學術產出-Theses
Article View/Open
Publication Export
-
題名 企業併購策略與實例分析
The Enterprise Merger & Acquisition Strategy and Case Study作者 陳麗麗
Chen, Li-Li貢獻者 謝明華
陳麗麗
Chen, Li-Li關鍵詞 併購
M&A日期 2021 上傳時間 4-Aug-2021 14:57:06 (UTC+8) 摘要 併購是個十分複雜的課題，其中牽扯了許多法律、公司營運、市場環境、公司文化等等的問題，在討論併購時需要考量許多面向，只有在公司詳細考量了各個併購面向後併購才會成功。另外，在不同的併購個案間也都有各自的特性，不容易完全找到一整套併購的方法同時適用於所有併購的案例。在本文中，簡述了併購，也敘述在不同的公司生命週期時所會出現的併購行為，以及各種不同型態的合併與收購。接著本文探討了過去研究中對併購行為所提出來的各式各樣動機理論，解釋了企業想要進行併購的原因。除此之外，本文也歸納了併購的歷史以及近況。在理解了併購的歷史、近況、分類，以及理論後，本文整理了在併購中常見的流程。在本文的最後，以近幾年的併購案作為案例進行歸納，探討各個併購活動中併購雙方的考量點以及影響因素。藉由案例分析，我們可以理解近幾年來併購活動成功的契機。 參考文獻 Adizes, I. (1979). Organisational passages: Diagnosing and treating life-cycle problems in organisations. Organisational Dynamics, 8, 3–25.Ambrose, B. W., & Megginson, W. L. (1992). The role of asset structure, ownership structure, and takeover defences in determining acquisition likelihood. Journalof Financial and Quantitative Analysis, 27, 575–589.Bild, M., Cosh, A. D., Guest, P., & Runsten, M. (2002). Do Takeovers Create Value?: A Residual Income Approach on UK Data. University of Cambridge.Busija, E. C., O’Neill, H. M., & Zeithaml, C. P. (1997). Diversification strategy, entry mode, andperformance: evidence of choice and constraints. Strategic Management Journal, 18(4), 321–327.Capon, N., Farley, J. U., & Hoenig, S. (1990). Determinants of financial performance – a meta-analysis. Management Science, 36(10), 1143–1159.Cartwright, S., & Schoenberg, R. (2006). 30 years of mergers and acquisition research: recent advances and future opportunities. British Journal of Management, 17(S1), S1–S5.Ching, K. (2019). What Drives Merger Waves? A Study of the Seven Historical Merger Waves in the US. Scripps Senior Theses, 1–47.Cristerna, H. (2018). 2018 Global M&A Outlook: Navigating consolidation and disruption. J.P. Morgan, January.Datta, D. K., Narayanan, V. K., & Pinches, G. E. (1992). Factors influencing wealth creation frommergers and acquisitions: a meta analysis. Strategic Management Journal, 13(1), 67–84.Davis, G. F., & Stout, S. K. (1992). Organization theory and the market for corporatecontrol. Administrative Science Quarterly, 37, 605–633.Dodd, P. (1980). Merger Proposals, Management Discretion and Stockholder Wealth. Journal of Financial Economics, Vol. 8, 105–138.Espahbodi, H., & Espahbodi, P. (2003). Binary choice models and corporate takeover. Journal of Banking and Finance, 27, 549–574.Francoeur, C. (2006). The long-run performance of cross-border mergers and acquisitions: the Canadian evidence. Corporate Ownership & Control, 4(2), 312–323.Goergen, M., & Renneboog, L. (2003). Value creation in large European mergers and acquisitions. Advances in Mergers and Acquisitions, 2, 97–146.Greiner, L. (1972). Evolution and revolution as organizations grow. Harvard Business Review, 50, 37–46.Hagendorff, J., Collins, M., & Keasey, K. (2008). Investor protection and the value effects of bank merger announcements in Europe and the US. Journal of Banking & Finance, 32, 1333–1348.Haleblian, J., Devers, C. E., McNamara, G., Carpenter, M. A., & Davison, R. B. (2009). Takingstock of what we know about mergers and acquisitions: a review and research agenda. Journal of Management, 35(3), 469–502.Healy, P., Palepu, K., & Ruback, R. . (1992). Does corporate performance