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題名 人力資源對企業跨國併購之影響
The Impact of Human Capital on Cross-Border Mergers & Acquisitions作者 曾耀賢
Zeng, Yao-Sian貢獻者 陳嬿如
曾耀賢
Zeng, Yao-Sian關鍵詞 跨國併購
人力資本
區域整合
文化差距
東南亞國協日期 2020 上傳時間 2-Sep-2020 11:44:08 (UTC+8) 摘要 跨國併購是企業追求成長的手段之一，但是同時需要承擔額外的風險。過去研究中得知人力資本是影響併購績效的重要因素，但同時文化差距會使投資人預期在併購後需要更高的整併成本，於是跨國併購時會有較差的市場反應，甚至有較差的併購後績效。東南亞國家協會在2005年，東協推出工程MRA政策對勞動市場進行區域整合，希望增加東協工程師在境內的移動力，紓緩短期技術勞工不足的問題，增加海外企業的投資意願及績效。本研究發現依賴勞動力的美國企業在東協進行併購時，會取得較佳的市場反應。但實施工程MRA後，美國企業在東協進行併購時，沒有因政策實施而獲得更好的市場反應與併購後績效，且兩國之間文化的因素，也對市場反應沒有顯著的影響。但是企業實際進入東協市場並開始整併時，若被併企業當地的文化較和諧，將有較好的併購後績效。但隨著時間拉長，其影響隨之降低。
Cross-border merger & acquisition is one of the methods for growth opportunity. At the same time, acquiring firms will take higher risk stemmed from institutional differences or cultural distance than domestic M&A.In order to attract foreign capital to invest in ASEAN countries, ASEAN developed a regional labor policy named ASEAN Engineering Mutual Recognition Agreement. The purpose of ASEAN Engineering MRA is to increase the mobility of local engineers within the ASEAN and alleviate the lack of skilled labor.This research suggests that the US acquiring firms didn’t get a better market reaction and post-merger performance after ASEAN engineering MRA and cultural distance didn’t influence the market reaction. US acquiring firms would have better post-merger performance if the host country’s culture is more kindness and openness. But this effect will disappear as time goes by.參考文獻 Ahern, K. R., Daminelli, D., & Fracassi, C. (2015). Lost in translation? The effect of cultural values on mergers around the world. Journal of Financial Economics, 117(1), 165-189. doi:https://doi.org/10.1016/j.jfineco.2012.08.006Alimov, A. (2015). Labor market regulations and cross-border mergers and acquisitions. Journal of International Business Studies, 46(8), 984-1009. doi:10.1057/jibs.2015.16Chia, S. Y. (2006). Labor Mobility and East Asian Integration. Asian Economic Policy Review, 1(2), 349-367. doi:10.1111/j.1748-3131.2006.00042.xDatta, D. K., & Puia, G. (1995). Cross-Border Acquisitions: An Examination of the Influence of Relatedness and Cultural Fit on Shareholder Value Creation in U.S. Acquiring Firms. MIR: Management International Review, 35(4), 337- 359. Retrieved from www.jstor.org/stable/40228285David, K., & Singh, H. (1994). Sources of Acquisition Cultural Risk. In G. von Krogh, A. Sinatra, & H. Singh (Eds.), The Management of Corporate Acquisitions: International Perspectives (pp. 251-292). London: Palgrave Macmillan UK.Davis, M. (1996). Defining “Engineer:” How To Do It and Why It Matters. Journal of Engineering Education, 85(2), 97-101. doi:10.1002/j.2168- 9830.1996.tb00217.xErel, I., Liao, R. C., & Weisbach, M. S. (2012). Determinants of Cross-Border Mergers and Acquisitions. The Journal of finance, 67(3), 1045-1082. doi:10.1111/j.1540-6261.2012.01741.xGrossman, S. J., & Hart, O. D. (1986). The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration. Journal of Political Economy, 94(4), 691-719. doi:10.1086/261404Hart, O., & Moore, J. (1990). Property Rights and the Nature of the Firm. Journal of Political Economy, 98(6), 1119-1158. doi:10.1086/261729Hofstede, G. (1984). Culture`s consequences: International differences in work- related values (Vol. 5): sage.Hofstede, G. H., Hofstede, G. J., & Minkov, M. (2005). Cultures and organizations: Software of the mind (Vol. 2): Mcgraw-hill New York.Larsson, R., & Lubatkin, M. (2001). Achieving Acculturation