臺灣博碩士論文加值系統

本研究以1998年1月至2006年底國內上市公司（金融業除外）之併購案為研究對象，將主併公司分為多角化併購與非多角化併購。樣本顯示，為進行多角化而併購之上市公司自2003年開始增多，可知上市公司多角化併購近年來似乎已成為趨勢。本研究於營運綜效及財務綜效所得結果各有不同表現，顯示企業併購不盡然能提供獲利成長或使成本降低等助益，尤其為求「多角化」而採行之併購亦是如此。

由實證結果可看出，以併購前後一年，短期的營運綜效變化，似乎有較併購前後二年、併購前後三年的營運綜效表現為佳之趨勢。在影響併購的因素方面，如併購前之股東權益報酬率（ROE）、併購前之資產報酬率（ROA）、併購前之稅後淨利率、併購前之營運槓桿度與過去經營績效，同樣只對於多角化併購前後一年短期的ROE及ROA產生顯著影響。此外，影響多角化併購之營運綜效的顯著因素明顯多於非多角化併購的顯著因素；而影響非多角化併購之財務綜效的顯著因素則明顯多於多角化併購的顯著因素。綜合研究結果可知，不論是對營運綜效或是財務綜效，或許因為產業特性而不見得都能有預期的效用，但公司可能因預期效用而吸引其不停地進行著併購行為。

This study examines the performances of mergers and acquisitions (M&A) of Taiwan’s public listed companies from January 1998 to December 2006. In this study I also classified the M&A into two different categories, M&A for diversification and M&A for non-diversification. The samples show that there are more and more companies diversifying through M&A from 2003. It means M&A have become recent trend. The empirical results of this study show that the performances between operating synergies and financial synergies are different. It shows that companies may not be able to increase their profits or decrease their costs through M&A, especially the M&A under diversification.

The empirical results show that the one-year short-term change of operating synergies is better than two-year change and three-year change of operating synergies. The empirical results also show that the ROE before M&A, the ROA before M&A, the net income before M&A, the operating leverage before M&A, and operating performance before M&A are significantly correlated to the one-year short-term change of ROE and the one-year short-term change of ROA. In addition, there are more factors significantly correlated to operating synergies under diversification than non-diversification. In the other way, there are more factors significantly correlated to financial synergies under non-diversification than diversification. Due to the industrial characteristics, companies may not be able to get what they expected in operating synergies or financial synergies. But companies may still working on the M&A because of the attraction of expected synergies.

摘要 i
Abstract ii
目錄 iii
圖目錄 iv
表目錄 v
壹、 緒論 1
一、 研究背景與動機 1
二、 研究目的 2
三、 研究流程 3
四、 研究章節 4
貳、 文獻探討 5
一、 多角化之定義 5
二、 併購之定義 7
三、 綜效之定義 8
四、 實證文獻探討 9
五、 小結 11
參、 研究設計與方法 12
一、 資料來源 12
二、 研究架構 12
三、 研究變數的定義及衡量與模型 13
肆、 研究結果與分析 16
一、 樣本資料敘述統計 16
二、 樣本衡量變數之平均數與標準差 17
三、 併購前及併購後各綜效差異性檢定 22
四、 多角化併購及非多角化併購之迴歸結果分析 25
伍、 結論與建議 38
一、 研究結論 38
二、 研究建議 38
參考文獻 40

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