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題名 經濟距離對開發中國家公司跨國購併後績效之影響
Cross-Border Acquisition Performance of Developing Country Multinationals: The Effect of Economic Distance作者 廖寵越
Liao, Chung-Yueh貢獻者 譚丹琪
Tan, Dan-Chi
廖寵越
Liao, Chung-Yueh關鍵詞 經濟距離
企業購併
開發中國家
Economic Distance
Merger and Acqusition
Developing Countries日期 2020 上傳時間 3-Aug-2020 17:24:40 (UTC+8) 摘要 本論文研究欲探討國家間的經濟發展程度差異是否會影響企業跨國購併後的績效，經濟發展程度差異定義為經濟距離(Economic Distance)，並以開發中國家為主併國樣本，引用迴歸模型進行分析，採用購併宣告日前後七天之股價累積異常報酬率作為績效的衡量變數。實證結果顯示，在自變數經濟距離的數據資料方面，無論高或低經濟距離，經濟距離與企業購併後績效雖呈現顯著正相關，但在圖形方面呈現倒U曲線，意即在逐漸增加經濟距離時，購併後績效會上升，並在到達最適經濟距離點時，會達到最佳的績效，然而此時若繼續增加經濟距離，購併後績效則會下降。根據企業發展的不同階段，主併公司會依據主併國與被併國的經濟發展差異而衍生出不同的公司策略。由於開發中國家的國內資源稀少、品牌知名度不佳、技術相對落後以及面臨全球競爭者的威脅，因此在面對高經濟發展的國家進行購併時，主併公司會傾向獲取更多企業的資源以及技術，並且以產品或服務上的價格優勢來進行套利以獲取更高額的利潤，為此解決上述的問題。而在面對低經濟發展國家進行購併時，主併公司可以利用引進國內較佳的制度環境和治理公司的哲學與策略來提高收購目標的價值，並且因為被併國較不完整的企業保護環境，主併企業可以更輕易取得技術上的專利，進行資源上的整合與運用。總結以上，管理經理人須謹慎評估企業的階段性目標以及購併動機，選擇往高或低經濟發展的國家進行購併，並且判斷最適當的經濟距離，以達到企業購併後的最佳的績效。
The purpose of this thesis is to explore whether corss-country economic distance, which is the differences in the degree of economic development between countries, will affect cross-border acquisition performance of developing market multinationals. Event study analysis based on 1,614 cross-border acquisitions of developing country firms shows that economic distance has an inverse U shaped relationship with cross-border acquisition performance, meaning that developing country firms generate greater returns when acquiring targets with greater economic distances; however, when the distance reaches a certain threshold, the returns will decline. In summary, managers must carefully potential acquisition targets.參考文獻 壹、中文資料史綱、李志宏、陳錦村、鄭漢鐔(2001)。企業購併理論與實務。伍忠賢(1998)。企業購併聖經。沈中華、李建然(2000)。事件研究法。吳芳銘(2006)。購併成長：面對中國高速經濟成長的策略。張永祥(2005)。眼光談策略聯盟和企業併購。劉紹樑、葉秋英、蘇鴻霞、張鴻賓、曾沂、吳志光、王儷真(2002)。企業併購與金融改組。貳、 英文資料Barai, P. & Mohanty, P., 2014, Role of Industry Relatedness in Performance of Indian Acquirers—Long and Short Run Effects, Asia Pacific Journal of Management, Vol.31 (4), p.1045-1073.Berkovitch, E. & Narayanan, M. P., 1993, Motives for Takeovers: An Empirical Investigation, Journal of Financial and Quantitative Analysis, 1993, Vol.28(3), p.347-362.Berry, H., Guillén, M. F. & Zhou, N., 2010, An Institutional Approach to Cross-National Distance, Journal of International Business Studies, Vol.41(9), p.1460.Brouthers, K. D., Hastenburg, P. & Ven, J., 1998, If Most Mergers Fail Why Are They so Popular?, Long Range Planning, Vol.31(3), p.347-353.Butler, F. C., Perryman, A. A. & Ranft, A. L., 2012, Examining the Effects of Acquired Top Management Team Turnover on Firm Performance Post-acquisition: A Meta-Analysis, Journal of Managerial Issues, Vol. 24, p. 47-60.Carow, K., Heron, R. & Saxton, T., 2004, Do Early Birds Get The Returns? An Empirical Investigation of Early-Mover Advantages in Acquisitions, Strategic Management Journal, Vol.25 (6), p.563-585.Chatterjee S., 1986, Types of Synergy and Economic Value: The Impact of Acquisitions on Merging and Rival Firms, Strategic Management Journal, Vol.7(2), p.119-139.Chari, A., Ouimet, P. & Tesar, l., 2010, The Value of