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題名 查核機制在企業併購中之角色與價值
作者 張祐康
Chang, Patrick Yowkang
貢獻者 吳豐祥
張祐康
Chang, Patrick Yowkang
關鍵詞 企業併購
查核機制
無形資產
企業變革和重整
企業整合
策略聯盟
Mergers and Acquisitions
Due Diligence
Intellectual property
corporate change and reorganizing
post-merger integration
business alliances
日期 2006
上傳時間 14-Sep-2009 09:44:32 (UTC+8)
摘要 大多數關於企業併購的研究焦點著重於財務考量、人力資源管理或併購案之操作及流程管理，而本論文嘗試以整合性的方式，討論併購案之所有重要面向，包括許多被忽略的主題，例如：企業變革和重整、商業策略、工業關係、無形資產鑑價等。
Most researches on mergers and acquisitions (M&A) focus on financial matters, human resource management, or the operation and process management of the deal. This thesis tries to bring together all the essential elements of each domain, including subjects that are often overlooked or treated superficially by others, under an integrated aspect. Factors including corporate change and reorganizing, business strategy, industrial relations, assumptions-driven planning, entrepreneurship, post-merger integration, business alliances, deal structuring and strategies, financial modeling and simulation, and valuing intangible assets such as intellectual properties are integrated into a feasible model from the perspective of due diligence.
     Practical examples and contemporary business cases and figures in the Western world are used for analyzing how mergers and acquisitions can be successful with win-win solutions through due diligence. Five real cases excerpted from three Taiwan high tech companies are examined in their M&A activities and are discussed as a series of interdependent movements in which each activity actually occurs. Suggestions and implementation are then proposed.
     While intended for reference of companies in pursuit of mergers and acquisitions, this thesis also aims to have broader application for market appeal in both executive development and training programs. For those who are hoping to become or who are actively pursuing careers as financial analysts, chief financial officers, corporate treasurers, operating managers, investment bankers, business brokers, portfolio mangers, investors, as well as corporate development and strategic planning managers, this thesis and referred literatures can work as handy and useful references. Bank loaners, venture capitalists, business appraisers, actuaries, government regulators and policy makers, and entrepreneurs will also be the beneficiaries of the study.
Abstract ……………………………………………………………….1
     Chapter One Introduction ………………………….2
     1.1 Research Background ………………………………2
     1.2 Research Objectives ………………………………..5
     1.3 Thesis Structure ……………………………………..7
     Chapter Two Literature Review ……………………8
     2.1 M&A Literature Review ……………………………..8
     2.2 Due Diligence ………………………………………..18
     2.3 Summary of Literature Review …………………..26
     Chapter Three Research Methodology and Design ….34
     3.1 Conceptual Frameworks …………………………..34
     3.2 Due Diligence Designated in M&A Process ……36
     3.3 Research Method and Design …………………….37
     Chapter Four Cases Studied …………………………40
     4.1 Case I – Company A: Acer Group ………………..40
     4.1.1 Background Information …………………...40
     4.1.2 Major M&A Activities in the Past ………….44
     4.2 Case II – Company B: Lite-On Group …………….57
     4.2.1 Background Information ……………………57
     4.2.2 Major M&A Activities in the Past ………….63
     4.3 Case III – Company C: FuSheng Group …………75
     4.3.1 Background Information ……………………75
     4.3.2 Major M&A Activities in the Past ………….80
     Chapter Five Research Findings and Discussion …….85
     5.1 Strategic Goals ………………………………………85
     5.2 Challenges Faced ……………………………………86
     5.3 Due Diligence Performed …………………………..86
     5.4 M&A Project Management …………………………88
     5.5 Cross-border Issues…………………………………88
     5.6 Implementations of the Research Findings …….90
     Chapter Six Conclusions and Suggestions ………94
     6.1 Conclusions…………………………………………...94
     6.2 Suggestions to the M&A Professionals………….96
     6.3 Suggestions for Future Researches …………….102
     Bibliography …………………………………………104
     Appendix ……………………………………………109
參考文獻 1. Acer, About Acer, http://global.acer.com/about/index.htm
2. Alexander, G. J., P. G. Benson and J. M. Kampmeyer, “Investigating the Valuation Effects of Announcement of Voluntary Corporate Sell-offs”, The Journal of Finance, Vol. 39, No. 2, June 1984, pp. 503-517.