in Mergers and Acquisitions: An International Case Survey. Human Relations, 54(12), 1573- 1607. doi:10.1177/00187267015412002Lee, K. H., Mauer, D. C., & Xu, E. Q. (2018). Human capital relatedness and mergers and acquisitions. Journal of Financial Economics, 129(1), 111-135. doi:https://doi.org/10.1016/j.jfineco.2018.03.008Levine, R., Lin, C., & Shen, B. (2020). Cross-border acquisitions: Do labor regulations affect acquirer returns? Journal of International Business Studies, 51(2), 194-217. doi:10.1057/s41267-019-00281-1Morosini, P., Shane, S., & Singh, H. (1998). National Cultural Distance and Cross- Border Acquisition Performance. Journal of International Business Studies, 29(1), 137-158. doi:10.1057/palgrave.jibs.8490029Moschieri, C., Ragozzino, R., & Campa, J. M. (2014). Does Regional Integration Change the Effects of Country-Level Institutional Barriers on M&A? The Case of the European Union. Management International Review, 54(6), 853- 877. doi:10.1007/s11575-014-0206-7Weber, Y. (1996). Corporate Cultural Fit and Performance in Mergers and Acquisitions. Human Relations, 49(9), 1181-1202. doi:10.1177/001872679604900903 描述 碩士
國立政治大學
財務管理學系
107357025資料來源 http://thesis.lib.nccu.edu.tw/record/#G0107357025 資料類型 thesis dc.contributor.advisor 陳嬿如 zh_TW dc.contributor.author (Authors) 曾耀賢 zh_TW dc.contributor.author (Authors) Zeng, Yao-Sian en_US dc.creator (作者) 曾耀賢 zh_TW dc.creator (作者) Zeng, Yao-Sian en_US dc.date (日期) 2020 en_US dc.date.accessioned 2-Sep-2020 11:44:08 (UTC+8) - dc.date.available 2-Sep-2020 11:44:08 (UTC+8) - dc.date.issued (上傳時間) 2-Sep-2020 11:44:08 (UTC+8) - dc.identifier (Other Identifiers) G0107357025 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/131483 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 財務管理學系 zh_TW dc.description (描述) 107357025 zh_TW dc.description.abstract (摘要) 跨國併購是企業追求成長的手段之一，但是同時需要承擔額外的風險。過去研究中得知人力資本是影響併購績效的重要因素，但同時文化差距會使投資人預期在併購後需要更高的整併成本，於是跨國併購時會有較差的市場反應，甚至有較差的併購後績效。東南亞國家協會在2005年，東協推出工程MRA政策對勞動市場進行區域整合，希望增加東協工程師在境內的移動力，紓緩短期技術勞工不足的問題，增加海外企業的投資意願及績效。本研究發現依賴勞動力的美國企業在東協進行併購時，會取得較佳的市場反應。但實施工程MRA後，美國企業在東協進行併購時，沒有因政策實施而獲得更好的市場反應與併購後績效，且兩國之間文化的因素，也對市場反應沒有顯著的影響。但是企業實際進入東協市場並開始整併時，若被併企業當地的文化較和諧，將有較好的併購後績效。但隨著時間拉長，其影響隨之降低。 zh_TW dc.description.abstract (摘要) Cross-border merger & acquisition is one of the methods for growth opportunity. At the same time, acquiring firms will take higher risk stemmed from institutional differences or cultural distance than domestic M&A.In order to attract foreign capital to invest in ASEAN countries, ASEAN developed a regional labor policy named ASEAN Engineering Mutual Recognition Agreement. The purpose of ASEAN Engineering MRA is to increase the mobility of local engineers within the ASEAN and alleviate the lack of skilled labor.This research suggests that the US acquiring firms didn’t get a better market reaction and post-merger performance after ASEAN engineering MRA and cultural distance didn’t influence the market reaction. US acquiring firms would have better post-merger performance if the host country’s culture is more kindness and openness. But this effect will disappear as time goes by. en_US dc.description.tableofcontents 第一章 緒論 1第一節 研究動機 1第二節 研究目的 3第三節 研究架構 3第二章 文獻探討與東協人力資本政策 4第一節 文獻探討 4第二節 研究假說 8第三章 研究方法 10第一節 資料來源與研究樣本 10第二節 實證模型 11第四章 實證分析結果 14第一節 敘述統計 14第二節 單變量分析 14第三節 多變量迴歸分析-市場反應 15第四節 多變量迴歸分析-併購後績效 16第五章 結論 19第一節 研究結論 19第二節 未來研究建議 19參考文獻 47 zh_TW dc.format.extent 980821 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0107357025 en_US dc.subject (關鍵詞) 