improve after mergers? Journal of Financial Economics, 31, 49–68.Holterman, W., & Pol, M. van de. (2016). Mergers & Acquisitions. PwC.Jensen, M. C., & Ruback, R. S. (1983). The market for corporate control. Journal of Financial Economics, 11, 5–50.King, D. R., Dalton, D. R., Daily, C. M., & Covin, J. G. (2004). Meta-analyses of post-acquisition performance: indications of unidentified moderators. Strategic Management Journal, 25(2), 187–200.Lubatkin, M. (1983). Mergers and the performance of the acquiring firm. Academy of Management Review, 8(2), 218–225.Lubatkin, M. (1987). Merger strategies and stockholder value. Strategic Management Journal, 8(1), 39–53.Mandelker, G. N. (1974). Risk and Return: The Case of Merging Firms. Journal of Financial Economics, Vol. 1, 303–305.March, J. G., & Sutton, R. I. (1997). Organizational performance as a dependent variable. Organization Science, 8(6), 698–706.Masulis, R., Wang, C., & Xie, F. (2007). Corporate governance and acquirer returns. Journal of Finance, 62, 1851–1889.Miller, D., & Friesen, P. (1984). A longitudinal study of the corporate life cycle. Management Science, 30, 1161–1183.Moeller, S. B., Schlingemann, F. P., & Stulz, R. M. (2004). Firm size and the gains from acquisitions. Journal of Financial Economics, 73, 201–228.Owen, S., & Yawson, A. (2010). Corporate life cycle and M&A activity. Journal of Banking and Finance, 34(2), 427–440. https://doi.org/10.1016/j.jbankfin.2009.08.003Palepu, K. G. (1986). Predicting takeover targets: A methodological and empirical analysis. Journal of Accounting and Economics, 3–35.Richard, P. J., Devinney, T. M., Yip, G. S., & Johnson, G. (2009). Measuring organizational performance as a dependent variable: towards methodological best practice. Journal OfManagement, 35(3), 718–804.Ritter, J. R., & Welch, I. (2002). A review of IPO activity, pricing and allocations. Journalof Finance, 57, 1795–1823.Rydqvist, K., & Hogholm, K. (1995). Going public in the 1980s: Evidence from Sweden. European Financial Management, 1, 287–315.Sherman, A., & Milledge, H. (2006). Mergers & Acquisitions from A to Z. In Amacom.Tamosiuniene, R., & Duksaite, E. (2004). The Importance of Mergers and Acquisitions in Today’s Economy. KSI Transactions on Knowledge Society, Vol. 2(No. 4), 11–15.Tichy, G. (2001). What do we know about success and failure of mergers? Journal of Industry, Competition and Trade, 1(4), 347–394.Venkatraman, N., & Ramanujam, V. (1986). Measurement of business performance in strategyresearch: a comparison of approaches. The Academy of Management Review, 11(4), 801–814.Zollo, M., & Meier, D. (2008). What is M&A performance? Academy of Management Perspectives, 22(3), 55–77.游明德, & 翁麗俐. (2019). 2019台灣併購白皮書. PwC.游明德, & 翁麗俐. (2020). 2020台灣併購白皮書. PwC. 描述 碩士
國立政治大學
經營管理碩士學程(EMBA)
103932414資料來源 http://thesis.lib.nccu.edu.tw/record/#G0103932414 資料類型 thesis dc.contributor.advisor 謝明華 zh_TW dc.contributor.author (Authors) 陳麗麗 zh_TW dc.contributor.author (Authors) Chen, Li-Li en_US dc.creator (作者) 陳麗麗 zh_TW dc.creator (作者) Chen, Li-Li en_US dc.date (日期) 2021 en_US dc.date.accessioned 4-Aug-2021 14:57:06 (UTC+8) - dc.date.available 4-Aug-2021 14:57:06 (UTC+8) - dc.date.issued (上傳時間) 4-Aug-2021 14:57:06 (UTC+8) - dc.identifier (Other Identifiers) G0103932414 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/136386 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 經營管理碩士學程(EMBA) zh_TW dc.description (描述) 103932414 zh_TW dc.description.abstract (摘要) 併購是個十分複雜的課題，其中牽扯了許多法律、公司營運、市場環境、公司文化等等的問題，在討論併購時需要考量許多面向，只有在公司詳細考量了各個併購面向後併購才會成功。