3. Amram, M. and N. Kulatilaka, Real Options: Managing Strategic Investment in an Uncertain World, Harvard Business School Press. Boston, Massachusetts, 1999.
4. Barkema, H. and F. Vermeulen, “Learning through Acquisitions”, Academy of Management Journal, Vol. 44, No. 3, 2001, pp. 457-476.
5. BenQ Corporation, “BenQ Mobile Commences Operations Today”, Press Release, Munich, Germany, October 1, 2005
6. Berkovitch, E. and M.P. Narayanan, “Motives for Takeovers: An Empirical Investigation”, Journal of Financial and Quantitative Analysis, Vol. 28, No. 3, September 1999, pp. 347.
7. Blackburn, V. L., F. H. Dark and R. C. Hanson, “Mergers, Method of Payment and Returns to Manager- and Owner-Controlled Firms”, The Financial Review, Vol. 32, No. 3, August 1997, pp. 569-589.
8. Black’s Law Dictionary, The West Group, 1999.
9. Borghese, R. J., and P. F. Borgese, “M&A from Planning to Integration: Executing Acquisitions and Increasing Shareholder Value”, McGraw-Hill Companies, Inc., 2002.
10. Bower, J. L., “Not All M&As Are Alike—and That Matters”, Harvard Business School Weekly, HBSWK Publisher, April 2, 2001.
11. Brown, S. J. and J. B. Warner, “Measuring Security Price Performance”, Journal of Financial Economics, 8, 1980, pp. 205-258. North-Holland Publishing Company.
12. Chen, P.C., On Proprietary Information Protection, National Taiwan University, May 2003.
13. Clements, P. J., Due Diligence: A Safety Net for Shareholder Value, PricewaterhouseCoopers LLP, New York, New York, 2000.
14. Cohen, W. M. and D. A. Levinthal, "Absorptive Capacity: A New Perspective on Learning and Innovation", Administrative Science Quarterly (35), 1990, pp.1128-1152.
15. Cohen, W. M. and D. A. Levinthal, " Learning and Innovation: The Two Faces of R&D", Economic Journal, 99, Macmillan, London and New York, 1989, pp. 569-596.
16. Cullinan, G., J. Le Roux, and R. Weddigen, When to Walk Away from A Deal, Harvard Business Review, Vol. 82, Issue 4, 2004, pp. 96-100.
17. Depamphilis, D., Mergers, Acquisitions, and Other Restructuring Activities: An Integrated Approach to Process, Tools, Cases, and Solutions, Academic Press, Incorporated, February 2001.
18. Dern, V., Real Options in Strategic Acquisition: A Case Study of the Fubon-Taipei Bank Merger, National Cheng Chi University, July 2004.
19. DeYoung, R., “Bank Merger, X-efficiency, and the Market for Corporate Control”, Managerial Finance, Vol. 23, No. 1, 1997, pp. 32-47.
20. Dow Jones & Company, “European Venture-Capital Investment Holds Steady in 2004”, http://www.dowjones.com/Pressroom/PressReleases/Other/ US/2005/0211_US_DowJonesNewswires_3474.htm, February 2005.
21. Dow Jones & Company, “IPOs of European Venture-Backed Companies Raise □712 Million in 2004”, http://www.dowjones.com/Pressroom/Press Releases/Other/Europe/2005/0118_Europe_DowJonesNewswires_8675.htm, January 2005.
22. Dow Jones & Company, “U.S. Venture-Capital Investment Increases to $20.4 Billion in 2004 in First Year-Over-year Increase Since 2000”, http://www.dowjones.com/Pressroom/PressReleases/Other/US/2005/0121_US_DowJonesNewswires_2700.htm, January 2005.
23. Eisenhardt, K. M. and Martin, J. A., “Dynamic Capability: What are They?” Strategic Management Journal, 21, 2000, pp. 1105-1121.
24. Fama, E. F., "Market Efficiency, Long-Term Returns, and Behavioral Finance," Journal of Financial Economics, 49, 1998, pp. 283-306.
25. Finkelstein S., Haleblian J., “Understanding Acquisition Performance: The Role of Transfer Effects”, Organization Science, Vol. 13, 2002, pp. 36-47.
26. Fortune Magazine, 3 September 2001.
27. FuSheng, About FuSheng, http://www.fusheng.com/corporate/corporate.htm
28. Galpin, T. J., and M. Herndon, The Complete Guide to Mergers and Acquisitions: Process Tools to Support M&A Integration at Every Level, John Wiley & Sons, Incorporated, October 1999.
