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研究生:陳宏偉
研究生(外文):Hong-WeiChen
論文名稱:非有機成長對併購溢價的影響
論文名稱(外文):The Effect of Inorganic Growth Dependence on Acquisition Premium
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
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:2016
畢業學年度:104
語文別:英文
論文頁數:40
中文關鍵詞:併購溢價非有機成長目標公司的影響併購
外文關鍵詞:Acquisition PremiumInorganic Growth dependenceTarget’s influenceM&A
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本研究透過引用併購公司和目標公司互動的因素,延伸過去針對非有機成長以及併購溢價之間關聯性的研究。學生藉由檢視北美高科技產業的128筆併購交易以驗證本研究所提出的假設。研究結果提供了三個可能的結論。第一:如果併購公司依賴非有機成長的方式創造公司的成長,併購公司將可能變得不理性,並藉由較高的溢價完成併購交易。第二:併購公司可藉由過去併購交易所獲取的知識來增進併購公司對於併購交易的決策,即便併購公司處於極大壓力亦能夠增進併購公司的併購決策。第三,併購公司的營運狀況扮演了影響併購交易條件的重要因素。總結而言,本研究認為併購公司若能夠同時考慮內部因素(例如:理性決策模式)、外部因素(例如:被市場以及目標公司本身所低估的公司)以及互動因素(例如:協商與條件)而獲得較好的併購條件。
This study extends prior research on the relationship between dependence on inorganic growth and acquisition premium by including factors that represent the process of interaction between target firms and acquirers. We examine our hypotheses through 128 merger and acquisition (M&A) deals within the high technology industry in North America. The results firstly, indicates that when acquirers depend on inorganic methods to spur growth, they are likely to become irrational and close deals with a relatively high acquisition premium. Secondly, prior experience can facilitate an acquirer’s decisions on M&A deals even when they are rather stressed or under pressure. Finally, a target’s condition plays an essential role in influencing the final terms of the deal. In sum, we suggest that acquirers can obtain more favorable M&A deal terms when they simultaneously consider the effect of internal factors (i.e. rational decision making patterns), external factors (i.e. ideal target that is undervalued by both the market and the target itself), and interaction factors (i.e. negotiation and terms).
Chapter 1 Introduction 1
Chapter 2 Literature Review and Hypotheses Development 5
2.1 Conceptual framework 7
2.2 Inorganic growth dependence 8
2.3 Prior acquisition experience 11
2.4 Target firm’s willingness 14
2.5 Methods of Payment & Negotiations 16
Chapter 3 Method 19
3.1 Sample and Data Sources 19
3.1.1 Sample Characteristics 19
3.2 Variable and measures 21
3.2.1 Dependent variable 21
3.2.2 Independent variable 22
3.2.3 Moderator 23
3.2.4 Control variable 25
3.3 Analytical Techniques 25
Chapter 4 Empirical Results 27
Chapter 5 Discussion 33
5.1 Theoretical Implications 34
5.2 Managerial Implications 35
5.3 Limitations and Future Research 36
5.3.1 Limitations 36
5.3.2 Future Research 37
References 39

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