617.
Andersson, U., J. Johanson, & J. E. Vahlne, “ Organic Acquisitions in the Internationalization Process of the Business Firm,” Management International Review, Special Issue 2(1997): 67-84.
Argote, Linda, and Ella Miron-Spektor. "Organizational Learning: From Experience to Knowledge." Organization Science 22.5 (2011): 1123-137.
Barkema, Harry G., John H. J. Bell, and Johannes M. Pennings. "Foreign Entry, Cultural Barriers, And Learning." Strategic Management Journal 17.2 (1996): 151-66.
Basuil, Dynah A., and Deepak K. Datta. "Effects of Industry- and Region-Specific Acquisition Experience on Value Creation in Cross-Border Acquisitions: The Moderating Role of Cultural Similarity." Journal of Management Studies 52.6 (2015): 766-95.
Bruton, G. D., B. M. Oviatt, and M. A. White. "Performance Of Acquisitions Of Distressed Firms." Academy of Management Journal 37.4 (1994): 972-89.
Chakrabarti, Rajesh, Swasti Gupta-Mukherjee, and Narayanan Jayaraman. "Mars–Venus Marriages: Culture and Cross-border M&A." Journal of International Business Studies 40.2 (2008): 216-36.
Datta, Deepak K. "Organizational Fit and Acquisition Performance: Effects of Post-acquisition Integration." Strategic Management Journal 12.4 (1991): 281-97.
Gaur, A. S., and J. W. Lu. "Ownership Strategies and Survival of Foreign Subsidiaries: Impacts of Institutional Distance and Experience." Journal of Management 33.1 (2007): 84-110.
H. Kiymaz and H. Kent Baker, "Short-Term Performance, Industry Effects, and Motives: Evidence from Large M&As ", Quarterly Journal of Finance and Accounting 47.2 (2008):17-44
Haleblian, J., and N. Rajagoplan. "The Influence Of Acquisition Experience And Performance On Acquisition Behavior: Evidence From The U.s. Commercial Banking Industry." Academy of Management Journal 49.2 (2006): 357-70.
Hayward, Mathew L. A. "When Do Firms Learn from Their Acquisition Experience? Evidence from 1990 to 1995." Strategic Management Journal 23.1 (2001): 21-39.
Heimeriks, Koen H., and Geert Duysters. "Alliance Capability as a Mediator Between Experience and Alliance Performance: An Empirical Investigation into the Alliance Capability Development Process." Journal of Management Studies 44.1 (2007): 25-49.
Kroll, Mark, Peter Wright, Leslie Toombs, and Hadley Leavell. "Form Of Control: A Critical Determinant Of Acquisition Performance And Ceo Rewards." Strategic Management Journal 18.2 (1997): 85-96.
Kusewitt, John B. "An Exploratory Study of Strategic Acquisition Factors Relating to Performance." Strategic Management Journal 6.2 (1985): 151-69.
Lee, Tung-Jean, and Richard E. Caves. "Uncertain Outcomes of Foreign Investment: Determinants of the Dispersion of Profits After Large Acquisitions." Journal of International Business Studies 29.3 (1998): 563-81.
Lei, D. "Dynamic Core Competences through Meta-Learning and Strategic Context." Journal of Management 22.4 (1996): 549-69.
Levitt, Barbara, and James G. March. "Organizational Learning." Annual Review of Sociology 14.1 (1988): 319-38. Web.
Lubatkin, Michael. "Merger Strategies and Stockholder Value." Strategic Management Journal 8.1 (1987): 39-53.
Mark L. Sirower. “The Synergy Trap: How Companies Lose the Acquisition Game.” New York: The Free Press, 1997.
Markides, Constantinos C., and Christopher D. Ittner. "Shareholder Benefits from Corporate International Diversification: Evidence from U.S. International Acquisitions." Journal of International Business Studies 25.2 (1994): 343-66.
Nadolska, Anna, and Harry G. Barkema. "Learning to Internationalise: The pace and Success of Foreign Acquisitions." Journal of International Business Studies 38.S7 (2007): 1170-186.
Porrini, P. "Can a Previous Alliance Between an Acquirer and a Target Affect Acquisition Performance?" Journal of Management 30.4 (2004): 545-62.
Qian, Gongming, Theodore A. Khoury, Mike W. Peng, and Zhengming Qian. "The Performance Implications of Intra- and Inter-regional Geographic Diversification." Strategic Management Journal (2010): n. pag.
Ragozzino, Roberto, and Jeffrey J. Reuer. "Geographic Distance and Corporate Acquisitions: Signals from IPO Firms." Strategic Management Journal 32.8 (2011): 876-94.
Weber, Yaakov, Oded Shenkar, and Adi Raveh. "National and Corporate Cultural Fit in Mergers/Acquisitions: An Exploratory Study." Management Science 42.8 (1996): 1215-227.
Weber, Yaakov, Shlomo Y. Tarba, and Arie Reichel. "A Model of the Influence of Culture on Integration Approaches and International Mergers and Acquisitions Performance." International Studies of Management and Organization 41.3 (2011): 9-24.
Wright, Peter, Mark Kroll, Augustine Lado, and Bonnie Van Ness. "The Structure of Ownership and Corporate Acquisition Strategies." Strategic Management Journal 23.1 (2001): 41-53.
Yurov, Kirill M.(2008) "The Roles of Geographic Distance and Networks in the Acquisition Strategies of High-technology Firms." , University of Illinois, Chicago
Zollo, Maurizio, and Harbir Singh. "Deliberate Learning in Corporate Acquisitions: Post-acquisition Strategies and Integration Capability in U.S. Bank Mergers." Strategic Management Journal 25.13 (2004): 1233-256		zh_TW