29. Guest, P. M., A. Cosh, A. Hughes, and R. L. Conn, “Why Must All Good Things Come to An End? The Performance of Multiple Acquirers”, 2003.
30. Gupta, D., and Y. Gerchak, "Quantifying Operational Synergies in a Merger/Acquisition," Management Science, Vol. 48, No. 4, April 2002, pp. 517-533.
31. Hamm, S., D. Roberts, and L. Lee, “Lenovo and IBM: East Meets West, Big-Time”, BusinessWeek, 2005
32. Hansen, R. G., “A Theory for the Choice Exchange Medium in Mergers and Acquisitions”, Journal of Business, Vol. 60, No. 1, 1987, pp. 75-95.
33. Heron, R. and E. Lie, “Operating Performance and the Method of Payment in Takeovers”, Journal of Financial and Quantitative Analysis, Mar. 2002, Vol. 37, Issue 1, pp. 137-156.
34. Hooke, J. C., M&A, A Practical Guide to Doing the Deal, John Wiley & Sons, New York, 1996.
35. Hopkins, H.D., “Cross-border Mergers and Acquisitions: Global and Regional Perspectives”, Journal of International Management, No. 5, 1999, pp. 207-239.
36. Howard, H. L., and Zukin, “The 1996 full year M&A market should supersede last year`s record”, Corporate Growth Report Weekly, Oct 14, 1996
37. Ijiri, Y., and H.A. Simon, “Effects of Mergers and Acquisitions on Business Firm Concentration”, The Journal of Political Economy, Vol. 79, No. 2, 1971, pp. 314-322.
38. James, C. M. and P. Wier, “Returns to Acquirers and Competition in the Acquisition Market: The Case of Banking”, Journal of Political Economy, 95, 2, April 1987, pp. 355.
39. Jemison, D. B. and S. B. Sitkin, “Corporate Acquisitions: A Process Perspective”, The Academy of Management Review, Volume 11, Issue 1, Jan. 1986, pp. 145-163.
40. Jensen, M. C. and R. S. Ruback, “The Market for Corporate Control: The Scientific Evidence”, Journal of Financial Economics, 11, 1983, pp. 7, 8.
41. Kane, E. J., “Incentives for Banking Megamergers: What Motives Might Regulators Infer from Event Study Evidence”, Journal of Money, Credit and Banking, Vol. 32, No. 3, 2000, pp. 671-701.
42. Kee, M. R., “To merge and acquire - An IE presence is required for companies to come together successfully”, Industrial Engineer, August 2003.
43. Larsson, R. and S. Finkelstein, “Integrating strategy, Organizational, and Human Resource Perspectives on Mergers and Acquisitions: A Case Survey of Synergy Realization”, Organizational Science, Jan.-Feb. 1999, Vol. 10, Issue 1, pp. 1-26.
44. LCCIEB, How to Pass Marketing Level 2, London Chamber of Commerce and Industry Examinations Board, UK, 2000.
45. Lite-On, About Lite-On, http://www.liteon.com/liteon/index.jsp
46. Lohr, S., “Lenovo Evolves With Its I.B.M. PC Unit in Tow”, The New York Times, September 30, 2005.
47. Loughran, T. and A. Vijh, “Do Long-Term Shareholders Benefit from Corporate Acquisitions”, Journal of Finance, December, Vol. 52, 1997, pp. 1765-1790.
48. Luehrman, T.A., “What’s It Worth? A General Manager’s Guide to Valuation”, Harvard Business Review, May-June 1997, pp. 132-142.
49. McLaughlin, J., Brown & Wood LLP, In re International Rectifier Securities Litigation, 1997.
50. Mitchell, M. L. and E. Stafford, "Managerial Decisions and Long-Term Stock Price Performance," Journal of Business 73, 2000, pp. 287-320.
51. Newsweek, “M&A Tale of Two Deals”, Periscope (Op-Ed) Section, July 3, 2005.
52. Oxford English Dictionary, Oxford: Oxford University Press, 1973.
53. Perry, J. and T. Herd, “Mergers and Acquisitions: Reducing M&A risk through improved due diligence”, Strategy and Leadership, Vol. 32, No. 2, 2004, pp. 12-19.
54. Pinker, A., C. G. Smith, and J. W. Booher, “Selecting Effective Acquisition Process Metrics”, Acquisition Review Quarterly, Vol.4, No. 2, DSMC Press, Spring 1997.