Control in Emerging Markets, The Review of Financial Studies, Vol.23 (4), p.1741-1770.Cui, L. & He, X., 2017, Expanding Near the Home Base or Venture Far? The Influence of Home Country State on The Economic Distance of Foreign Direct Investments, Journal of Business Research, Vol.75, p.95-107.Datta, D. K., Pinches, G. E. & Narayanan, V. K., 1992, Factors Influencing Wealth Creation from Mergers and Acquisitions: A Meta- Analysis, Strategic Management Journal, Vol.13 (1), p.67-84.Dikova, D., Sahib, P. R. & Witteloostuijn, A. V., 2010, Cross-Border Acquisition Abandonment and Completion The Effect of Institutional Differences and Organizational Learning in The International Business Service Industry, Journal of International Business Studies, Vol.41(2), p.223.Gaffney, N., Karst, R. & Clampit J., 2016, Emerging market MNE Cross-Border Acquisition Equity Participation: The Role of Economic and Knowledge Distance, International Business Review, Vol.25(1), p.267-275.Ghemawat, P., 2001, Distance Still Matters. The Hard Reality of Global Expansion, Harvard Business Review, Vol.79(8), p.137-40, 142-7, 162.Haleblian, J., Devers, C. E., McNamara, G., Carpenter, M. A. & Davison, R. B., 2009,Taking Stock of What We Know About Mergers and Acquisitions: A Review and Research Agenda, Journal of Management, Vol.35 (3), p.469-502.Haleblian, J. & Finkelstein, S., 1999, The Influence of Organizational Acquisition Experience on Acquisition Performance: A Behavioral Learning Perspective, Administrative Science Quarterly, Vol.44 (1), p.29-56.Harrison, M. J., 2001, Tracking The Early Acquisition of Skills by Trainees, Anaesthesia, Vol.56(10), p.995-998.Hasija, D., Liou, R. S. & Ellstrand, Alan., 2020, Navigating the New Normal: Political Affinity and Multinationals’ Post-Acquisition Performance, Journal of Management Studies, Vol.57 (3), p.569-596.Hitt, M. A., Hoskisson, R. E. & Ireland, R. D., 1990, Mergers and Acquisitions and Managerial Commitment to Innovation in M-Form Firms, Strategic Management Journal, Vol.11, p.29.Lewellen, W. G. & Huntsman, B., 1970, Managerial Pay and Corporate Performance, The American Economic Review, Vol.60(4), p.710-720.Liou, R. S. & Rao‑Nicholson, R., 2019, Age Matters: The Contingency of Economic Distance and Economic Freedom in Emerging Market Firm’s Cross‑Border M&A Performance, Management International Review, Vol.59(3), p.355.Luo, Y. & Tung, R. L., 2007, International Expansion of Emerging Market Enterprises: A Springboard Perspective, Journal of International Business Studies, Vol.38 (4), p.481-498.Mazurek, J., 2020, The Evaluation of an Economic Distance Among Countries: A Novel Approach, Prague Economic Papers.Munjal, S. & Pereira, Vijay., 2015, Opportunities and Challenges for Multiple-Embeddedness Through Mergers and Acquisitions in Emerging Economies, Journal of Organizational Change Management, Vol.28 (5), p.817-831.Roll, R., 1986, The Hubris Hypothesis of Corporate Takeovers, The Journal of Business, Vol.59(2), p.197.Salomon, R. & Wu, Z., 2012, Institutional Distance and Local Isomorphism Strategy, Journal of International Business Studies, Vol.43(4), p.343.Seth, A. 1990, Value Creation