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| Title: | 企業併購行為如何影響其動態價值？
How does merger and acquisition activity affect firms' dynamic value? |
| Authors: | 王燊威
Wang, Shen-Wei |
| Contributors: | 楊宗翰
王燊威
Wang, Shen-Wei |
| Keywords: | 併購
動態價值
公司規模
資本支出強度
固定效果面板
corporate acquisitions
dynamic value
firm size
capital investment intensity
fixed-effects panel
event time |
| Date: | 2025 |
| Issue Date: | 2025-10-02 11:16:22 (UTC+8) |
| Abstract: | 本研究探討企業併購對動態價值（Dynamic Value, DYV）的影響，以及此效果在不同情境下的差異。DYV 為一種公司內部的績效衡量指標，能捕捉併購整合帶來的動態價值在多期中的轉化，並克服傳統僅依事件研究法異常報酬的侷限。本文以 2000 至 2024 年美國上市公司為樣本，結合 SDC Platinum 的併購紀錄與 Compustat 財務數據，建立跨公司與年份的非平衡面板資料，並控制公司與年份固定效果。
實證結果顯示，併購普遍提升了公司的 DYV，顯示整合能夠促進長期價值創造。然而該效果在大型企業中趨於減弱，與治理摩擦及執行複雜性對併購價值創造的影響一致；在資本支出強度較高的企業中該效果則更為強化，反映其更高的執行能量與資產重組能力對併購創造的動態價值具有正向影響。本研究的貢獻在於：提出更貼合公司內部價值實現時序的績效衡量方式，並釐清規模與投資強度等邊界條件下，併購如何創造動態價值。
This study examines how corporate acquisitions shape a firm’s Dynamic Value (DYV) and the conditions under which these effects unfold. DYV, a within-firm performance metric, captures the intertemporal realization of cash-flow gains from strategic actions beyond announcement-window abnormal returns. Using a 20-year unbalanced panel of U.S. public firms from 2000 to 2024, constructed by linking SDC Platinum acquisition records with Compustat financial data, the analysis incorporates firm and year fixed effects to isolate within-firm variation.
Results reveal that acquisitions generate a positive shift in DYV, indicating that integration enhances long-term value creation. However, the effect weakens in larger firms, consistent with heightened complexity and governance frictions, while it strengthens in firms with greater capital expenditure intensity, reflecting superior implementation capacity and asset reconfiguration. These findings advance acquisition research by aligning performance measures with the timing of value realization inside firms and by identifying boundary conditions under which acquisitions foster dynamic value creation. |
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| Description: | 碩士
國立政治大學
科技管理與智慧財產研究所
112364103 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0112364103 |
| Data Type: | thesis |
| Appears in Collections: | [科技管理與智慧財產研究所] 學位論文
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