55. PMI, A Guide to the Project Management Body of Knowledge, 3rd. Edition, Project Management Institute, Inc., Pennsylvania, 2004.
56. Pong, C. B., M&A Cases in Acer, 16 September 2005.
57. Reed-Lajoux, A., C. M. Elson, The Art of M&A Due Diligence, McGraw-Hill Companies, May 2000.
58. Reed, S. F., and A. Reed-Lajoux, Art of M&A: A Merger Acquisition Buyout Guide, 3rd edition, McGraw-Hill Companies, December 1998.
59. Roll, R., "The Hubris Hypothesis of Corporate Takeovers," Journal of Business, University of Chicago Press, vol. 59(2), 1986, pp. 197-216.
60. Ross, S. A., R. W. Westfield and J. Jaffe, Corporate Finance, 6th Edition, McGraw Hill, New York, 2001.
61. Schipper, K. and R. Thompson, “The Impact of Merger-related Regulations on the Shareholders of Acquiring Firms”, Journal of Accounting Research 21, 1983, pp. 184.
62. Schweiger, D. M., “M&A Integration”, McGraw-Hill Companies, Inc., 2002.
63. Selden L. and G. Colvin, “M&A Needn’t To Be a Loser’s Game”, Harvard Business Review, June 2003, pp. 70-79.
64. Shelton, L.M., “Strategic Business Fits and Corporate Acquisition: Empirical Evidence”, Strategic Management Journal; May/Jun 1988, pp. 279.
65. Sherman, A. J., Mergers and Acquisitions from A to Z: Strategic and Practical Guidance for Buyers and Sellers, AMACOM, November 1997.
66. Spender, J. C., Industry Recipes: An Enquiry into the Nature and Sources of Managerial Judgment, Oxford, UK: Basil Blackwell, 1989.
67. Spradley, J. P., The Ethnographic Interview, New York, NY: Holt, Rinehart and Winston, 1979.
68. Spradley, J. P., The Ethnographic Interview, New York, NY: Harcourt Brace Jovanovich, 1979.
69. Tsai, E., “Taiwan: An overview of recent developments in M&A law”, International Financial Law Review, London, 2002, pp. 59-61.
70. Weston, J. F., and S. M. Weaver, “Mergers and Acquisitions”, McGraw-Hill Companies, Inc., 2001.
71. Wu, C. S., The M&A Bible, Yuan Liou Publishing Company, August 1998.
72. YCA Mergers, http://www.ycamergers.com/servicesphases.aspx
73. Yu, S. W., and Y. B. Chiang, On the Factors that Affect the Success and Failure of M&A, National Taiwan University of Science and Technology.
描述 碩士
國立政治大學
國際經營管理碩士班(IMBA)
90933010
95
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0090933010
資料類型 thesis
dc.contributor.advisor 吳豐祥zh_TW
dc.contributor.author (Authors) 張祐康zh_TW
dc.contributor.author (Authors) Chang, Patrick Yowkangen_US
dc.creator (作者) 張祐康zh_TW
dc.creator (作者) Chang, Patrick Yowkangen_US
dc.date (日期) 2006en_US
dc.date.accessioned 14-Sep-2009 09:44:32 (UTC+8)-
dc.date.available 14-Sep-2009 09:44:32 (UTC+8)-
dc.date.issued (上傳時間) 14-Sep-2009 09:44:32 (UTC+8)-
dc.identifier (Other Identifiers) G0090933010en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/31291-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 國際經營管理碩士班(IMBA)zh_TW
dc.description (描述) 90933010zh_TW
dc.description (描述) 95zh_TW
dc.description.abstract (摘要) 大多數關於企業併購的研究焦點著重於財務考量、人力資源管理或併購案之操作及流程管理，而本論文嘗試以整合性的方式，討論併購案之所有重要面向，包括許多被忽略的主題，例如：企業變革和重整、商業策略、工業關係、無形資產鑑價等。zh_TW
dc.description.abstract (摘要) Most researches on mergers and acquisitions (M&A) focus on financial matters, human resource management, or the operation and process management of the deal. This thesis tries to bring together all the essential elements of each domain, including subjects that are often overlooked or treated superficially by others, under an integrated aspect. Factors including corporate change and reorganizing, business strategy, industrial relations, assumptions-driven planning, entrepreneurship, post-merger integration, business alliances, deal structuring and strategies, financial modeling and simulation, and valuing intangible assets such as intellectual properties are integrated into a feasible model from the perspective of due diligence.