另外，在不同的併購個案間也都有各自的特性，不容易完全找到一整套併購的方法同時適用於所有併購的案例。在本文中，簡述了併購，也敘述在不同的公司生命週期時所會出現的併購行為，以及各種不同型態的合併與收購。接著本文探討了過去研究中對併購行為所提出來的各式各樣動機理論，解釋了企業想要進行併購的原因。除此之外，本文也歸納了併購的歷史以及近況。在理解了併購的歷史、近況、分類，以及理論後，本文整理了在併購中常見的流程。在本文的最後，以近幾年的併購案作為案例進行歸納，探討各個併購活動中併購雙方的考量點以及影響因素。藉由案例分析，我們可以理解近幾年來併購活動成功的契機。 zh_TW dc.description.tableofcontents 摘要 1目錄 2第一章 緒論 3第一節 合併與收購 3第二節 企業生命週期與併購活動 4第二章 文獻探討 7第三章 併購理論、動機與流程 9第一節 併購理論 9第二節 併購動機 16第三節 併購歷史與現況 18第四節 併購流程 24第四章 近年案例分析 30第五章 結論 36參考文獻 38 zh_TW dc.format.extent 918058 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0103932414 en_US dc.subject (關鍵詞) 併購 zh_TW dc.subject (關鍵詞) M&A en_US dc.title (題名) 企業併購策略與實例分析 zh_TW dc.title (題名) The Enterprise Merger & Acquisition Strategy and Case Study en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Adizes, I. (1979). Organisational passages: Diagnosing and treating life-cycle problems in organisations. Organisational Dynamics, 8, 3–25.Ambrose, B. W., & Megginson, W. L. (1992). The role of asset structure, ownership structure, and takeover defences in determining acquisition likelihood. Journalof Financial and Quantitative Analysis, 27, 575–589.Bild, M., Cosh, A. D., Guest, P., & Runsten, M. (2002). Do Takeovers Create Value?: A Residual Income Approach on UK Data. University of Cambridge.Busija, E. C., O’Neill, H. M., & Zeithaml, C. P. (1997). Diversification strategy, entry mode, andperformance: evidence of choice and constraints. Strategic Management Journal, 18(4), 321–327.Capon, N., Farley, J. U., & Hoenig, S. (1990). Determinants of financial performance – a meta-analysis. Management Science, 36(10), 1143–1159.Cartwright, S., & Schoenberg, R. (2006). 30 years of mergers and acquisition research: recent advances and future opportunities. British Journal of Management, 17(S1), S1–S5.Ching, K. (2019). What Drives Merger Waves? A Study of the Seven Historical Merger Waves in the US. Scripps Senior Theses, 1–47.Cristerna, H. (2018). 2018 Global M&A Outlook: Navigating consolidation and disruption. J.P. Morgan, January.Datta, D. K., Narayanan, V. K., & Pinches, G. E. (1992). Factors influencing wealth creation frommergers and acquisitions: a meta analysis. Strategic Management Journal, 13(1), 67–84.Davis, G. F., & Stout, S. K. (1992). Organization theory and the market for corporatecontrol. Administrative Science Quarterly, 37, 605–633.Dodd, P. (1980). Merger Proposals, Management Discretion and Stockholder Wealth. Journal of Financial Economics, Vol. 8, 105–138.Espahbodi, H., & Espahbodi, P. (2003). Binary choice models and corporate takeover. Journal of Banking and Finance, 27, 549–574.Francoeur, C. (2006). The long-run performance of cross-border mergers and acquisitions: the Canadian evidence. Corporate Ownership & Control, 4(2), 312–323.Goergen, M., & Renneboog, L. (2003). Value creation in large European mergers and acquisitions. Advances in Mergers and Acquisitions, 2, 97–146.Greiner, L. (1972). Evolution and revolution as organizations grow. Harvard Business Review, 50, 