臺灣博碩士論文加值系統

　　台灣過去十年資本市場之蓬勃發展，購併活動呈現快速成長，更於2000年時到達巔峰，為了瞭解影響購併績效的因素，本研究以主併公司的角度出發，將主併公司合併前的公司治理狀況對公司合併後的績效作整體的研究，以便於讓投資人在投資前更清楚公司的體質。
　　本研究以1996至2002曾從事購併宣告之上市(櫃)公司為研究對象，共計有56個研究樣本，以購併宣告前一年年底之董監事持股比例、董事會規模、董事長兼任總經理、機構法人持股比例、董監持股質押比例、最終控制者之投票權偏離現金流量權對購併後第三年之資產報酬率(ROA)、每股盈餘(EPS)、TOBIN’S Q個別做多元迴歸分析。
　　研究顯示，董監事持股比例、董事長兼任總經理、機構法人持股比例與購併後績效呈現顯著正向關係。另外，董事會規模與購併後績效呈現顯著負向關係。但董監持股質押比例與最終控制者之投票權偏離現金流量權對購併後績效則沒有顯著影響。

　　In the past ten years, the M & A activities in Taiwan grew rapidly, and reached the peak in Year 2000. To understanding the important factor of M&A, the research from the point of view of acquiring companies tries to use the previous corporate governance of the acquiring companies to exam the later performance.
　　This study directs to 56 acquiring companies between 1996 and 2002 to be the study objects. We use the pre-M&A activities proportion of the stock held by the board and supervisor, scale of the board, whether board chairman is also a general manager, the proportion of the stock held by the institutional shareholders, the extent of shares as collateral by the board of directors and the deviation from control rights and cash flow rights of controlling shareholders with the third year’s performance of EPS, ROA and TOBIN’S Q after M&A activities do individual multiple regression.
　　The empirical study shows that the proportion of the stock held by the board and supervisor, board chairman is also a general manager and the proportion of the stock held by the institutional shareholders have positive relationship with post-M&A per-formance. Therefore the scale of the board has negative relationship with post-M&A performance. But the extent of shares as collateral by the board of directors and the de-viation from control rights and cash flow rights of controlling shareholders have no re-lationship with post-M & A performance.

內容目錄
中文摘要　．．．．．．．．．．．．．．．．．．．． iii
英文摘要　．．．．．．．．．．．．．．．．．．．． iv
誌謝辭　　．．．．．．．．．．．．．．．．．．．． v
內容目錄　．．．．．．．．．．．．．．．．．．．． vi
表目錄　　．．．．．．．．．．．．．．．．．．．． viii
圖目錄　　．．．．．．．．．．．．．．．．．．．． ix
第一章　　緒論．．．．．．．．．．．．．．．．．． 1
　　第一節　　研究背景與動機．．．．．．．．．．． 1
　　第二節　　研究問題與目的．．．．．．．．．．． 3
　　第三節　　章節架構．．．．．．．．．．．．．． 5
　　第四節　　研究流程．．．．．．．．．．．．．． 6
第二章　　文獻探討．．．．．．．．．．．．．．．． 7
　　第一節　　公司治理相關文獻．．．．．．．．．． 7
　　第二節　　購併相關理論與購併相關實證文獻．．． 23
　　第三節　　公司治理與企業購併相關文獻．．．．． 46
第三章　　研究設計．．．．．．．．．．．．．．．． 48
　　第一節　　研究架構．．．．．．．．．．．．．． 48
　　第二節　　研究假說．．．．．．．．．．．．．． 49
　　第三節　　研究變數之定義與衡量．．．．．．．． 55
　　第四節　　樣本選取與資料來源．．．．．．．．． 63
　　第五節　　迴歸模型．．．．．．．．．．．．．． 66
　　第六節　　統計分析方法．．．．．．．．．．．． 70
第四章　　實證結果與分析．．．．．．．．．．．．． 72
　　第一節　　資料描述．．．．．．．．．．．．．． 72
　　第二節　　迴歸分析．．．．．．．．．．．．．． 75
第五章　　結論與建議．．．．．．．．．．．．．．． 91
　　第一節　　結論．．．．．．．．．．．．．．．． 91
　　第二節　　研究限制．．．．．．．．．．．．．． 94
　　第三節　　後續研究建議．．．．．．．．．．．． 95
參考文獻　．．．．．．．．．．．．．．．．．．．． 96

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