     Practical examples and contemporary business cases and figures in the Western world are used for analyzing how mergers and acquisitions can be successful with win-win solutions through due diligence. Five real cases excerpted from three Taiwan high tech companies are examined in their M&A activities and are discussed as a series of interdependent movements in which each activity actually occurs. Suggestions and implementation are then proposed.
     While intended for reference of companies in pursuit of mergers and acquisitions, this thesis also aims to have broader application for market appeal in both executive development and training programs. For those who are hoping to become or who are actively pursuing careers as financial analysts, chief financial officers, corporate treasurers, operating managers, investment bankers, business brokers, portfolio mangers, investors, as well as corporate development and strategic planning managers, this thesis and referred literatures can work as handy and useful references. Bank loaners, venture capitalists, business appraisers, actuaries, government regulators and policy makers, and entrepreneurs will also be the beneficiaries of the study.		en_US
dc.description.abstract (摘要) Abstract ……………………………………………………………….1
     Chapter One Introduction ………………………….2
     1.1 Research Background ………………………………2
     1.2 Research Objectives ………………………………..5
     1.3 Thesis Structure ……………………………………..7
     Chapter Two Literature Review ……………………8
     2.1 M&A Literature Review ……………………………..8
     2.2 Due Diligence ………………………………………..18
     2.3 Summary of Literature Review …………………..26
     Chapter Three Research Methodology and Design ….34
     3.1 Conceptual Frameworks …………………………..34
     3.2 Due Diligence Designated in M&A Process ……36
     3.3 Research Method and Design …………………….37
     Chapter Four Cases Studied …………………………40
     4.1 Case I – Company A: Acer Group ………………..40
     4.1.1 Background Information …………………...40
     4.1.2 Major M&A Activities in the Past ………….44
     4.2 Case II – Company B: Lite-On Group …………….57
     4.2.1 Background Information ……………………57
     4.2.2 Major M&A Activities in the Past ………….63
     4.3 Case III – Company C: FuSheng Group …………75
     4.3.1 Background Information ……………………75
     4.3.2 Major M&A Activities in the Past ………….80
     Chapter Five Research Findings and Discussion …….85
     5.1 Strategic Goals ………………………………………85
     5.2 Challenges Faced ……………………………………86
     5.3 Due Diligence Performed …………………………..86
     5.4 M&A Project Management …………………………88
     5.5 Cross-border Issues…………………………………88
     5.6 Implementations of the Research Findings …….90
     Chapter Six Conclusions and Suggestions ………94
     6.1 Conclusions…………………………………………...94
     6.2 Suggestions to the M&A Professionals………….96
     6.3 Suggestions for Future Researches …………….102
     Bibliography …………………………………………104
     Appendix ……………………………………………109		-
dc.description.tableofcontents Abstract ……………………………………………………………….1
     Chapter One Introduction ………………………….2
     1.1 Research Background ………………………………2
     1.2 Research Objectives ………………………………..5
     1.3 Thesis Structure ……………………………………..7
     Chapter Two Literature Review ……………………8
     2.1 M&A Literature Review ……………………………..8
     2.2 Due Diligence ………………………………………..18
     2.3 Summary of Literature Review …………………..26
     Chapter Three Research Methodology and Design ….34
     3.1 Conceptual Frameworks …………………………..34
     3.2 Due Diligence Designated in M&A Process ……36
     3.3 Research Method and Design …………………….37
     Chapter Four Cases Studied …………………………40
     4.1 Case I – Company A: Acer Group ………………..40
     4.1.1 Background Information …………………...40
     4.1.2 Major M&A Activities in the Past ………….44
     4.2 Case II – Company B: Lite-On Group …………….57
     4.2.1 Background Information ……………………57
     4.2.2 Major M&A Activities in the Past ………….63
     4.3 Case III – Company C: FuSheng Group …………75