37–46.Hagendorff, J., Collins, M., & Keasey, K. (2008). Investor protection and the value effects of bank merger announcements in Europe and the US. Journal of Banking & Finance, 32, 1333–1348.Haleblian, J., Devers, C. E., McNamara, G., Carpenter, M. A., & Davison, R. B. (2009). Takingstock of what we know about mergers and acquisitions: a review and research agenda. Journal of Management, 35(3), 469–502.Healy, P., Palepu, K., & Ruback, R. . (1992). Does corporate performance improve after mergers? Journal of Financial Economics, 31, 49–68.Holterman, W., & Pol, M. van de. (2016). Mergers & Acquisitions. PwC.Jensen, M. C., & Ruback, R. S. (1983). The market for corporate control. Journal of Financial Economics, 11, 5–50.King, D. R., Dalton, D. R., Daily, C. M., & Covin, J. G. (2004). Meta-analyses of post-acquisition performance: indications of unidentified moderators. Strategic Management Journal, 25(2), 187–200.Lubatkin, M. (1983). Mergers and the performance of the acquiring firm. Academy of Management Review, 8(2), 218–225.Lubatkin, M. (1987). Merger strategies and stockholder value. Strategic Management Journal, 8(1), 39–53.Mandelker, G. N. (1974). Risk and Return: The Case of Merging Firms. Journal of Financial Economics, Vol. 1, 303–305.March, J. G., & Sutton, R. I. (1997). Organizational performance as a dependent variable. Organization Science, 8(6), 698–706.Masulis, R., Wang, C., & Xie, F. (2007). Corporate governance and acquirer returns. Journal of Finance, 62, 1851–1889.Miller, D., & Friesen, P. (1984). A longitudinal study of the corporate life cycle. Management Science, 30, 1161–1183.Moeller, S. B., Schlingemann, F. P., & Stulz, R. M. (2004). Firm size and the gains from acquisitions. Journal of Financial Economics, 73, 201–228.Owen, S., & Yawson, A. (2010). Corporate life cycle and M&A activity. Journal of Banking and Finance, 34(2), 427–440. https://doi.org/10.1016/j.jbankfin.2009.08.003Palepu, K. G. (1986). Predicting takeover targets: A methodological and empirical analysis. Journal of Accounting and Economics, 3–35.Richard, P. J., Devinney, T. M., Yip, G. S., & Johnson, G. (2009). Measuring organizational performance as a dependent variable: towards methodological best practice. Journal OfManagement, 35(3), 718–804.Ritter, J. R., & Welch, I. (2002). A review of IPO activity, pricing and allocations. Journalof Finance, 57, 1795–1823.Rydqvist, K., & Hogholm, K. (1995). Going public in the 1980s: Evidence from Sweden. European Financial Management, 1, 287–315.Sherman, A., & Milledge, H. (2006). Mergers & Acquisitions from A to Z. In Amacom.Tamosiuniene, R., & Duksaite, E. (2004). The Importance of Mergers and Acquisitions in Today’s Economy. KSI Transactions on Knowledge Society, Vol. 2(No. 4), 11–15.Tichy, G. (2001). What do we know about success and failure of mergers? Journal of Industry, Competition and Trade, 1(4), 347–394.Venkatraman, N., & Ramanujam, V. (1986). Measurement of business performance in strategyresearch: a comparison of approaches. The Academy of Management Review, 11(4), 801–814.Zollo, M., & Meier, D. (2008). What is M&A performance? Academy of Management Perspectives, 22(3), 55–77.游明德, & 翁麗俐. (2019). 2019台灣併購白皮書. PwC.游明德, & 翁麗俐. (2020). 2020台灣併購白皮書. PwC. zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202100172 en_US
