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題名 購併前既存之關係對購併績效影響之研究—以台灣上市(櫃)資訊電子業與食品業為例
作者 黃盈凱
貢獻者 譚丹琪 博士
黃盈凱
關鍵詞 購併 關係
日期 2005
上傳時間 11-Sep-2009 17:06:12 (UTC+8)
摘要 本研究所選取的樣本為在台灣證券交易所公開上市上櫃之資訊電子業、食品業公司,而且其在民國86年至民國92年間有進行國內或國外購併之企業,共選取115個購併樣本進行實證研究。
     本研究主要研究的問題即是購併前雙方的既存關係對於購併後表現的影響,本研究認為這層既存關係可以使購併後的整合更加順利、降低因不瞭解目標公司經營狀況而導致錯誤的購併決策之機會,進而反映出較佳的購併後績效。本研究並進一步將既存之關係細分為上下游合作關係、代工合作關係、關係企業與轉投資關係、雙方高層朋友關係四種,探討在不同的關係型態下該既存之關係對購併後表現的影響。
     本研究之結果為購併前雙方若存在既有之關係,不論關係的型態,其在營運綜效(營運成本率)及財務綜效(流動比率、負債比率)的表現上皆優於購併前雙方完全無關係者。而購併前雙方若存在上下游合作之關係,其在營運綜效(營運成本率)及財務綜效(流動比率、負債比率)的表現上皆優於購併前雙方無上下游合作關係者;購併前雙方若存在關係企業之關係,其在營運綜效(資產報酬率)及財務綜效(流動比率、負債比率)的表現上皆優於購併前雙方無關係企業之關係者;購併前若雙方高層存在朋友、親戚之關係,其在營運綜效(資產報酬率、營運成本率)及財務綜效(流動比率、負債比率)的表現上皆優於購併前雙方高層無關係者。
參考文獻 一、中文部份
1. 張紹基、楊勝淵,民國89年,「台灣企業購併實質效益之研究」,管理學報,第十八卷第一期。
2. 吳美麗,民國83年,「台灣製造業購併前後購併綜效與經營績效之實證研究」,淡江大學管理科學研究所碩士論文。
3. 陳正芳,民國87年,「台灣上市公司購併前後績效之比較研究─運用模糊理論剖析」,東海大學管理研究所未出版碩士論文。
4. 陳志光,民國79年,「我國企業購併前後營運績效之比較研究」,國立政治大學會計研究所碩士論文。
5. 黃明琦,民國88年,「臺灣金融機構購併前後績效與綜效之研究」,國立成功大學企業管理學系碩士論文。
6. 孫梅瑞,民國88年,「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學系碩士論文。
7. 謝佩霓,民國91年,「企業合併綜效及其影響因素之研究」,銘傳大學國際企業管理研究所碩士論文。
8. 鄭麗麗,民國87年,「不同購併型態對購併後績效之影響─以台灣上市公司為例」,東吳大學會計學系未出版碩士論文。
9. 蕭惠元,民國85年,「購併活動對股價行為與會計資訊之影響--以上市公司為例」,東吳大學會計學系碩士論文。
二、英文部份
1. Agrawal, Anup , Jaffe, Jeffrey F. and Mandelker, Gershon N., 1992 “The Post-Merger Performance of Acquiring Firms: A Re-examination of an Anomaly” , The Journal of Finance ,Cambridge: Nov Vol.8 , Iss.3, p.21.
2. Asquith, Paul , Bruner, Robert F. and Mullins, David W., 1983 “The gains to bidding firms from merger”, Journal of Financial Economics, Vol.11, p.121.
3. Beatty, Carol A., 1994 “Wanted: the Perfect Tiny Acquisition” , Business Quarterly, Vol.58, Iss.4, p.50.
4. Bradley, Michael, Desai, Anand and Kim Han, 1988, “Synergistic gains from corporate acquisitions and their division between the stockholders of target and acquiring firms”, Journal of Financial Economics 21, Vol.21, Iss.1, p.3.
5. Cannella, Albert A. and Hambrick, Donald C., 1993 “Effects of executive departures on the performance of acquired firms” , Strategic Management Journal, Vol.14, p.137.
