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研究生:郭書呈
研究生(外文):SHU-CHENG Kuo
論文名稱:無形資產對併績效之影響
指導教授:王祝三王祝三引用關係
學位類別:碩士
校院名稱:國立中正大學
系所名稱:財務金融所
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
畢業學年度:93
語文別:中文
論文頁數:85
中文關鍵詞:無形資產
外文關鍵詞:Intangible Assets
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論文摘要
購併是企業成長方式之一,資本市場對購併宣告的反應,代表股東對於公司購併後潛在價值創造的預期,管理者從事的購併活動,是否能為其帶來正向的財富變動效果,為其主要關心的焦點。本研究係對影響企業購併宣告的相關理論與實證進行探討,因為市場資訊不對稱,企業的無形資產不易被評估,在代理問題之傲慢假說成立下,公開發行公司的研究發展及商譽高,所以,公司管理人愈易高估無形資產,多付購併價格給目標公司,造成購併宣告效果低,故無形資產是影響購併宣告效果與綜效的重要因素。藉著將購併標的分為四大類:上市上櫃和非上市上櫃之公開發行公司、非公開發行公司、生產線,探討無形資產在此四大類所占比重,對購併宣告效果與綜效,是否有所差異。

本研究以我國上市主併公司所進行的購併活動為研究標的,研究的樣本期間分為兩種:短期購併宣告效果之期間為1987年初至2003年底,而長期綜效期間為1987年初至2000年底。

實證結果顯示,無形資產對公司短期購併宣告效果和長期營運績效的影響都沒有和研究假說預期般地呈現負向的關係。有可能的原因為台灣的併購案件中,目標公司有三分之二以上是未公開發行的公司,以致於資料不易取得,且衡量無形資產不容易,再者台灣大部份購併案中目標公司皆為無形資產較少的公司,主併公司比較少會有買貴的問題,因此迴歸結果呈現不顯著的關係。

關鍵字:無形資產
目 錄
第一章 緒論
第一節 研究動機 --------------------------------------------------------- 2
第二節 研究目的 --------------------------------------------------------- 6
第三節 研究架構及研究流程 ------------------------------------------ 6

第二章 購併的理論與文獻探討
第一節 購併的意義 ------------------------------------------------------ 8
第二節 購併的類型 ------------------------------------------------------ 10
第三節 購併相關理論之探討 ------------------------------------------ 12
第四節 購併相關實證文獻之探討 ------------------------------------ 19
第五節 小結 --------------------------------------------------------------- 29

第三章 研究設計
第一節 研究範圍 --------------------------------------------------------- 30
第二節 研究假說 --------------------------------------------------------- 31
第三節 變數定義 --------------------------------------------------------- 32
第四節 研究方法 --------------------------------------------------------- 37
第五節 預期結果 --------------------------------------------------------- 40

第四章 實證結果
第一節 購併宣告累積異常報酬率之分析 --------------------------- 42
第二節 複迴歸分析 ------------------------------------------------------ 55
第三節 小結 --------------------------------------------------------------- 67

第五章 研究結論與建議
第一節 研究結論 --------------------------------------------------------- 69
第二節 建議 --------------------------------------------------------------- 70
參考文獻
一、 國內文獻 ------------------------------------------------------- 73
二、國外文獻 -------------------------------------------------------- 76
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