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題名 文化差異對購併績效之影響分析
Cultural differences on the performance impact of M & A作者 邱永玲 貢獻者 胡聯國
邱永玲關鍵詞 文化
購併日期 2009 上傳時間 8-Dec-2010 01:52:16 (UTC+8) 摘要 金磚四國興起，中國大陸成為世界最大之新興市場，未來發展前景看好，世界各大企業無不進佔中國，搶食這塊大餅，購併商機油然而生，然而根據統計購併案件成功率約只有3成，因此本文致力於研究自西元1990-2005年來世界各國在中國大陸的購併案件中之績效影響，本文共蒐集32件之購併案件包含了64家公司，囊括了世界13個國家，透過購併前後3年之績效變化，並利用國家文化差異指標與組織文化差異等指標探討文化差異對購併績效之影響。國家文化係採取Hofsted(1990，2003)構面理論之定義；而本文進一步提出組織文化差異指標，組織文化差異指標包含了產業與組織特性文化差異指標與公司治理文化差異指標，皆係利用資本資產定價模型找出各組織文化差異指標的影響因子與權重，最後利用階層回歸模型(hierarchical regression model)做績效與文化因子影響之研究，了解到在中國這些購併案件中，國家文化差異與組織文化對購併績效有不同程度與效果的影響，並發現在組織文化差異指標與國家文化差異指標中存在交互作用。 參考文獻 Arthurs, J. D., Busentz, L.W., and Johnson, R. A. “Managerial Agents Watching Other Agents: Multiple Agency Conflicts Regarding Underpricing in IPO Firms”, Academy of Management Journal, 51(2), 2008, pp.227-294.
Barkema, H.G., Bell, J.H.J., & Pennings, J.M. “Foreign entry, cultural barriers and learning.”, Strategic Management Journal, 17(3),1996, 151 - 166
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Buckley, P. J., and Ghauri, P. N. “International Mergers and Acquisitions: A Reader”, Thomson, London. 2002.
Buono, A. F., Bowditch, J. L., and Lewis, J. W. “When Cultures Collide: The Anatomy of A Merger”, Human Relations, 38(5), 1985, pp.477-500.
Buono, A. F., Bowditch, J. L., and Lewis, J. W. “When Cultures Collide: The Anatomy of A Merger”, In P. J. Buckley, & P. N. Ghauri (Eds.), International Mergers and Acquisitions: A reader, 2002, pp.307–323. Thomson, London.
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國立政治大學
國際經營與貿易研究所
97351010
98資料來源 http://thesis.lib.nccu.edu.tw/record/#G0097351010 資料類型 thesis dc.contributor.advisor 胡聯國 zh_TW dc.contributor.author (Authors) 邱永玲 zh_TW dc.creator (作者) 邱永玲 zh_TW dc.date (日期) 2009 en_US dc.date.accessioned 8-Dec-2010 01:52:16 (UTC+8) - dc.date.available 8-Dec-2010 01:52:16 (UTC+8) - dc.date.issued (上傳時間) 8-Dec-2010 01:52:16 (UTC+8) - dc.identifier (Other Identifiers) G0097351010 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/48879 - 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) 97351010 zh_TW dc.description (描述) 98 zh_TW dc.description.abstract (摘要) 金磚四國興起，中國大陸成為世界最大之新興市場，未來發展前景看好，世界各大企業無不進佔中國，搶食這塊大餅，購併商機油然而生，然而根據統計購併案件成功率約只有3成，因此本文致力於研究自西元1990-2005年來世界各國在中國大陸的購併案件中之績效影響，本文共蒐集32件之購併案件包含了64家公司，囊括了世界13個國家，透過購併前後3年之績效變化，並利用國家文化差異指標與組織文化差異等指標探討文化差異對購併績效之影響。國家文化係採取Hofsted(1990，2003)構面理論之定義；而本文進一步提出組織文化差異指標，組織文化差異指標包含了產業與組織特性文化差異指標與公司治理文化差異指標，皆係利用資本資產定價模型找出各組織文化差異指標的影響因子與權重，最後利用階層回歸模型(hierarchical regression model)做績效與文化因子影響之研究，了解到在中國這些購併案件中，國家文化差異與組織文化對購併績效有不同程度與效果的影響，並發現在組織文化差異指標與國家文化差異指標中存在交互作用。 zh_TW dc.description.tableofcontents 第 一 章 緒 論........................................1 第一節 研究背景.....................................2 第二節 研究動機與架構...............................3 第二章 文 獻 探 討........................................4 第一節 購併與績效...................................4 第二節 文化差異與購併績效...........................6 第三節 文化間交互作用 .............................19 第三章 研究方法與研究假設................................21 第一節 研究假設....................................21 第二節 研究方式 ...................................22 第三節 模型建立....................................28 第 四 章 實證結果........................................30 第一節 樣本敘述....................................30 第二節 國家文化差異指標............................30 第三節 組織文化差異指標............................31 第四節 研究之結果..................................36 第 五 章 實證結果之討論..................................41 文 獻 參 考 .........................................43 zh_TW dc.language.iso en_US - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0097351010 en_US dc.subject (關鍵詞) 文化 zh_TW dc.subject (關鍵詞) 購併 zh_TW dc.title (題名) 文化差異對購併績效之影響分析 zh_TW dc.title (題名) Cultural differences on the performance impact of M & A en_US dc.type (資料類型) thesis en dc.relation.reference (參考文獻) Arthurs, J. D., Busentz, L.W., and Johnson, R. A. “Managerial Agents Watching Other Agents: Multiple Agency Conflicts Regarding Underpricing in IPO Firms”, Academy of Management Journal, 51(2), 2008, pp.227-294. zh_TW dc.relation.reference (參考文獻) Barkema, H.G., Bell, J.H.J., & Pennings, J.M. “Foreign entry, cultural barriers and learning.”, Strategic Management Journal, 17(3),1996, 151 - 166 zh_TW dc.relation.reference (參考文獻) Barney, J. B. “Organizational Culture: Can it be a Source of Sustained Competitive Advantage? ”, Academy of Management Review, 11(3), 1986, pp.656-665. zh_TW dc.relation.reference (參考文獻) Barney, J. B. “Firm resources and sustained competitive advantage”, Journal of Management, 17(1), 1991, pp.99-120. zh_TW dc.relation.reference (參考文獻) Buckley, P. J., and Ghauri, P. N. “International Mergers and Acquisitions: A Reader”, Thomson, London. 