6. Coleman, James S. 1988 “Social Capital in the Creation of Human Capital” , The American Journal of Sociology, Vol.94, p.95.
7. Copeland, Ronald M. and Ingram, Robert W., 1979 “Municipal Financial Reporting Deficiencies: Causes and Solutions” , Governmental Finance .
8. Datta, Deepak K. and Grant, John H., 1990 “Relationships Between Type of Acquisition, The autonomy Given to the Acquired Firm, and Acquisition Success: An Empirical Analysis” , Journal of Management, Vol.16 No.1, p.29.
9. Datta, Deepak K., 1991 “Organizational Fit and Acquisition Performance: Effects of Post-Acquisition Integration” , Strategic Management Journal, Vol.12, p.281.
10. Doukas, John and Travlos, Nicholas G., 1988 “The Effect of Corporate Multinationalism on Shareholders’ Wealth: Evidence from International Acquisition”, Journal of Finance, Vol.43, p.1161.
11. Finkelstein, Sydney and Haleblian, Jerayr, 2002 “Understanding Acquisition Performance: The Role of Transfer Effects” , Organization Science, Vol.13, No1, January-February, p.36.
12. Gulati, Ranjay and Westphal, James D., 1999 “Cooperative or controlling? The effects of CEO-board relations and the content of interlocks on the formation of joint ventures” , Administrative Science Quarterly, Vol.44, Iss.3, p.473.
13. Healy, Paul M., Palepu, Krishna G. and Ruback, Richard S., 1992 “Does Corporate Performance Improve After Mergers? ” , Journal of Financial Economics, Vol.31, Iss.2, p.135.
14. Harris, Robert S., Ravenscraft, David , 1991 “The Role of Acquisitions in Foreign Direct Investment: Evidence from the U.S. Stock Market” , The Journal of Finance, Cambridge: Jul. Vol.46, Iss.3, p.825.
15. Jensen, Michael C. and Ruback, Richard S., 1983 “The Market for Corporate Control: The Scientific Evidence” , Journal of Financial Economics ,Amsterdam: Apr Vol.11, Iss.1-4,p.5.
16. Krishnan, Hema A. and Park, Daewoo , 2003 “Power in acquired top management teams and post-acquisition performance: A conceptual framework” , International Journal of Management , Vol.20, Iss.1, p.75.
17. Levy, Haim and Hanoch, Giora, 1970 “Efficient Portfolio Selection with Quadratic and Cubic Utility” , The Journal of Business , Chicago: Apr Vol.43,Iss.2, p.181.
18. Lubatkin, Michael , 1983 “Mergers and the performance of the acquiring firm”, Academy of Management, Apr Vol.8, Iss2, p.218.
19. Lubatkin, Michael , 1987 “Merger Strategies and Stockholder Value”, Strategic Management Journal , Jan/Feb, Vol.8, Iss.1, p.39.
20. Linn, Scott C. and Switzer, Jeannette A., 2001 “Are cash acquisitions associated with better postcombination operating performance than stock acquisitions? ”, Journal of Banking & Finance , Vol.25, Iss.6, p.1113.
21. Lewellen, Wilbur G,1971 “A Pure Financial Rationale for the Conglomerate Merger”, Journal of Finance, p521.
22. Myers, Henry F., 1988 “The Outlook: Will Mergers Help or Hurt in Long Run? ” , Wall Street Journal (Eastern edition) ,New York: May 2,p.1.
23. Ramaswamy, Kannan , 1997 “The performance impact of strategic similarity in horizontal mergers: Evidence from the U.S. banking industry”, Academy of Management Journal , Vol.40, Iss.3, p.697.
24. Roll, Richard, 1986 “The Hubris Hypothesis of Corporate Takeovers”, Journal of Business, Vol.59(2) p.197.
25. Seth, Anju , 1990 “Sources of Value Creation in Acquisitions: An Empirical Investigation”, Strategic Management Journal ,Oct Vol.11, Iss.6, p.431.
26. Siguaw, Judy A., Simpson, Penny M. and Baker, Thomas L., 1998 “Effects of Supplier Market Orientation on Distributor Market Orientation and the Channel Relationship: The Distributor Perspective”, Journal of Marketing, Vol.62, Iss.3, p.99.