     4.3.1 Background Information ……………………75
     4.3.2 Major M&A Activities in the Past ………….80
     Chapter Five Research Findings and Discussion …….85
     5.1 Strategic Goals ………………………………………85
     5.2 Challenges Faced ……………………………………86
     5.3 Due Diligence Performed …………………………..86
     5.4 M&A Project Management …………………………88
     5.5 Cross-border Issues…………………………………88
     5.6 Implementations of the Research Findings …….90
     Chapter Six Conclusions and Suggestions ………94
     6.1 Conclusions…………………………………………...94
     6.2 Suggestions to the M&A Professionals………….96
     6.3 Suggestions for Future Researches …………….102
     Bibliography …………………………………………104
     Appendix ……………………………………………109		zh_TW
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0090933010en_US
dc.subject (關鍵詞) 企業併購zh_TW
dc.subject (關鍵詞) 查核機制zh_TW
dc.subject (關鍵詞) 無形資產zh_TW
dc.subject (關鍵詞) 企業變革和重整zh_TW
dc.subject (關鍵詞) 企業整合zh_TW
dc.subject (關鍵詞) 策略聯盟zh_TW
dc.subject (關鍵詞) Mergers and Acquisitionsen_US
dc.subject (關鍵詞) Due Diligenceen_US
dc.subject (關鍵詞) Intellectual propertyen_US
dc.subject (關鍵詞) corporate change and reorganizingen_US
dc.subject (關鍵詞) post-merger integrationen_US
dc.subject (關鍵詞) business alliancesen_US
dc.title (題名) 查核機制在企業併購中之角色與價值zh_TW
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 1. Acer, About Acer, http://global.acer.com/about/index.htmzh_TW
dc.relation.reference (參考文獻) 2. Alexander, G. J., P. G. Benson and J. M. Kampmeyer, “Investigating the Valuation Effects of Announcement of Voluntary Corporate Sell-offs”, The Journal of Finance, Vol. 39, No. 2, June 1984, pp. 503-517.zh_TW
dc.relation.reference (參考文獻) 3. Amram, M. and N. Kulatilaka, Real Options: Managing Strategic Investment in an Uncertain World, Harvard Business School Press. Boston, Massachusetts, 1999.zh_TW
dc.relation.reference (參考文獻) 4. Barkema, H. and F. Vermeulen, “Learning through Acquisitions”, Academy of Management Journal, Vol. 44, No. 3, 2001, pp. 457-476.zh_TW
dc.relation.reference (參考文獻) 5. BenQ Corporation, “BenQ Mobile Commences Operations Today”, Press Release, Munich, Germany, October 1, 2005zh_TW
dc.relation.reference (參考文獻) 6. Berkovitch, E. and M.P. Narayanan, “Motives for Takeovers: An Empirical Investigation”, Journal of Financial and Quantitative Analysis, Vol. 28, No. 3, September 1999, pp. 347.zh_TW
dc.relation.reference (參考文獻) 7. Blackburn, V. L., F. H. Dark and R. C. Hanson, “Mergers, Method of Payment and Returns to Manager- and Owner-Controlled Firms”, The Financial Review, Vol. 32, No. 3, August 1997, pp. 569-589.zh_TW
dc.relation.reference (參考文獻) 8. Black’s Law Dictionary, The West Group, 1999.zh_TW
dc.relation.reference (參考文獻) 9. Borghese, R. J., and P. F. Borgese, “M&A from Planning to Integration: Executing Acquisitions and Increasing Shareholder Value”, McGraw-Hill Companies, Inc., 2002.zh_TW
dc.relation.reference (參考文獻) 10. Bower, J. L., “Not All M&As Are Alike—and That Matters”, Harvard Business School Weekly, HBSWK Publisher, April 2, 2001.zh_TW
dc.relation.reference (參考文獻) 11. Brown, S. J. and J. B. Warner, “Measuring Security Price Performance”, Journal of Financial Economics, 8, 1980, pp. 205-258. North-Holland Publishing Company.zh_TW
dc.relation.reference (參考文獻) 12. Chen, P.C., On Proprietary Information Protection, National Taiwan University, May 2003.zh_TW
dc.relation.reference (參考文獻) 13. Clements, P. J., Due Diligence: A Safety Net for Shareholder Value, PricewaterhouseCoopers LLP, New York, New York, 2000.zh_TW
dc.relation.reference (參考文獻) 14. Cohen, W. M. and D. A. Levinthal, "Absorptive Capacity: A New Perspective on Learning and Innovation", Administrative Science Quarterly (35), 1990, pp.1128-1152.zh_TW
dc.relation.reference (參考文獻) 15. Cohen, W. M. and D. A. Levinthal, " Learning and Innovation: The Two Faces of R&D", Economic Journal, 99, Macmillan, London and New York, 1989, pp. 569-596.zh_TW
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