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研究生:張聖偉
研究生(外文):CHANG,SHENG-WEI
論文名稱:跨國併購之綜效來源探討:新興市場與已開發國家之比較
指導教授:顏子瑜顏子瑜引用關係
指導教授(外文):YEN,TZE-YU
口試委員:何加政周淑卿
口試委員(外文):HO,CHIA-CHENGCHOU,SHU-CHING
口試日期:2017-06-15
學位類別:碩士
校院名稱:國立中正大學
系所名稱:財務金融系研究所
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:2017
畢業學年度:105
語文別:中文
論文頁數:94
中文關鍵詞:新興市場已開發國家跨國併購綜效來源
外文關鍵詞:Emerging MarketDeveloped CountryCross-border Merger and AcquisitionSynergy Source
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本論文主要探討不同經濟發展程度的國家所主導的跨國併購案,在併購後是否能創造預期的三大綜效來源,包括市場效能、勞力效能與技術效能。本論文樣本來自2015年全球GDP排名前20大之國家,2009年至2012年間完成之併購案,但其中沙烏地阿拉伯缺乏主要變數國家法律環境資料,故從樣本中剃除,總樣本數為11,275筆。實證結果顯示,跨國併購案得以為主併公司取得市場與技術效能方面的併購綜效,但在勞力效能方面,可能要承擔員工生產力降低的風險。若相較於境內併購案,跨國併購活動在取得市場效能方面的併購綜效較具優勢,境內併購活動則在取得勞力與技術效能方面的併購綜效具有相對優勢。另外,無論主併公司來自已開發國家或新興國家,其所主導的併購案皆有機會於併購後取得市場效能方面之綜效來源,但在勞力效能方面,則需承擔員工生產力降低的風險。已開發國家之主併公司有機會創造技術效能方面之綜效來源,但新興市場國家之主併公司在此方面則不符期待。
主、被併公司皆屬於已開發國家者所進行的跨國併購案,在取得市場效能作為跨國併購綜效來源上,具有相對優勢。已開發國家之主併公司欲藉由跨國併購案開發新興市場,或新興市場國家之主併公司欲藉由跨國併購活動拓展成熟市場皆不符合期待。主、被併公司同屬於新興市場國家者所進行的跨國併購案,在取得勞力效能作為跨國併購綜效來源方面較具優勢。已開發國家之主併公司欲藉由併購新興市場之企業以降低人力成本並無法符合期待,反而要承擔員工生產力降低的風險。主、被併公司皆屬於已開發國家者所進行的跨國併購案,在取得技術效能作為跨國併購綜效來源上,具有相對優勢。新興市場國家的主併公司欲藉由併購已開發國家之企業來取得技術效能並不符合期待,且反而因此提高了研發支出的成本。而透過屬於新興市場國家之被併公司取得技術效能顯然非預期的併購綜效來源。
此外,文化差異越大的跨國併購案,越有機會透過專業分工提高員工生產力,但在最後整合時所增加的磨合成本,容易導致員工效率下降,為跨國併購案中不容忽視的一環。主併公司所屬國家的法律保護機制並不成為影響跨國併購案市場效能取得與否的影響因素,但法律保護造成員工的低生產力則不利於勞力效能的取得。英美法系國家所進行的跨國併購案,較有機會取得技術效能上的優勢。若主併公司所屬國家的法律環境偏重投資人保護的機制,則此機制越完善,該企業越得以藉由跨國併購取得勞力效能方面的綜效來源。
By focusing on the cross-border mergers and acquisitions (M&As) implemented by acquiring firms from countries with different degrees of economic development, this paper examines whether cross-border deals can create M&As synergies from three efficiency sources, including market efficiency, labor efficiency and technical efficiency. We collect samples of 11,275 deals for the top 20 global gross domestic product (GDP) countries in 2015 (excluding Saudi Arabia due to the lack of legal variable) covering the period 2009 to 2012 . The empirical results show that acquiring firms may create cross-border deal synergies through market efficiency and technical efficiency, but in terms of labor efficiency, acquiring firms may have to bear the risk of employee productivity degradation. Compared to domestic deals, cross-border deals have more advantages in achieving deal synergies through market efficiency, but domestic deals have more advantages by enhancing labor efficiency and technical efficiency.