27. Silhan, Peter A. and Thomas, Howard, 1986 “Using Simulated Mergers to Evaluate Corporate Diversification Strategies”, Strategic Management Journal , Nov/Dec, Vol.7, Iss.6, p.523.
28. Tsai, Wenpin and Ghoshal, Sumantra , 1998 “Social Capital and Value Creation:The Role of Intrafirm Networks” ,Academy of Management Journal, Aug, p.41.
29. Uzzi, Brian ,1996 “The sources and consequences of embeddedness for the economic performance of organizations: The network effect” , American Sociological Review, Vol.61, Iss.4, p.674.
30. Vermeulen, Freek and Barkema, Harry , 2001 “Learning Through Acquisitions” , Academy of Management Journal; Jun 44, p.3.
31. Williamson, Robert W., 1975 “Measuring Divisional Profitability” , Management Accounting ,Jan Vol.56, Iss.7 ,p.29.
描述 碩士
國立政治大學
國際經營與貿易研究所
93351017
94
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0093351017
資料類型 thesis
dc.contributor.advisor 譚丹琪 博士zh_TW
dc.contributor.author (Authors) 黃盈凱zh_TW
dc.creator (作者) 黃盈凱zh_TW
dc.date (日期) 2005en_US
dc.date.accessioned 11-Sep-2009 17:06:12 (UTC+8)-
dc.date.available 11-Sep-2009 17:06:12 (UTC+8)-
dc.date.issued (上傳時間) 11-Sep-2009 17:06:12 (UTC+8)-
dc.identifier (Other Identifiers) G0093351017en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/30034-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 國際經營與貿易研究所zh_TW
dc.description (描述) 93351017zh_TW
dc.description (描述) 94zh_TW
dc.description.abstract (摘要) 本研究所選取的樣本為在台灣證券交易所公開上市上櫃之資訊電子業、食品業公司,而且其在民國86年至民國92年間有進行國內或國外購併之企業,共選取115個購併樣本進行實證研究。
     本研究主要研究的問題即是購併前雙方的既存關係對於購併後表現的影響,本研究認為這層既存關係可以使購併後的整合更加順利、降低因不瞭解目標公司經營狀況而導致錯誤的購併決策之機會,進而反映出較佳的購併後績效。本研究並進一步將既存之關係細分為上下游合作關係、代工合作關係、關係企業與轉投資關係、雙方高層朋友關係四種,探討在不同的關係型態下該既存之關係對購併後表現的影響。
     本研究之結果為購併前雙方若存在既有之關係,不論關係的型態,其在營運綜效(營運成本率)及財務綜效(流動比率、負債比率)的表現上皆優於購併前雙方完全無關係者。而購併前雙方若存在上下游合作之關係,其在營運綜效(營運成本率)及財務綜效(流動比率、負債比率)的表現上皆優於購併前雙方無上下游合作關係者;購併前雙方若存在關係企業之關係,其在營運綜效(資產報酬率)及財務綜效(流動比率、負債比率)的表現上皆優於購併前雙方無關係企業之關係者;購併前若雙方高層存在朋友、親戚之關係,其在營運綜效(資產報酬率、營運成本率)及財務綜效(流動比率、負債比率)的表現上皆優於購併前雙方高層無關係者。
zh_TW
dc.description.tableofcontents 目錄
     第壹章 緒論……………………………………………………………………5
      第一節 研究背景與動機…………………………………………………5
      第二節 研究目的…………………………………………………………7
      第三節 研究範圍…………………………………………………………8
      第四節 研究流程與架構…………………………………………………9
     第貳章 文獻探討…………………………………………………………….11
      第一節 企業進行購併的動機………………………………..………11
      第二節 影響購併績效的因素…………………………………………16
      第三節 購併相關實證研究……………………………………………20
      第四節 小結……………………………………………………………27
     第參章 研究設計與方法……………………………………………………28
      第一節 研究假設………………………………………………………28
      第二節 研究樣本與資料來源…………………………………………36
      第三節 研究變數操作…………………………………………………38
      第四節 研究分析方法…………………………………………………47
     第肆章 研究結果分析………………………………………………………51
      第一節 樣本基本描述…………………………………………………51
      第二節 研究變數敘述性統計…………………………………………52
      第三節 差異檢定………………………………………………………54
      第四節 實證結果分析與討論…………………………………………56
     第伍章 結論與建議…………………………………………………………..68
      第一節 研究結論……………………………………………………..68
      第二節 研究限制與未來研究方向…………………………………..71
      第三節 管理意涵………………………………………………………73
