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研究生:黃貫華
研究生(外文):Kuan-Hua Huang
論文名稱:影響跨國併購可能性因素之實證分析
論文名稱(外文):Factors Affecting Cross-Border Mergers and Acquisitions
指導教授:廖源星廖源星引用關係
指導教授(外文):Y. Chris Liao
學位類別:碩士
校院名稱:國立中山大學
系所名稱:財務管理學系研究所
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:2018
畢業學年度:107
語文別:中文
論文頁數:42
中文關鍵詞:跨國併購文化差異過度自信國際信任
外文關鍵詞:Cultural differencesCross-Border Mergers and AcquisitionsInternationalOverconfidenceTrust
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隨著跨國併購成為企業進入他國市場或拓展企業版圖的主要方式,跨國併購發生的件數也日益增多。企業在規劃跨國併購不同於國內併購,其中一個主要差異為兩國間的文化價值,企業除了考慮併購是否有效益外,也需控制併購後能成功產生綜效的因子,使得併購能如企業所預期。本研究分析哪些因素會影響跨國併購發生的可能性。除了針對信任、階級主義、個人主義進行討論,本文亦增加過度自信、網路使用率與英文程度變數,探討此六項變數是否會影響跨國併購的發生,供企業未來於評估是否進行跨國併購時參考。本研究發現當兩國的文化價值差異越大時,例如信任與個人主義,則併購發生的可能性越低。另外網路使用率也對跨國併購發生的可能性有負向的影響。
As cross-border mergers and acquisitions become the main way for companies to enter other countries'' markets or expand their territory, the number of cross-border mergers and acquisitions is increasing. A major difference between cross-border mergers and acquisitions and domestic mergers and acquisitions is the cultural differences between the two countries. In addition to considering whether mergers and acquisitions have benefits, enterprises also need to control the factors that affect the success of mergers and acquisitions. We aim to explore what factors affect the cross-border mergers and acquisitions. In addition to discussing the three variables of trust, hierarchy, and individualism, we analyze overconfidence, network usage and
English-proficiency level, and explore whether these six variables affect the occurrence of cross-border mergers and acquisitions. We find that as the cultural differences between the two countries increase, such as trust and individualism, the possibility of mergers and acquisitions decreases. In addition, internet usage also has a negative impact on the possibility of cross-border mergers and acquisitions.
論文審定書 i
摘要 ii
Abstract iii
目 錄 iv
圖 次 v
表 次 v
第一章 緒論 1
第一節 研究背景 1
第二節 研究目的 2
第三節 研究內容架構 3
第二章 文獻探討 4
第一節 跨國併購概述 4
第二節 影響跨國併購之因素 5
第三節 文化對跨國併購之影響 7
第三章 研究架構與方法 9
第一節 研究架構與假設 9
第二節 變數說明 15
第三節 資料分析方法 19
第四章 資料與實證分析結果 20
第一節 併購資料 20
第二節 相關性分析 24
第三節 實證結果 27
第五章 結論與建議 33
第一節 結論 33
第二節 建議 33
參考文獻 34
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