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    题名: 產業景氣與購併績效之研究
    作者: 吳家昌
    Wu, Chia-Chang
    贡献者: 屠美亞
    Tu, Mei-ya
    吳家昌
    Wu, Chia-Chang
    关键词: 購併
    營運績效
    產業景氣
    日期: 2004
    上传时间: 2009-09-18 13:37:25 (UTC+8)
    摘要: 過去國內學者研究購併後公司績效的變化，皆發現整體的績效降低，與國外學者的研究發現相異。由於國內學者使用的衡量變數並未調整產業結構因素，以及不同會計方法可能對衡量變數產生的影響，所以我們採用Healy et.al.（1992）的衡量變數，發現如下的結果：
    一、購併後公司的實質經營績效有顯著的改善
    二、分析綜效產生的來源，結果顯示購併之後，資產效率性雖然降低，但是現金利潤率提高。而且由於現金利潤率對於實質經營績效的貢獻較大，故購併後期的實質經營績效，較購併前期提高。
    三、產業購併有群聚的現象。在產業收縮下進行的購併的公司，實質經營績效改善程度較高。績效改善的來源，為現金利潤率的顯著提升，資產周轉率不顯著異於擴張產業的購併公司
    四、在產業擴張下進行購併的公司，購併前後實質經營績效無顯著差異
    是故，當公司處於收縮的產業中，可藉由購併去整合資源，節省營業成本，達成績效上的提升。在擴張的產業中，公司也可藉由購併去快速獲取市場機會，但是購併後公司的經營績效並未顯著提升，抑或下降，所以在購併價格的支付上，必須注意避免過度支付。
    參考文獻: 一、 中文部分
    1.方螢基，「企業合併策略對營運及績效影響之研究」，中山大學企業管理研究所未出版碩士論文，民國78年
    2. 林永隆，「企業購併綜效在財務上之探討」，中興大學企業管理研究所未出版碩士論文，民國87年
    3.洪宏達，「購併活動對主併公司經營績效之影響—以台灣上市公司為例」，中山大學財務管理研究所未出版碩士論文，民國92年
    4.孫梅瑞、陳隆麒，「台灣地區上市公司從事購併活動對經營績效影響之研究」，中山管理評論，民國91年，第155頁—184頁
    5.許淑瑋，「台灣企業購併後績效衡量之實證研究」，臺灣大學財務金融研究所未出版碩士論文，民國90年
    6.葉秋美，「臺灣企業購併宣告對股東財富之影響」，政治大學國際貿易研究所未出版碩士論文，民國81年
    7.楊勝淵、張紹基，「台灣企業購併實質效益之研究」，管理學報，第18卷第一期，民國90年
    8.楊文禎，「台灣企業購併環境、企業特性與購併綜效關聯性之研究」，淡江大學會計研究所未出版碩士論文，民國92年
    9.蕭惠元，「購併活動對股價行為與會計資訊之影響--以上市公司為例」，東吳大學會計研究所未出版碩士論文，民國85年
    10.顏秀玲，「企業合併與財務績效關係之研究」，成功大學企業管理研究所未出版碩士論文，民國79年
    二、 英文部分
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    2.Agrawal, A., J.F. Jaffe, and G.N. Mandelker, 1992. The post-merger performance of acquiring firms: a reexamination of an anomaly. Journal of Finance 47, 1605-1621.
    3.Amit, R. and J. Livnat, 1988. Diversification strategies, business cycles, and economic performance. Strategic Management Journal, March-April, 99-110.
    4.Asquith, P., and E.H. Kim, 1982. The impact of merger bids on the participating firms’ security holders. Journal of Finance 37, 1209-1228.
    5.Asquith, P., and D.W Mullins, 1986. Equity issues and offering dilutions. Journal of Financial Economics 15, 61-89.
    6.Beckenstein, A.R., 1979. Merger activity and merger theories: an empirical investigation. Antitrust Bulletin, spring, 105-128.
    7.Becketti, S., 1986. Corporate mergers and the business cycle. Economic Review, May, 13-26.
    8.Berkovitch, E., and M.P. Narayanan, 1993. Motives for takeovers: an empirical investigation. Journal of Financial and Quantitative Analysis 28, 347-362.
    9.Bradley, Michael, Anand Desai and E. Han Kim, 1988. Synergistic gains from corporate acquisitions and their division between the stockholders of target and acquiring firms. Journal of Financial Economics 21, 3-41.