     參考文獻…………………………………………………………………………75
zh_TW
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0093351017en_US
dc.subject (關鍵詞) 購併 關係zh_TW
dc.title (題名) 購併前既存之關係對購併績效影響之研究—以台灣上市(櫃)資訊電子業與食品業為例zh_TW
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 一、中文部份zh_TW
dc.relation.reference (參考文獻) 1. 張紹基、楊勝淵,民國89年,「台灣企業購併實質效益之研究」,管理學報,第十八卷第一期。zh_TW
dc.relation.reference (參考文獻) 2. 吳美麗,民國83年,「台灣製造業購併前後購併綜效與經營績效之實證研究」,淡江大學管理科學研究所碩士論文。zh_TW
dc.relation.reference (參考文獻) 3. 陳正芳,民國87年,「台灣上市公司購併前後績效之比較研究─運用模糊理論剖析」,東海大學管理研究所未出版碩士論文。zh_TW
dc.relation.reference (參考文獻) 4. 陳志光,民國79年,「我國企業購併前後營運績效之比較研究」,國立政治大學會計研究所碩士論文。zh_TW
dc.relation.reference (參考文獻) 5. 黃明琦,民國88年,「臺灣金融機構購併前後績效與綜效之研究」,國立成功大學企業管理學系碩士論文。zh_TW
dc.relation.reference (參考文獻) 6. 孫梅瑞,民國88年,「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學系碩士論文。zh_TW
dc.relation.reference (參考文獻) 7. 謝佩霓,民國91年,「企業合併綜效及其影響因素之研究」,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) 8. 鄭麗麗,民國87年,「不同購併型態對購併後績效之影響─以台灣上市公司為例」,東吳大學會計學系未出版碩士論文。zh_TW
dc.relation.reference (參考文獻) 9. 蕭惠元,民國85年,「購併活動對股價行為與會計資訊之影響--以上市公司為例」,東吳大學會計學系碩士論文。zh_TW
dc.relation.reference (參考文獻) 二、英文部份zh_TW
dc.relation.reference (參考文獻) 1. Agrawal, Anup , Jaffe, Jeffrey F. and Mandelker, Gershon N., 1992 “The Post-Merger Performance of Acquiring Firms: A Re-examination of an Anomaly” , The Journal of Finance ,Cambridge: Nov Vol.8 , Iss.3, p.21.zh_TW
dc.relation.reference (參考文獻) 2. Asquith, Paul , Bruner, Robert F. and Mullins, David W., 1983 “The gains to bidding firms from merger”, Journal of Financial Economics, Vol.11, p.121.zh_TW
dc.relation.reference (參考文獻) 3. Beatty, Carol A., 1994 “Wanted: the Perfect Tiny Acquisition” , Business Quarterly, Vol.58, Iss.4, p.50.zh_TW
dc.relation.reference (參考文獻) 4. Bradley, Michael, Desai, Anand and Kim Han, 1988, “Synergistic gains from corporate acquisitions and their division between the stockholders of target and acquiring firms”, Journal of Financial Economics 21, Vol.21, Iss.1, p.3.zh_TW
dc.relation.reference (參考文獻) 5. Cannella, Albert A. and Hambrick, Donald C., 1993 “Effects of executive departures on the performance of acquired firms” , Strategic Management Journal, Vol.14, p.137.zh_TW
dc.relation.reference (參考文獻) 6. Coleman, James S. 1988 “Social Capital in the Creation of Human Capital” , The American Journal of Sociology, Vol.94, p.95.zh_TW
dc.relation.reference (參考文獻) 7. Copeland, Ronald M. and Ingram, Robert W., 1979 “Municipal Financial Reporting Deficiencies: Causes and Solutions” , Governmental Finance .zh_TW
dc.relation.reference (參考文獻) 8. Datta, Deepak K. and Grant, John H., 1990 “Relationships Between Type of Acquisition, The autonomy Given to the Acquired Firm, and Acquisition Success: An Empirical Analysis” , Journal of Management, Vol.16 No.1, p.29.zh_TW
dc.relation.reference (參考文獻) 9. Datta, Deepak K., 1991 “Organizational Fit and Acquisition Performance: Effects of Post-Acquisition Integration” , Strategic Management Journal, Vol.12, p.281.zh_TW
