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研究生:蔡宣茹
研究生(外文):Shiuan-Ru Tsai
論文名稱:併購下主併公司的營運績效
論文名稱(外文):Acquirers'' Operating Performance following Mergers and Acquisitions
指導教授:徐俊明徐俊明引用關係楊東曉楊東曉引用關係
口試委員:林岳喬
口試日期:2016-07-15
學位類別:碩士
校院名稱:國立中興大學
系所名稱:財務金融學系所
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2016
畢業學年度:104
語文別:中文
論文頁數:34
中文關鍵詞:併購營運績效產業競爭市場占有率
外文關鍵詞:Mergers and Acquisitions (M&As)Operating PerformanceIndustry CompetitionMarket Shares
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本文透過產品市場的特徵(產業競爭程度和市場佔有率),探討企業在併購後的營運績效,實證結果發現主併公司在併購前的市佔率與併購後的長期營運績效有正向影響,而產業競爭程度卻是負向影響,由此可知,經營風險對併購的影響也是很大的,所以企業在併購前也需要考量自己的市場條件。
而由併購型態來看,發現不論任何併購型態,長期來看營運績效都變差,表示企業在進行併購前,必須先做好全面性的考量,像是併購後企業的整合,併購後反而績效變差。


This study contributes to the literature by linking product-market characteristics (industry competition and market shares) to firms'' post-merger operating performance. After the empirical results, we find it’s a positive effect of pre-merger market shares on acquirers’ long-run operating performance. But industry competition is likely to have a negative impact to acquirers’ long-run operating performance. We examine that business risk has a great affect to performance of M&A,so the business has to consider itself before merging.
We also contribute to the literature by examining the operating performance according to the types of M&As. Finding that no matter the types of M&A, the business decreases the operating performance after M&A.


第一章 緒論............................................. ........1

第一節 研究背景與動機...........................1
第二節 研究目的................................. 1
第三節 研究架構.................................2
第二章 文獻回顧.....................................3
第一節 併購後的營運績效...................................3
第二節 併購因素不同的營運績效............................3

第三節 產業競爭程度與市場佔有率............................5
第三章 資料選取及研究方法............................. 6
第一節 研究假說.................................6
第二節 資料來源及樣本選取................................6
第三節 研究變數...........................................9

第四節 研究方法....................................11
第四章 實證結果........................................ 13
第一節 主併公司營運績效-時間序列........................13

第二節 營運績效-併購後績效..............................13

第三節 Fama-French 四因子模型....................14
第四節 橫斷面迴歸分析............................14
第五章 結論....................................16
資料來源.............................................17


資料來源
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