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研究生:林柏樹
研究生(外文):Po-ShuLin
論文名稱:公司的併購決策是否會受到直接競爭者的影響
論文名稱(外文):Are Firms’ Acquisition Decisions Influenced by Direct Competitors’?
指導教授:曾瓊慧曾瓊慧引用關係
指導教授(外文):Chiung-Hui Tseng
學位類別:碩士
校院名稱:國立成功大學
系所名稱:國際企業研究所碩博士班
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:2012
畢業學年度:100
語文別:英文
論文頁數:58
中文關鍵詞:併購直接競爭者模仿動機
外文關鍵詞:AcquisitionDirect CompetitorMotivation to Imitate
相關次數:
  • 被引用被引用:1
  • 點閱點閱:116
  • 評分評分:
  • 下載下載:11
  • 收藏至我的研究室書目清單書目收藏:0
在過往的併購研究中,大多數都是在探討公司主動去做併購的動機或是目的。但公司也有可能是因為受到直接競爭者的影響,而去做併購,因為相處於同一個產業中,競爭者的一舉一動都可能會去影響公司的決策。因此本研究的主要目的是在探討其他競爭對手先前所做的併購是否會去影響公司接下來的併購模式。
本研究把併購行為區分為兩大分類: 分別是相同或不同產業的併購,和水平或垂直的併購行為。藉由觀察競爭對手先前的併購模式,來衡量公司是否會做出相同模式的併購。研究的樣本是取自於高科技產業,年份則是從2004年到2007年共4年。
研究結果顯示競爭對手的先前併購行為,的確會去影響到公司之後的併購模式,導致公司做出類似模式的併購。舉例來說,當對手之前做相同產業併購時,公司也大多會去併購公司來自於相同產業。此現象也發生在如果垂直和水平併購,公司大多會傾向做相同模式的併購行為。而在研究貢獻上,有鑑於大部分公司都處於激烈的競爭環境,必須隨時注意競爭對手的任何舉動,而本研究結果可以提供經理人,不論是站在自身公司或競爭對手的觀點,在併購決策上參考的方向。

Among the field of strategy, many firms choose to acquire other firms. Much of prior studies have focused on situation where the focal firm conducts acquisition spontaneously. However, it is likely that other firms push the focal firm to undertake acquisition. For example, direct competitor. Since the direct competitor is in the same industry with the focal firm, its decision will have some impact on the focal firm.
In this way, the study is set to find whether or not the direct competitor’s earlier acquisition affects the focal firm’s following acquisition decision. We categorized the acquisition event into two segments, one is the same or different industries, and the other is horizontal or vertical acquisition. We developed propositions about how the foal firm reacted under the condition that the direct competitor made earlier acquisition. The data was collected from the high-tech industry between 2004 and 2007.
The result of this study suggests that more than half of the focal firms tended to take same type of acquisition to respond to the direct competitor. This findings offer new insights for mangers from perspective of both direct competitor and focal firm.

Chapter 1 Introduction 1
Chapter 2 Literature Review 4
2.1 Interorganizational Imitation 4
2.2 Motivation to Mimic 5
2.2.1 Threats from competitors 5
2.2.2 Stimulation of Uncertainty 6
2.2.3 Cost Avoidance 7
2.2.4 Direct Interlocks 8
2.3 Target Selection 9
2.3.1 Industry or Market Segment Relatedness 9
2.3.2 Superior Status 10
2.3.3 Lucrative Outcome 11
2.4 Response Strategies 12
Chapter 3 Hypotheses Development 17
3.1 The Impact of the Direct Competitor on the Focal Firm in Same Industry Acquisition 17
3.2 The Effect of the Direct Competitor on the Focal Firm in Horizontal vs. Vertical Acquisition 20
Chapter 4 Research Methods 22
4.1 Data Source 22
4.2 Data Collecting Process 23
4.3 Measures of Variables 36
4.4 Statistical Techniques 39
Chapter 5 Research Result 40
5.1 Sample Characteristics 40
5.2 Correlation Matrix 42
5.3 Frequency Distribution 44
5.4 Chi-square Test 46
Chapter 6 Discussion 51
6.1 Research Contributions 51
6.2 Managerial Implications 52
6.3 Limitations for Future Research 53
References 55

List of Tables
Table 2-1 Summary of Literature Review 14
Table 4-1 Content Analysis for Direct Competitor 26
Table 4-2 Summary of Research Variables 38
Table 5-1 Summary of Sample Characteristics 41
Table 5-2 Correlation Matrix 43
Table 5-3 Frequency Distribution for Focal Firm’s Acquisition Event 44
Table 5-4 Frequency Distribution for Direct Competitor’s Acquisition Event 45
Table 5-5 Chi-square Test for Hypothesis1 47
Table 5-6 Crosstabulation for Hypothesis1 48
Table 5-7 Chi-square Test for Hypothesis2a and 2b 49
Table 5-8 Crosstabulation for Hypothesis2a and 2b 50
Table 5-9 Summary of Study Result 50

List of Figures
Figure 1-1 Research Flow Chart 3
Figure 4-1 Data Collection Flow Chart 25



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