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研究生:陳則文
研究生(外文):Tse-Wen Chen
論文名稱:公司關係會如何影響公司在部分併購以及完全併購之間的選擇?
論文名稱(外文):How Does Relationship between Firms Influence the Choice between Partial and Full Acquisitions?
指導教授:沈仰斌沈仰斌引用關係
指導教授(外文):Yang-pin Shen
學位類別:碩士
校院名稱:元智大學
系所名稱:財務金融學程
學門:商業及管理學門
學類:一般商業學類
論文種類:學術論文
論文出版年:2011
畢業學年度:99
語文別:英文
論文頁數:57
中文關鍵詞:併購公司關係部分併購完全併購抵押理論
外文關鍵詞:Acquisitionscompany relationshipspartial acquisitionsfull acquisitionshostage theory
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本篇文章之研究目的為觀察公司之間現存關係及其強度,對於進行併購時模式的選擇會有什麼影響。探討公司進行併購時,會選擇收購目標全部股份,或是只收購一部分目標股份。本文利用先前文獻提及之Hostage Theory,加入公司關係因素,以購併成本的觀點來討論公司購併決策。藉由本文之結果,希望能夠提供公司管理者一個方向,在進行併購時選擇最適合自身公司的模式。

The purpose of this thesis is to find out that whether the existing company relationship would have some influence on the choice of acquisition modes. I want to know that what kind of acquisition type a company would choose in the acquisition decision, partial or full acquisition. I use the Hostage Theory which was suggested in past literature, add relationship factors and then use the acquisition cost view to explain the company’s acquisition decision. I hope that I can provide a recommendation of how to choose a suitable acquisition mode.

Contents
I. Introduction - 5 -
II. Hypothesis - 10 -
III. Variables - 13 -
1. Dependent variable - 13 -
2. Main variables - 14 -
A. Main Competitor Dummy - 14 -
B. Main Competitor Dummy Quartile - 15 -
C. Main Competitor Dummy MS - 15 -
D. Main Competitor Dummy MS Quartile - 16 -
3. Control variables - 16 -
A. Acquirer’s Acquisition Ability - 16 -
B. Target Growth - 17 -
C. Target Tobin’s Q - 18 -
D. Industry Leader Dummy - 19 -
E. Cash of stock acquisition dummy - 19 -
F. Target Industry Herfindahl index - 20 -
4. Abandoned variables - 22 -
IV. Methodology - 23 -
V. Sample - 23 -
VI. Empirical Results - 24 -
a. Y is Partial Dummy, and Main X is Main Competitor Dummy - 24 -
b. Y is Partial Dummy, and Main X is Main Competitor Dummy Quartile - 25 -
c. Y is % Owned After, and Main X is Main Competitor Dummy - 25 -
d. Y is % Owned After, and Main X is Main Competitor Dummy Quartile - 26 -
e. Y is Partial Dummy, and Main X is Main Competitor Dummy MS - 26 -
f. Y is Partial Dummy, and Main X is Main Competitor Dummy MS Quartile - 26 -
g. Y is % Owned After, and Main X is Main Competitor Dummy MS - 27 -
h. Y is % Owned After, and Main X is Main Competitor Dummy MS Quartile - 27 -
VII. Further Test - 28 -
VIII. Conclusion - 32 -
References - 33 -


References
‧Anand, J., Delios A., 2002, “Absolute and relative resources as determinants of international acquisitions,” Strategic Management Journal, 23, 119–134.
‧Chang, Shao-Chi, Sheng-Syan Chen and Chi-Feng Wang, 2004, “The Wealth Effect of Strategic Alliances on Industry Rivals,” Proceedings of the Asia Pacific Management.
‧Chen, Shih-Fen and Jean-Francois Hennart, 2002, “Japanese Investors’ Choice of Joint Ventures Versus Wholly-owned Subsidiaries in the US: The Role of Market Barriers and Firm Capabilities,” Journal of International Business Studies, 33 (1) 1-18.
‧Chen, Shih-Fen and Jean-Francois Hennart, 2004, “Hostage Theory of Joint Ventures: Why Do Japanese Investors Choose Partial over Full Acquisitions to Enter the United States?” Journal of Business Research, 57 (10): 1126-1134.
‧Chen, Shih-Fen and Ming Zeng, 2004, Japanese Investors’ Choice of Acquisitions vs. Startups in the US: The Role of Reputation Barriers and Advertising Outlays,” International Journal of Research in Marketing, 21 (2) 123-136.
‧Hennart, Jean-Francois and Y.-R. Park, 1993, “Greenfield vs. acquisitions: The strategy of Japanese investors in the United States,” Management Science, 39, pp. 1054–1070.
‧Loughran, T. and Vijh A., 1997, “Do long-term shareholders benefit from corporate acquisitions?” Journal of Finance 52, 1765–1790.
‧Murali, D.R. Chari and Kiyoung Chang, “Minority Acquisitions as a Strategy to Mitigate International Acquisition Risks”
‧Villalonga, B. and McGahan A. M., 2005, “The choice among acquisitions, alliances, and divestitures,” Strategic Management Journal, 26: 1183–1208.
‧Wang, L. and Zajac E. J., 2007, “Alliance or acquisition? A dyadic perspective on interfirm resource combinations,” Strategic Management Journal, 28: 1291–1317.


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