in Acquisitions: A Re‐Examination of Performance Issues, Strategic Management Journal, Vol.11(2), p.99-115.Shrivastava, P., 1986, Postmerger Integration, Journal of Business Strategy, Vol.7(1), p.65-76.Singh, H. & Montgomery, C. A., 1987, Corporate Acquisition Strategies and Economic Performance, Strategic Management Journal, Vol.8(4), p.377-386.Trautwein, F., 1990, Merger motives and merger prescriptions, Strategic Management Journal, Vol.11(4), p.283.Tsang, E. & Yip, P., 2007, Economic Distance and The Survival of Foreign Direct Investments, Academy of Management Journal, Vol.50(5), p.1156-1168.Weston, J. F., Siu, J. A. & Johnson, B. A., 1998, Takeovers, Restructuring, and Corporate Governance, Upper Saddle River, N.J.Zollo, M. & Singh, H., 2004, Deliberate Learning in Corporate Acquisitions: Post-Acquisition Strategies and Integration Capability in U.S. Bank Mergers, Strategic Management Journal, Vol.25 (13), p.1233-1256. 描述 碩士
國立政治大學
國際經營與貿易學系
107351032資料來源 http://thesis.lib.nccu.edu.tw/record/#G0107351032 資料類型 thesis dc.contributor.advisor 譚丹琪 zh_TW dc.contributor.advisor Tan, Dan-Chi en_US dc.contributor.author (Authors) 廖寵越 zh_TW dc.contributor.author (Authors) Liao, Chung-Yueh en_US dc.creator (作者) 廖寵越 zh_TW dc.creator (作者) Liao, Chung-Yueh en_US dc.date (日期) 2020 en_US dc.date.accessioned 3-Aug-2020 17:24:40 (UTC+8) - dc.date.available 3-Aug-2020 17:24:40 (UTC+8) - dc.date.issued (上傳時間) 3-Aug-2020 17:24:40 (UTC+8) - dc.identifier (Other Identifiers) G0107351032 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/130915 - 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) 107351032 zh_TW dc.description.abstract (摘要) 本論文研究欲探討國家間的經濟發展程度差異是否會影響企業跨國購併後的績效，經濟發展程度差異定義為經濟距離(Economic Distance)，並以開發中國家為主併國樣本，引用迴歸模型進行分析，採用購併宣告日前後七天之股價累積異常報酬率作為績效的衡量變數。實證結果顯示，在自變數經濟距離的數據資料方面，無論高或低經濟距離，經濟距離與企業購併後績效雖呈現顯著正相關，但在圖形方面呈現倒U曲線，意即在逐漸增加經濟距離時，購併後績效會上升，並在到達最適經濟距離點時，會達到最佳的績效，然而此時若繼續增加經濟距離，購併後績效則會下降。根據企業發展的不同階段，主併公司會依據主併國與被併國的經濟發展差異而衍生出不同的公司策略。由於開發中國家的國內資源稀少、品牌知名度不佳、技術相對落後以及面臨全球競爭者的威脅，因此在面對高經濟發展的國家進行購併時，主併公司會傾向獲取更多企業的資源以及技術，並且以產品或服務上的價格優勢來進行套利以獲取更高額的利潤，為此解決上述的問題。而在面對低經濟發展國家進行購併時，主併公司可以利用引進國內較佳的制度環境和治理公司的哲學與策略來提高收購目標的價值，並且因為被併國較不完整的企業保護環境，主併企業可以更輕易取得技術上的專利，進行資源上的整合與運用。總結以上，管理經理人須謹慎評估企業的階段性目標以及購併動機，選擇往高或低經濟發展的國家進行購併，並且判斷最適當的經濟距離，以達到企業購併後的最佳的績效。 zh_TW dc.description.abstract (摘要) The purpose of this thesis is to explore whether corss-country economic distance, which is the differences in the degree of economic development between countries, will affect cross-border acquisition performance of developing market multinationals. Event study analysis based on 1,614 cross-border acquisitions of developing country firms shows that economic distance has an inverse U shaped relationship with cross-border acquisition performance, meaning that developing country firms generate greater returns when acquiring targets with greater economic distances; however, when the distance reaches a certain threshold, the returns will decline. In summary, managers must carefully potential acquisition targets. en_US dc.description.tableofcontents 第一章 緒論 7第一節 研究動機 7第二節 研究問題 9第二章 文獻探討 10第一節 購併定義與購併型態 10第二節 企業購併動機 11第三節 企業購併之好處 13第四節 企業購併之挑戰 16第五節 