Moreover, acquiring firms, no matter from the developed countries or emerging markets, have opportunities to enhance market efficiency but not labor efficiency through cross-border deals. Technical efficiency could be reached for acquiring firms from the developed countries but not from the emerging countries. The cross-border deals done by bidders and targets both from the developed countries are more likely to create synergies from market efficiency. Neither the developed firms nor the emerging companies could realize their dreams if they expect to expand new markets by acquiring a company from different economic markets.
The cross-border deals implemented by bidders and targets both from the emerging markets have advantages in creating synergies from labor efficiency. It may not be as expected if the developed companies want to reduce labor cost by acquiring an emerging company. Instead, they have to bear the risk of reduced employees productivity. In addition, the cross-border deals done by bidders and targets both from the developed countries have more advantages in obtaining synergies from technical efficiency. The emerging companies may feel disappointed if they want to improve technical competence by acquiring a firm from the developed markets. Also, it is clear that technology performance is not the expected synergy source of cross-border deals, if the acquired firms are from the emerging markets.
Further, the greater the cultural differences in cross-border deals, the more the opportunities for acquiring firms to improve employee productivity through professional division of labor, but the higher the integration costs leading to employee inefficiency. This is truly a problem could not be ignored for cross-border deals. Finally, we find that country legal mechanisms are not related to the improvement of market efficiency. However, a complete legal system may be instead harmful to labor efficiency because it provides a protective environment for employees without or with low productivity. Cross-border deals by acquiring firms from English-origin countries have more advantages in creating synergies through technical efficiency. If acquiring firms are from countries with legal environment emphasizing on the investor protection mechanisms, the better the mechanisms are, the higher labor efficiency of the acquiring firms obtain through cross-border deals.

第一章 緒論..................................................................1
1.1 研究背景與動機............................................................1
1.2 研究目的.................................................................2
1.3 研究架構與流程...........................................................4
第二章 文獻探討...............................................................6
2.1 綜效來源相關文獻........................................................6
2.1.1 市場來源................................................................6
2.1.2 勞力來源................................................................8
2.1.3 技術來源...............................................................10
2.2 跨國併購與境內併購比較............................................11
2.3 文化距離與法律環境對跨國併購的影響........................12
2.3.1 文化距離..................................................................12
2.3.2 法律環境.................................................................13
第三章 研究設計...............................................................14
3.1 樣本選擇.....................................................................14
3.2 被解釋變數.................................................................15
3.3 主要解釋變數..............................................................17
3.3.1 情境分類變數............................................................17
3.3.2 文化距離變數...........................................................18
3.3.3 國家法律環境的變數................................................18
3.4 控制變數....................................................................19
3.5 研究方法....................................................................20

第四章 實證結果分析........................................................25
4.1 敘述統計....................................................................25
4.2 各情境下樣本公司併購後長期績效..............................27
4.3 各情境併購後綜效來源之比較.....................................33
4.3.1 跨國併購 vs 境內併購..............................................33
4.3.2 跨國併購:已開發 vs 新興市場..................................34
4.3.3 情境一 vs 非情境一樣本..........................................34
4.3.4 情境二 vs 非情境二樣本..........................................35
4.3.5 情境三 vs 非情境三樣本..........................................36
4.3.6 情境四 vs 非情境四樣本..........................................37
4.3.7 情境五 vs 情境六....................................................38
4.4 迴歸實證結果............................................................40
4.4.1 模型一實證結果......................................................40
4.4.2 模型二實證結果......................................................44
4.4.3 模型三實證結果......................................................48
第五章 結論與建議...........................................................51
參考文獻..........................................................................54
附件一.............................................................................60
附件二.............................................................................82
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