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研究生:羅文庭
研究生(外文):Wen-ting Lo
論文名稱:合併廠商的績效表現與決策因素分析
指導教授:鄒孟文鄒孟文引用關係
指導教授(外文):Meng-wen Tsou
學位類別:碩士
校院名稱:國立中央大學
系所名稱:產業經濟研究所
學門:社會及行為科學學門
學類:經濟學類
論文種類:學術論文
論文出版年:2014
畢業學年度:102
語文別:中文
論文頁數:59
中文關鍵詞:合併行為績效表現決策因素Propensity Score Matching
外文關鍵詞:mergerperformancedeterminantPropensity Score Matching
相關次數:
  • 被引用被引用:2
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  • 下載下載:73
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  近年來,國內經濟環境變化快速,台灣廠商為了要在市場中維持一定獲利,並且設法具有競爭力,因而透過併購獲得經營所有權、擴大規模與降低成本,但此途徑是否使得企業績效表現得以改善仍待商榷。故本研究擬針對台灣地區的主合併廠商進行合併的前因後果分析。主要目的如下:
1.影響企業合併行為的因素為何?
2.企業合併後是否帶來好的績效?
  本研究利用經濟部商業司2004年至2010年期間之台灣廠商合併清冊,連結台灣經濟新報資料庫取得相關廠商特性資料,並且針對台灣上市上櫃公司進行研究。由於合併決策本身具有自我選擇性偏誤,因此本研究採Propensity Score Matching方法,將決策因素作為配對因子,配對出主合併廠商的實驗組與未合併廠商的對照組,而後分析主合併廠商合併後的績效是否有提升。
  實證結果顯示,整體而言,廠商本身的規模大小和收益能力才是影響合併行為相對重要的因素。另外,在考慮合併行為對於收益性和成長性的效果中發現,廠商合併後,在總資產報酬率與營業收入成長率兩方面相對具有更加穩定良好的表現,然而,合併行為對於一家公司績效的影響並非立即顯現,而是在往後幾個年度才會逐漸呈現。

Recently, the economic trend changes rapidly. Under this situation, firms in Taiwan participate in M&;A in order to gain more profit and become more competitive. However, whether M&;A can improve companies’ performances or not is still an uncertain issue. Hence, this study intends to focus on merger companies to analyze the cause and effect.
1. What are the determinants of merger behavior?
2. How are the performances of enterprise after merger?
This research collects the list of merger companies from 2004 to 2010 derived from the Department of Commerce, Ministry of Economic Affairs and the data of company’s characteristics from 2003 to 2012 derived from Taiwan Economic Journal database. Since merger is not selected by company randomly but are self-selected based on certain criteria, comparing the averages of treatment groups and control groups may result in biased estimates. This study utilize Propensity Score Matching (PSM) method to analysis the post-merger performances of Taiwanese manufacturing industry.
The empirical results show that, the relatively important determinants affecting merger are size and profitability. In addition, considering the profitability and growth, there are better performances of the Return On Assets and the Sales Growth Rate after merger. However, the better performance of a company does not appear immediately but will appear in the next few years gradually.

中文摘要 i
Abstract ii
謝辭 iii
表目錄 v
第一章 緒論 1
第一節 研究動機與目的 1
第二節 研究架構與流程 3
第二章 併購定義與文獻回顧 5
第一節 併購的定義、類型與型態 5
一、企業併購方式 5
二、以企業併購前的策略運作、產業組織與市場關係來劃分 6
三、以存續形式來劃分 6
四、以併購動機來劃分 7
五、以支付方式來劃分 7
第二節 相關實證文獻 8
一、合併決策因素 8
二、合併後的績效表現 11
第三章 資料來源與實證模型 14
第一節 資料來源與樣本選擇 14
第二節 Propensity Score Matching(PSM)實證方法 16
第三節 實證模型與變數說明 19
第四章 實證結果 26
第一節 敘述統計分析 26
第二節 相關係數分析 29
第三節 迴歸結果分析 30
一、合併決策的迴歸分析結果 30
二、合併後對主合併公司績效的迴歸分析結果 37
第五章 結論與建議 47
第一節 研究結論 47
第二節 研究限制與未來方向 48
參考文獻 49