dc.relation.reference (參考文獻) 10. Doukas, John and Travlos, Nicholas G., 1988 “The Effect of Corporate Multinationalism on Shareholders’ Wealth: Evidence from International Acquisition”, Journal of Finance, Vol.43, p.1161.zh_TW
dc.relation.reference (參考文獻) 11. Finkelstein, Sydney and Haleblian, Jerayr, 2002 “Understanding Acquisition Performance: The Role of Transfer Effects” , Organization Science, Vol.13, No1, January-February, p.36.zh_TW
dc.relation.reference (參考文獻) 12. Gulati, Ranjay and Westphal, James D., 1999 “Cooperative or controlling? The effects of CEO-board relations and the content of interlocks on the formation of joint ventures” , Administrative Science Quarterly, Vol.44, Iss.3, p.473.zh_TW
dc.relation.reference (參考文獻) 13. Healy, Paul M., Palepu, Krishna G. and Ruback, Richard S., 1992 “Does Corporate Performance Improve After Mergers? ” , Journal of Financial Economics, Vol.31, Iss.2, p.135.zh_TW
dc.relation.reference (參考文獻) 14. Harris, Robert S., Ravenscraft, David , 1991 “The Role of Acquisitions in Foreign Direct Investment: Evidence from the U.S. Stock Market” , The Journal of Finance, Cambridge: Jul. Vol.46, Iss.3, p.825.zh_TW
dc.relation.reference (參考文獻) 15. Jensen, Michael C. and Ruback, Richard S., 1983 “The Market for Corporate Control: The Scientific Evidence” , Journal of Financial Economics ,Amsterdam: Apr Vol.11, Iss.1-4,p.5.zh_TW
dc.relation.reference (參考文獻) 16. Krishnan, Hema A. and Park, Daewoo , 2003 “Power in acquired top management teams and post-acquisition performance: A conceptual framework” , International Journal of Management , Vol.20, Iss.1, p.75.zh_TW
dc.relation.reference (參考文獻) 17. Levy, Haim and Hanoch, Giora, 1970 “Efficient Portfolio Selection with Quadratic and Cubic Utility” , The Journal of Business , Chicago: Apr Vol.43,Iss.2, p.181.zh_TW
dc.relation.reference (參考文獻) 18. Lubatkin, Michael , 1983 “Mergers and the performance of the acquiring firm”, Academy of Management, Apr Vol.8, Iss2, p.218.zh_TW
dc.relation.reference (參考文獻) 19. Lubatkin, Michael , 1987 “Merger Strategies and Stockholder Value”, Strategic Management Journal , Jan/Feb, Vol.8, Iss.1, p.39.zh_TW
dc.relation.reference (參考文獻) 20. Linn, Scott C. and Switzer, Jeannette A., 2001 “Are cash acquisitions associated with better postcombination operating performance than stock acquisitions? ”, Journal of Banking & Finance , Vol.25, Iss.6, p.1113.zh_TW
dc.relation.reference (參考文獻) 21. Lewellen, Wilbur G,1971 “A Pure Financial Rationale for the Conglomerate Merger”, Journal of Finance, p521.zh_TW
dc.relation.reference (參考文獻) 22. Myers, Henry F., 1988 “The Outlook: Will Mergers Help or Hurt in Long Run? ” , Wall Street Journal (Eastern edition) ,New York: May 2,p.1.zh_TW
dc.relation.reference (參考文獻) 23. Ramaswamy, Kannan , 1997 “The performance impact of strategic similarity in horizontal mergers: Evidence from the U.S. banking industry”, Academy of Management Journal , Vol.40, Iss.3, p.697.zh_TW
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