影響購併績效之因素 18第六節 經濟距離之實證文獻 24第三章 假說研究設計 30第一節 研究假說 30第二節 資料來源及研究設計 34第四章 研究結果與分析 49第一節 敘述性統計 49第二節 實證結果 53第五章 結論 61第一節 研究結論 61第二節 管理意涵 63第三節 研究限制與未來方向 65第六章 參考文獻 67 zh_TW dc.format.extent 3006806 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0107351032 en_US dc.subject (關鍵詞) 經濟距離 zh_TW dc.subject (關鍵詞) 企業購併 zh_TW dc.subject (關鍵詞) 開發中國家 zh_TW dc.subject (關鍵詞) Economic Distance en_US dc.subject (關鍵詞) Merger and Acqusition en_US dc.subject (關鍵詞) Developing Countries en_US dc.title (題名) 經濟距離對開發中國家公司跨國購併後績效之影響 zh_TW dc.title (題名) Cross-Border Acquisition Performance of Developing Country Multinationals: The Effect of Economic Distance en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 壹、中文資料史綱、李志宏、陳錦村、鄭漢鐔(2001)。企業購併理論與實務。伍忠賢(1998)。企業購併聖經。沈中華、李建然(2000)。事件研究法。吳芳銘(2006)。購併成長：面對中國高速經濟成長的策略。張永祥(2005)。眼光談策略聯盟和企業併購。劉紹樑、葉秋英、蘇鴻霞、張鴻賓、曾沂、吳志光、王儷真(2002)。企業併購與金融改組。貳、 英文資料Barai, P. & Mohanty, P., 2014, Role of Industry Relatedness in Performance of Indian Acquirers—Long and Short Run Effects, Asia Pacific Journal of Management, Vol.31 (4), p.1045-1073.Berkovitch, E. & Narayanan, M. P., 1993, Motives for Takeovers: An Empirical Investigation, Journal of Financial and Quantitative Analysis, 1993, Vol.28(3), p.347-362.Berry, H., Guillén, M. F. & Zhou, N., 2010, An Institutional Approach to Cross-National Distance, Journal of International Business Studies, Vol.41(9), p.1460.Brouthers, K. D., Hastenburg, P. & Ven, J., 1998, If Most Mergers Fail Why Are They so Popular?, Long Range Planning, Vol.31(3), p.347-353.Butler, F. C., Perryman, A. A. & Ranft, A. L., 2012, Examining the Effects of Acquired Top Management Team Turnover on Firm Performance Post-acquisition: A Meta-Analysis, Journal of Managerial Issues, Vol. 24, p. 47-60.Carow, K., Heron, R. & Saxton, T., 2004, Do Early Birds Get The Returns? An Empirical Investigation of Early-Mover Advantages in Acquisitions, Strategic Management Journal, Vol.25 (6), p.563-585.Chatterjee S., 1986, Types of Synergy and Economic Value: The Impact of Acquisitions on Merging and Rival Firms, Strategic Management Journal, Vol.7(2), p.119-139.Chari, A., Ouimet, P. & Tesar, l., 2010, The Value of Control in Emerging Markets, The Review of Financial Studies, Vol.23 (4), p.1741-1770.Cui, L. & He, X., 2017, Expanding Near the Home Base or Venture Far? The Influence of Home Country State on The Economic Distance of Foreign Direct Investments, Journal of Business Research, Vol.75, p.95-107.Datta, D. K., Pinches, G. E. & Narayanan, V. K., 1992, Factors Influencing Wealth Creation from Mergers and Acquisitions: A Meta- Analysis, Strategic Management Journal, Vol.13 (1), p.67-84.Dikova, D., Sahib, P. R. & Witteloostuijn, A. V., 2010, Cross-Border Acquisition Abandonment and Completion The Effect of Institutional Differences and Organizational Learning in The International Business Service Industry, Journal of International Business Studies, Vol.41(2), p.223.Gaffney, N., Karst, R. & Clampit J., 2016, Emerging market MNE Cross-Border Acquisition Equity Participation: The Role of Economic and Knowledge Distance, International Business Review, Vol.25(1), p.267-275.Ghemawat, P., 2001, Distance Still