中文文獻
江彥墅(2005),「企業併購決策因素分析之研究─以台灣上市櫃公司為例」,國立台灣科技大學資訊管理系高階管理碩士在職專班論文。
余尚武、江玉柏(1998),「影響企業併購成敗之因素與策略探討」,<<經濟情勢評論>>,4,125-144。
李繼志、李明賢(2005),「中國上市公司並購績效的實證研究」,<<湖南農業大學學報 (社會科學版)>>,6,43-46。
林惠玲、陳正倉(2004),「廠商合併行為與其生產力之研究─臺灣製造業廠商之驗證」,<<經濟論文叢刊>>,32,534-71。
楊廷芳(2009),「經理人的過度自信與購併績效」,私立銘傳大學國際企業研究所碩士論文。

英文文獻
Agrawal, Madhuri and Rudra Sensarma. 2007. "Determinants of Merger Activity: Evidence from India." International Journal of Financial Services Management, 2(4), 277-88.
Andre, Paul; Maher Kooli and Jean-Francois L’her. 2004. "The Long-Run Performance of Mergers and Acquisitions: Evidence from the Canadian Stock Market." Financial Management, 33(4), 27-43.
Audretsch, David B. 1989. "The Determinants of Conglomerate Mergers." The American Economist, 33(1), 52-60.
Barai, Parama and Pitabas Mohanty. 2012. "Predicting Acquisitions in India." Vikalpa: The Journal for Decision Makers, 37(3), 29-49.
Bhalla, Priya. 2011. "Determinants of Mergers and Acquisitions of Firms in the Indian Financial Sector: An Empirical Analysis." IUP Journal of Business Strategy, 8(3), 7-23.
Erdogan, Aysa Ipek. 2012. "The Determinants of Mergers and Acquisitions: Evidence from Turkey." International Journal of Economics &; Finance, 4(4).
Focarelli, Dario; Fabio Panetta and Carmelo Salleo. 1999. "Why Do Banks Merge?," Bank of Italy, Economic Research and International Relations Area.
Harris, Robert S; John F Stewart; David K Guilkey and Willard T Carleton. 1982. "Characteristics of Acquired Firms: Fixed and Random Coefficients Probit Analyses." Southern Economic Journal, 49(1), 164-84.
Jemison, David B and Sim B Sitkin. 1986. "Acquisitions-the Process Can Be a Problem." Harvard Business Review, 64(2), 107-16.
Jensen, Michael C. 1986. "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers." The American economic review, 76(2), 323-29.
Kalra, Rosy. 2013. "Mergers and Acquisitions: An Empirical Study on the Post-Merger Performance of Selected Corporate Firms in India." IUP Journal of Business Strategy, 10(4), 7-67.
Keller, Wolfgang and Stephen R Yeaple. 2009. "Multinational Enterprises, International Trade, and Productivity Growth: Firm-Level Evidence from the United States." The Review of Economics and Statistics, 91(4), 821-31.
Kiymaz, Halil and H Kent Baker. 2008. "Short-Term Performance, Industry Effects, and Motives: Evidence from Large M&;As." Quarterly Journal of Finance and Accounting, 47(2), 17-44.
Kumar, B Rajesh and Prabina Rajib. 2007. "Characteristics of Merging Firms in India: An Empirical Examination." Vikalpa: The Journal for Decision Makers, 32(1), 27-44.
Levinsohn, James and Amil Petrin. 2003. "Estimating Production Functions Using Inputs to Control for Unobservables." The Review of Economic Studies, 70(2), 317-41.
Nguyen, Sang V and Michael Ollinger. 2006. "Mergers and Acquisitions and Productivity in the Us Meat Products Industries: Evidence from the Micro Data." American journal of agricultural economics, 88(3), 606-16.
OLLEY, G STEVEN and ARIEL Pakes. 1996. "The Dynamics of Productivity in the Telecommunications Equipment Industry." Econometrica, 64(6), l263-l97.
Pasiouras, Fotios and Chrysovalantis Gaganis. 2007. "Financial Characteristics of Banks Involved in Acquisitions: Evidence from Asia." Applied Financial Economics, 17(4), 329-41.
Rosenbaum, Paul R and Donald B Rubin. 1983. "The Central Role of the Propensity Score in Observational Studies for Causal Effects." Biometrika, 70(1), 41-55.
Tremblay, Victor J and Carol Horton Tremblay. 1988. "The Determinants of Horizontal Acquisitions: Evidence from the Us Brewing Industry." The journal of industrial economics, 37(1), 21-45.
White, Gerald I; Ashwinpaul C Sondhi and Dov Fried. 1994. The Analysis and Use of Financial Statements. Wiley.
Worthington, Andrew C. 2004. "Determinants of Merger and Acquisition Activity in Australian Cooperative Deposit-Taking Institutions." Journal of business research, 57(1), 47-57.

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