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研究生:翁乾修
研究生(外文):Chien-Hsiu Weng
論文名稱:醫療保健產業併購績效研究-以台灣與中國為例
論文名稱(外文):Performance of Mergers and Acquisitions in Healthcare Industry-Evidence from Taiwan and China
指導教授:盧秋玲盧秋玲引用關係
口試委員:俞海琴賴慧文
口試日期:2015-06-11
學位類別:碩士
校院名稱:國立臺灣大學
系所名稱:國際企業學研究所
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:2015
畢業學年度:103
語文別:英文
論文頁數:55
中文關鍵詞:合併與收購醫療保健產業累積異常報酬營運績效產業相關程度
外文關鍵詞:Merge and acquisitionHealthcare industryCumulative abnormal returnOperating performanceIndustry relatedness
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此研究主要在分析探討併購者與被併公司的產業相關程度,對於併購績效的影響,所收集的併購樣本包含2002至2012年,244件中國與台灣醫療保健產業的併購事件。研究結果指出,與深圳證券和台灣證券交易所掛牌的公司相比,於上海證交所掛牌的併購公司在短期與長期皆具有較高的異常報酬。為了探討產業相關性對於併購績效是否有影響,我們建立了一種新的分類方法,來決定醫療保健產業公司之間的相關性。結果顯示在所收集的樣本中,此種新的分類方法,證實了產業相關性對於併購績效具有正向的影響, 然而先前普遍常被使用的SIC前2碼方式,則呈現不具顯著的正向影響。此外我們發現,相較於只有1次併購經歷的公司,具有2-3次併購策略的公司長期而言具有較好的營運績效。我們的研究結果並顯示公司規模與現金流量比率,和併購績效具有正向的關係。

Our aim in this study is to investigate whether industry relatedness effect the M&A performance. A sample of 244 M&A events of healthcare industry from Year 2002-2012 in China and Taiwan are selected and examined for post-merger abnormal return and operation performance. Our results show that Shanghai Stock Exchange listed acquires have a higher return performance than Shenzhen Stock Exchange and Taiwan Stock Exchange listed acquirers in both short-term and long-term. For investigating whether industry relatedness affect the operating performance of firm M&A, we create a classified method to determine relatedness between acquirer and target firm in healthcare industry. The results show that relatedness has a significantly positive effect on long term ROA performance for acquirer whereas the previous method using the first two digits of SIC code does not provide a significant positive result. Further, we find that financial performance is improved through a frequent acquisitions in healthcare industry in the long term. Our evidence also suggest that firm size and cash flow ratio are positively related to the M&A long-term performance in the healthcare industry.

中文摘要 ii
ABSTRACT iii
CHAPTER 1 INTRODUCTION 1
1.1 Background 1
1.2 Motivation 8
1.3 Overview 9
CHAPTER 2 LITERATURE AND HYPOTHESIS 10
2.1 M&A Performance and Industry Relatedness 10
2.2 M&A Performance and Technology Entry Barrier 12
2.3 M&A Performance and Frequent Acquisitions 13
CHAPTER 3 DATA AND METHODOLOGY 15
3.1 Data 15
3.2 Event Study 16
3.3 Multivariate Regression and Redefinition of Industry Relatedness 18
CHAPTER 4 EMPIRICAL RESULTS 21
4.1 Summary Statistics 21
4.2 Event Study Results 23
4.3 Determinants of Operating Performance 29
4.4 Cross-sectional Regression Analysis 41
CHAPTER 5 CONCLUSION AND SUGGESTION 48
5.1 Conclusions 48
5.2 Limitation and Future Research 49
References 52


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FROM THE INTERNET

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