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研究生:廖姿婷
論文名稱:資訊電子業購併之績效評估及其影響因素之研究
指導教授:賴素鈴賴素鈴引用關係
學位類別:碩士
校院名稱:中國文化大學
系所名稱:國際企業管理研究所
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2004
畢業學年度:92
語文別:中文
論文頁數:140
中文關鍵詞:購併績效評估合併綜效典型相關
相關次數:
  • 被引用被引用:3
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  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:2
本研究主要目的在探討國內資訊電子產業購併後的財務績效評估及其影響因素。過去的研究中,對財務績效的變數選取大多採用單一,或少數幾個變數進行探討;在購併活動之影響因素方面,探討的亦不完全,使研究結果多屬邊際面局部性之影響,並不能真正用來評估企業進行購併後之全面性效能。因此,本研究以民國79年至民國89年間,資訊電子業所宣告的80個購併案為研究對象,採取典型相關進行整體性的探究。
本研究之討論,包括被併公司地點、購併型態、支付方式、主併公司管理者持股比例、景氣變化、資訊不對稱、管銷能力、資源整合能力、過去經營績效與相對規模等10項影響購併因素及44項財務績效指標,主要研究發現如下:
一、資訊電子產業購併活動的影響因素對購併後之財務績效具顯著性效果。
二、主併公司之管銷能力及資源整合能力對購併後的績效表現最具效應。
三、本研究結果依時間動態結構,將各個影響購併因素對購併後各年財務績效之效應區分為六種型態,分別為連續三年型、逐漸遞增型、逐漸遞減型、先增後減型、先減後增型及立即短暫型或遞延型。
The purpose of this study is to investigate whether produce the Hi-tech industry evaluation of performance in merger and acquisition (M&A) activities and associate influential factors with it. According to the prior studies about M&A almost discuss the single or few subjects; Furthermore, the prior empirical discussions about influential factors of M&A activities are not very complete. There is no study to discuss the overall efficiency and performance on business proceeded M&A activities. In our empirical study, we hope to analysis the change of overall efficiency and performance of 80 acquiring Hi-tech firms in Taiwan and target firms for the mergers during the period 1990-2000. Then we used Canonical Correlation method to proceed our overall study.
Ten of M&A-related factors included in the models are location of target firms, type of M&A, means of payment, managerial ownership, economy change, information asymmetric, ability of administrative and selling, ability of resource integration, past operational performance, relative scale etc., and 44 items for financial performance. The main findings of this study include:
1. The influential factors of Hi-tech industry M&A activities to financial performance which proceeded M&A have signification effect.
2. The ability of administrative and selling and resource integration of acquiring firms to performance which proceeded M&A have more efficiency.
3. The result of this study according to the time dynamic structure, we classify whole influential factors of M&A activities to every year financial performance which proceeded M&A efficiency to be six kinds: series three years type、increasing type、decreasing type、first increasing last decreasing type、first decreasing last increasing、immediately brief type or deferred type.
內容目錄
第一章  緒論.................. 1
  第一節  研究背景與動機............. 1
  第二節  研究目的............... 3
第三節 研究範圍與限制............ 4
第四節 研究流程................ 6
第二章  文獻探討................. 7
  第一節  企業購併定義與類型........... 7
  第二節  企業購併的動機理論........... 11
  第三節 企業購併對績效與綜效的影響....... 18
第四節 影響企業購併績效的相關因素....... 23
第五節 國內、外相關文獻彙整.......... 31
第三章  研究架構與方法............... 37
  第一節  研究架構................ 38
  第二節  研究假設................ 39
第三節 資料來源與樣本選取........... 40
第四節 變數操作性定義............. 41
第五節 實證分析方法.............. 50
第四章 實證分析結果................ 54
第一節 基本資料分析與變數篩選........ 54
第二節 財務績效典型相關分析......... 57
第三節 財務績效迴歸分析........... 80
第四節 實證結果彙整.............. 99
第五章 結論與建議................. 102
第一節 研究結論............... 102
第二節 實證結果討論.......... 105
第三節 研究建議................ 122
參考文獻....................... 124
附錄A 相關性檢定P值表............. 131
附錄B 研究樣本資料................ 135
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