跨國併購 zh_TW dc.subject (關鍵詞) 人力資本 zh_TW dc.subject (關鍵詞) 區域整合 zh_TW dc.subject (關鍵詞) 文化差距 zh_TW dc.subject (關鍵詞) 東南亞國協 zh_TW dc.title (題名) 人力資源對企業跨國併購之影響 zh_TW dc.title (題名) The Impact of Human Capital on Cross-Border Mergers & Acquisitions en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Ahern, K. R., Daminelli, D., & Fracassi, C. (2015). Lost in translation? The effect of cultural values on mergers around the world. Journal of Financial Economics, 117(1), 165-189. doi:https://doi.org/10.1016/j.jfineco.2012.08.006Alimov, A. (2015). Labor market regulations and cross-border mergers and acquisitions. Journal of International Business Studies, 46(8), 984-1009. doi:10.1057/jibs.2015.16Chia, S. Y. (2006). Labor Mobility and East Asian Integration. Asian Economic Policy Review, 1(2), 349-367. doi:10.1111/j.1748-3131.2006.00042.xDatta, D. K., & Puia, G. (1995). Cross-Border Acquisitions: An Examination of the Influence of Relatedness and Cultural Fit on Shareholder Value Creation in U.S. Acquiring Firms. MIR: Management International Review, 35(4), 337- 359. Retrieved from www.jstor.org/stable/40228285David, K., & Singh, H. (1994). Sources of Acquisition Cultural Risk. In G. von Krogh, A. Sinatra, & H. Singh (Eds.), The Management of Corporate Acquisitions: International Perspectives (pp. 251-292). London: Palgrave Macmillan UK.Davis, M. (1996). Defining “Engineer:” How To Do It and Why It Matters. Journal of Engineering Education, 85(2), 97-101. doi:10.1002/j.2168- 9830.1996.tb00217.xErel, I., Liao, R. C., & Weisbach, M. S. (2012). Determinants of Cross-Border Mergers and Acquisitions. The Journal of finance, 67(3), 1045-1082. doi:10.1111/j.1540-6261.2012.01741.xGrossman, S. J., & Hart, O. D. (1986). The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration. Journal of Political Economy, 94(4), 691-719. doi:10.1086/261404Hart, O., & Moore, J. (1990). Property Rights and the Nature of the Firm. Journal of Political Economy, 98(6), 1119-1158. doi:10.1086/261729Hofstede, G. (1984). Culture`s consequences: International differences in work- related values (Vol. 5): sage.Hofstede, G. H., Hofstede, G. J., & Minkov, M. (2005). Cultures and organizations: Software of the mind (Vol. 2): Mcgraw-hill New York.Larsson, R., & Lubatkin, M. (2001). Achieving Acculturation in Mergers and Acquisitions: An International Case Survey. Human Relations, 54(12), 1573- 1607. doi:10.1177/00187267015412002Lee, K. H., Mauer, D. C., & Xu, E. Q. (2018). Human capital relatedness and mergers and acquisitions. Journal of Financial Economics, 129(1), 111-135. doi:https://doi.org/10.1016/j.jfineco.2018.03.008Levine, R., Lin, C., & Shen, B. (2020). Cross-border acquisitions: Do labor regulations affect acquirer returns? Journal of International Business Studies, 51(2), 194-217. doi:10.1057/s41267-019-00281-1Morosini, P., Shane, S., & Singh, H. (1998). National Cultural Distance and Cross- Border Acquisition Performance. Journal of International Business Studies, 29(1), 137-158. doi:10.1057/palgrave.jibs.8490029Moschieri, C., Ragozzino, R., & Campa, J. M. (2014). Does Regional Integration Change the Effects of Country-Level Institutional Barriers on M&A? The Case of the European Union. Management International Review, 54(6), 853- 877. doi:10.1007/s11575-014-0206-7Weber, Y. (1996). Corporate Cultural Fit and Performance in Mergers and Acquisitions. Human Relations, 49(9), 1181-1202. doi:10.1177/001872679604900903 zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202001594 en_US
