政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/98838

政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/98838

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政大典藏 > College of Commerce > Department of International Business > Theses > Item 140.119/98838

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/98838

Title:	跨國併購經驗對併購表現影響之研究- 以台灣企業跨國併購為例 Effects of M&A Experience on M&A Performance in Cross-Border M&A: An Empirical Study of Taiwanese Companies
Authors:	莊雅涵
Contributors:	譚丹琪莊雅涵
Keywords:	跨國併購經驗跨國併購績效事件研究法異常報酬
Date:	2016
Issue Date:	2016-07-11 16:53:49 (UTC+8)
Abstract:	本論文以1988年至2014年間，主併公司為台灣上市櫃公司、且目標公司為台灣以外地區，經篩選後剩下97筆資料為研究樣本，檢視跨國併購事件中，地區相關與非相關併購對其股價報酬之影響，並進一步研究主併公司之跨國併購經驗對其併購績效是否有正面影響。研究過程為使用事件研究法研究出主併公司從事跨國併購所得之異常報酬做為主併公司之併購績效的依據之後，再以迴歸分析驗證其跨國併購經驗對其跨國併購績效之影響。本研究發現主併公司之地區相關併購經驗與其併購績效之間呈現倒U型關係，此結果反映主併公司之地區相關併購經驗與當前併購績效存在一最適點，併購經驗一開始對於主併公司當前併購績效為正向影響，然後過最適點之後，反而因為過度自信、併購經驗時間差、能力陷阱、企業迷信的學習等原因，導致併購績效下降。
Reference:	參考文獻一、中文資料王志誠(1990)，「企業併購與收買之研究-法律與經濟令預知交錯」，《法律評論》，第56卷12期，頁28 王精偉等作;游明德主編(2011)，「企業併購策略與最佳實務」，資誠教育基金會，台北市全國法規資料庫，「企業併購法」，2016年5月15日，http://law.moj.gov.tw/LawClass/LawAll.aspx?PCode=J0080041 全國法規資料庫，「公平交易法」，2016年5月15日http://law.moj.gov.tw/LawClass/LawAll.aspx?PCode=J0150002 吳安妮(1992)，「台灣企業併購動機之實證研究」，《管理評論》，1992年11月，頁1-28 胡杰武、張秋生、胡靓(2012)，「區域產業整合及經濟增長研究-基於跨區域併購視角」，《中國軟科學》，第6期，頁167-174 黃力行(2014)，「企業併購歷程中有效進行管理模式再造之探討-以鴻海併購建漢為例」，國立中央大學管理學院陳慧聰、賴秉彥、張國雄(2005)，「國際企業管理」，學富文化，台北市朝鮮日報，「海外企業併購日371兆韓元中345兆韓8兆」，2016年2月18日，http://dailynews.sina.com/bg/news/int/chosun/20160218/21397188643.html 資誠台灣，「2015海外併購白皮書」，2015年6月28日，http://www.pwc.tw/zh/news/press-release/press-20150525.jhtml 龍潭、廖勇凱(2011)，「企業策略管理」，智勝文化，台北市二、英文資料 Amihud, Y. & B. Lev, “Risk Reduction as a Managerial Motive for Conglomerate Mergers,” Bell Journal of Economics, Autumn(1981): 605-617. Andersson, U., J. Johanson, & J. E. 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"Deliberate Learning in Corporate Acquisitions: Post-acquisition Strategies and Integration Capability in U.S. Bank Mergers." Strategic Management Journal 25.13 (2004): 1233-256
Description:	碩士國立政治大學國際經營與貿易學系 103351029
Source URI:	http://thesis.lib.nccu.edu.tw/record/#G1033510292
Data Type:	thesis
Appears in Collections:	[Department of International Business] Theses

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