Matters. The Hard Reality of Global Expansion, Harvard Business Review, Vol.79(8), p.137-40, 142-7, 162.Haleblian, J., Devers, C. E., McNamara, G., Carpenter, M. A. & Davison, R. B., 2009,Taking Stock of What We Know About Mergers and Acquisitions: A Review and Research Agenda, Journal of Management, Vol.35 (3), p.469-502.Haleblian, J. & Finkelstein, S., 1999, The Influence of Organizational Acquisition Experience on Acquisition Performance: A Behavioral Learning Perspective, Administrative Science Quarterly, Vol.44 (1), p.29-56.Harrison, M. J., 2001, Tracking The Early Acquisition of Skills by Trainees, Anaesthesia, Vol.56(10), p.995-998.Hasija, D., Liou, R. S. & Ellstrand, Alan., 2020, Navigating the New Normal: Political Affinity and Multinationals’ Post-Acquisition Performance, Journal of Management Studies, Vol.57 (3), p.569-596.Hitt, M. A., Hoskisson, R. E. & Ireland, R. D., 1990, Mergers and Acquisitions and Managerial Commitment to Innovation in M-Form Firms, Strategic Management Journal, Vol.11, p.29.Lewellen, W. G. & Huntsman, B., 1970, Managerial Pay and Corporate Performance, The American Economic Review, Vol.60(4), p.710-720.Liou, R. S. & Rao‑Nicholson, R., 2019, Age Matters: The Contingency of Economic Distance and Economic Freedom in Emerging Market Firm’s Cross‑Border M&A Performance, Management International Review, Vol.59(3), p.355.Luo, Y. & Tung, R. L., 2007, International Expansion of Emerging Market Enterprises: A Springboard Perspective, Journal of International Business Studies, Vol.38 (4), p.481-498.Mazurek, J., 2020, The Evaluation of an Economic Distance Among Countries: A Novel Approach, Prague Economic Papers.Munjal, S. & Pereira, Vijay., 2015, Opportunities and Challenges for Multiple-Embeddedness Through Mergers and Acquisitions in Emerging Economies, Journal of Organizational Change Management, Vol.28 (5), p.817-831.Roll, R., 1986, The Hubris Hypothesis of Corporate Takeovers, The Journal of Business, Vol.59(2), p.197.Salomon, R. & Wu, Z., 2012, Institutional Distance and Local Isomorphism Strategy, Journal of International Business Studies, Vol.43(4), p.343.Seth, A. 1990, Value Creation in Acquisitions: A Re‐Examination of Performance Issues, Strategic Management Journal, Vol.11(2), p.99-115.Shrivastava, P., 1986, Postmerger Integration, Journal of Business Strategy, Vol.7(1), p.65-76.Singh, H. & Montgomery, C. A., 1987, Corporate Acquisition Strategies and Economic Performance, Strategic Management Journal, Vol.8(4), p.377-386.Trautwein, F., 1990, Merger motives and merger prescriptions, Strategic Management Journal, Vol.11(4), p.283.Tsang, E. & Yip, P., 2007, Economic Distance and The Survival of Foreign Direct Investments, Academy of Management Journal, Vol.50(5), p.1156-1168.Weston, J. F., Siu, J. A. & Johnson, B. A., 1998, Takeovers, Restructuring, and Corporate Governance, Upper Saddle River, N.J.Zollo, M. & Singh, H., 2004, Deliberate Learning in Corporate Acquisitions: Post-Acquisition Strategies and Integration Capability in U.S. Bank Mergers, Strategic Management Journal, Vol.25 (13), p.1233-1256. zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202001088 en_US