    10.Caves, Richard, 1989. Takeovers and economic efficiency: foresight vs. hindsight. International Journal of Industrial Organization 7, 151-174.
    11.Choi, D., and G.C. Philippatos, 1983. An examination of merger synergism. Journal of Financial Research 6, 239-256.
    12.Gaughan, Patrick A, 1999. Mergers, acquisitions, and corporate restructurings, 2nd edn. John Wiley & Sons.
    13.Ghosh, Aloke, 2001. Does operating performance really improve following corporate acquisitions? Journal of Corporate Finance 7, 151-178.
    14.Harford, J., 1999. Corporate cash reserves and acquisitions. The Journal of Finance 54, 1969-1997.
    15.Healy, P.M., K.G. Palepu, and R.S. Ruback, 1992. Does corporate performance improve after mergers? Journal of Financial Economics 31, 135-175.
    16.Healy, P.M., K.G. Palepu, and R.S. Ruback, 1997. Which takeovers are profitable? Strategic or Financial? Sloan Management Review 38, 45-57.
    17.Jensen, M., 1993. The modern industrial revolution, exit, and control systems. Journal of Finance 48, 831-880.
    18.Johnston, J., 1984. Testing for Heteroscedasticity. Econometric methods 3rd ed., McGraw-Hill, New York, NY, 298-300.
    19.Lang, L.H.P., R. Stulz, and R.A. Walking, 1989. Managerial performance, Tobin’s q, and the gains from successful tender offers. Journal of Financial Economics 24, 137-155.
    20.Lang, L.H.P., R. Stulz, and R.A. Walking, 1991. A test of the free cash flow hypothesis. Journal of Financial Economics 29, 315-335.
    21.Linn, S.C. and Jeannette A. Switzer, 2001. Are cash acquisitions associated with better postcombination operating performance than stock acquisitions? Journal of Banking & Finance 25, 1113-1138.
    22.Martin, K.J., and J.J. McConnell, 1991. Corporate performance, corporate takeovers, and management turnover. Journal of Finance 46, 671-687.
    23.Mitchell, M., and J. Mulherin, 1996. The impact of industry shocks on takeover and restructuring activity. Journal of Financial Economics 41, 193-229.
    24.Morck, R., A. Shleifer, R. Vishny, 1988. Characteristics of targets of hostile and friendly takeovers. In: Auerbach, A.J. (Ed.), Corporate Takeovers: Causes and Consequences. University of Chicago Press/NBER, Chicago, IL.
    25.Morck, R., A. Shleifer, R. Vishny, 1990. Do managerial objectives drive bad acquisitions? The Journal of Finance 45, 31-48.
    26.Myers, S.C., and N.S. Majluf, 1984. Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics 13, 187-221.
    27.Ravenscraft, D.J., and F.M. Scherer, 1989. The profitability of mergers. International Journal of Industrial Organization 7, 101-116.
    28.Roll, R., 1986. The hubris hypothesis of corporate takeovers. Journal of Business 59, 197-216.
    29.Schoenberg, R., and R. Reeves, 1999. What determines acquisition activity within an industry? European Management Journal 17, 93-98.
    30.Seth, A., 1990. Value creation in acquisitions: a reexamination of performance issues. Strategic Management Journal 11, 91-115.
    31.Shleifer, A., and R.W. Vishny, 1989. Management Entrenchment: The Case of Manager-Specific Investments. Journal of Financial Economics 25, 123-140.
    32.Shrieves, R.E., and M.M. Pashley, 1984. Evidence on the association between mergers and capital structure. Financial Management, autumn, 39-48.
    33.Smith, R.L., and Kim, Joo-Hyun, 1994. The combined effects of free cash flow and financial slack on bidder and target stock returns. The Journal of Finance 67, 281-310.
    34.Switzer, J.A., 1996. Evidence on real gains in corporate acquisitions, Journal of Economics and Business 48, 443-460.
    35.Travlos, N.G., 1987. Corporate takeover bids, methods of payment, and bidding firms’ stock returns. Journal of Finance 42, 943-963.
    36.Yagil, J., 1996. Mergers and Macro-Economics Factors. Review of Financial Economics, Vol. 5, 181-190
    描述: 碩士
    國立政治大學
    企業管理研究所
    91355007
    93
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0913550072
    数据类型: thesis
    显示于类别:[企業管理學系] 學位論文

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