臺灣博碩士論文加值系統

過往有關併購案的研究，大多都是在討論某項要素在併購後的表現如何、或是用異常盈餘來檢定公司併購後績效有無增加，但是卻無詳細探究併購後公司價值增加的來源為何。而本篇研究目的在於企圖瞭解企業在實施併購案之後，哪些構面的變動導致公司價值的改變。因此，本研究以台灣地區2001-2003年電子產業發生的併購案為研究對象，並且利用四個與公司價值息息相關的構面（營運績效、財務績效、市場績效與人力績效）來檢定公司績效的改變。經過實證分析之後發現，營運績效、財務績效與人力績效在併購之後都有正面改善，而市場績效則是略微下降的結果，因此樣本公司在併購後公司價值應是增加的。

The waves of mergers and acquisitions during recent years have drawn widespread attention. Previous research on merger and acquisition has focused on performance by and large. This study applies a conceptual framework and an empirical methodology to assess the extent of value creation in mergers and acquisitions. In this article, we examine the effects of post-merger firm’s value on performance by using structural equation modeling. The study focuses on the domestic mergers and acquisitions in electronic industry. And the finding concludes that, from a survey of firms in electronic industry which have done merger and acquisition during 2001-2003 shows that to maximize firm’s value, there are present an increase in operation performance, financial performance, and human resource performance, and decrease in market-related performance.

目 錄
中文摘要 I
英文摘要 II
目錄 III
圖目錄 V
表目錄 VI
第1章 緒論1
1.1 研究動機1
1.2 研究目的3
1.3 研究架構3
第2章 文獻探討5
2.1 營運績效改善6
2.2 財務績效改善8
2.3 市場績效改善11
2.4 人力績效改善13
第3章 研究設計15
3.1 研究假說15
3.2 研究樣本19
3.3 研究變數20
3.4 研究方法21
第4章 實證結果26
4.1 公司併購之前的模型分析26
4.2 公司併購之後的模型分析34
4.3 實證分析40
第5章 結論與建議45
參考文獻 48
----中文部分48
----英文部分49

1, Amihud, Y..and B. Lev.,’’ Risk Reduction as a Managerial Motive for Conglomerate merger,’’ Bell Journal of Economics, 12(2), pp.605-617(1981).

2, Amit,Raphael and Joshua Livant,’’ Diversification Strategies ,Business Cycle, Economic Performance,’’ Strategic Management Journal,9(2),pp.99-110(1988).

3, Ann,M.B.,’’Managing mergers and acquisitions,’’Gower Publishing Company(1992).

4, Agrawal,A., J.F. Jaffe, and G.N.Mandelker.,’’ The Post- merger Performance of Acquiring firms: a Reexamination of an Anomaly,’’ Journal of Finance, 47(4),pp.1605- 1622(1992).

5, Applebaum, S. H., Gandell, J., Shapiro, B.T., Belisle, P., & Hoeven, E.,’’ Anatomy of a merger: behavior of organizational factors and processes throughout the pre- during- post-stages (part 1),’’ Management Decision,38(9.10),pp.649-684(2000).
49
6, Bacon,F.W., &Shin,T.S.,Murphy N.B.,’’ Factors Motivating Mergers:The Case of Rural Electric Cooperatives,’’ Journal of Economics and Business,46(2),pp.129-134(1994).

7, Bagozzi,R.P & Yi,Y.,’’On the evaluation of structural equation models,’’ Academic of Marketing Science,vol 16,1,pp.74-94(1988).

8, Bentler,P.M,’’ Structural equations program manual,’’ Los Angeles: BMDP Statistical Software,Inc(1989).

9, Berkortch, E.and M.P. Nayayanan,’’Motives for Takeovers: An empirical investigation,’’ Journal of Financial and Quantitative Analysis,28(3), pp.347-362(1993).

10, Bollen,K.A,’’Structural equations with latent variables,’’ New York:Wiley(1989).

11, Bradley, J. W. and D. H. Korn,’’ Acquisition and Merger: A shifting route to corporate growth,’’ Management Review,68, 3, pp.46-51(1979).

12,Bradley, M., Desai, A., & Kim, E.H.,’’ The rationale behind interfirm tender offers: Information or synergy?,’’ Journal of Financial Economics, 11,pp.183-206(1983).