2002. zh_TW dc.relation.reference (參考文獻) Buono, A. F., Bowditch, J. L., and Lewis, J. W. “When Cultures Collide: The Anatomy of A Merger”, Human Relations, 38(5), 1985, pp.477-500. zh_TW dc.relation.reference (參考文獻) Buono, A. F., Bowditch, J. L., and Lewis, J. W. “When Cultures Collide: The Anatomy of A Merger”, In P. J. Buckley, & P. N. Ghauri (Eds.), International Mergers and Acquisitions: A reader, 2002, pp.307–323. Thomson, London. zh_TW dc.relation.reference (參考文獻) Carrillo, J. D., and Gromb, D. “On The Strength of Corporate Cultures”, European Economic Review, 43,1999, pp.1021-1037. zh_TW dc.relation.reference (參考文獻) Carrillo, J. D., and Gromb, D. “Culture Inertia and Uniformity in Organizations”, Journal of Law, Economics, and Organization, 23(3), 2007, pp.743-771. zh_TW dc.relation.reference (參考文獻) Cartwright, S., and Cooper, C. L. “The Role of Culture Compatibility in Successful Organizational Marriage”, Academy of Management Executive, 7(2), 1993, pp.57-70. zh_TW dc.relation.reference (參考文獻) Chatman, J. M., and Jehn, K. A. “Assessing The Relationship Between Industry Characteristics and Organizational Culture: How Different Can You Be? ”, Academy of Management Journal, 37(3), 1994, pp.522-553 zh_TW dc.relation.reference (參考文獻) Chatterjee S., Lubatkin, M. H., Schweiger, D. M., and Weber, Y. “Cultural Differences and Shareholder Value in Related Mergers: Linking Equity and Human Capital. Strategic”, Management Journal, 13, 1992, pp.319–334. zh_TW dc.relation.reference (參考文獻) Chatterjee, S. “Types of Synergy and Economic Value: The Impact of Acquisitions on Merging and Rival Firms”, Strategic Management Journal, 7, 1986, pp.119-140. zh_TW dc.relation.reference (參考文獻) Core, J. E., Guay, W., and Rusticus, T. O. “Does Weak Governance Cause Weak Stock Returns? An Examination of Firm Operating Performance and Investors’ Expectations”, The Journal of Finance, 61(2), 2006, pp.655-687. zh_TW dc.relation.reference (參考文獻) Core, J. E., Holthausen, R. W., and Larcker, D. F. “Corporate Governance, Chief Executive Officer Compensation, and Firm Performance”, Journal of Financial Economics. 51,1999, pp.371–406. zh_TW dc.relation.reference (參考文獻) Cremer, J. “Corporate Culture and Shared Knowledge”, Industrial and Corporate Change, 2, 1993, pp.351-386. zh_TW dc.relation.reference (參考文獻) Datta, D. K. “Organizational Fit and Acquisition Performance: Effects of Post-Acquisition Integration”, Strategic Management Journal, 12(4),1991, pp. 281-297. zh_TW dc.relation.reference (參考文獻) Davis, S. M. “Culture is not just an internal affair”, San Francisco: Jossey-Bass, 1985, pp.137-47. zh_TW dc.relation.reference (參考文獻) DeAngelo, H., L. DeAngelo and E. Rice. “Going Private: Minority Freeze Outs and Stockholders` Wealth,” Journal of Law and Economics, 27, 1984, 367-402. zh_TW dc.relation.reference (參考文獻) Dessein, W. “Authority and Communication in Organizations”, Review of Economic Studies, 69, 2002, pp.811-838. zh_TW dc.relation.reference (參考文獻) Fama, E. & M. C. Jensen. “Agency problem and residual claims.”, Journal of Law and Economics, 26, 1983,327-349 zh_TW dc.relation.reference (參考文獻) Fang, T., Fridh, C., Schultzberg, S. “Why Did The Telia–Telenor Merger Fail?”, International Business Review, 13, 2004, pp.573–594. zh_TW dc.relation.reference (參考文獻) Fich, M. E., and Shivdasani, A. “Are Busy Boards Effective Monitors?”, The Journal of Finance. 61(2), 2006, pp.689-724. zh_TW dc.relation.reference (參考文獻) Friedman, A. L., and Miles, S. “Developing Stakeholder Theory”, Journal of Management Studies, 39(1),2002, pp.1-21. zh_TW dc.relation.reference (參考文獻) Gompers, P. A., Ishii, J. L., and Metrick, A. “Corporate Governance And Equity Prices”, Quarterly Journal of Economics, 118, 2003, pp.107–155. zh_TW dc.relation.reference (參考文獻) Gordon, G. 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