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研究生:邱俊耀
研究生(外文):Chun-Yao Chiu
論文名稱:台灣上市櫃公司併購前之公司特徵對併購後績效影響:以主併公司為例
論文名稱(外文):The Effect of the Firm’s Characteristics Before the Merger on the Post-merger Performance of the Taiwan''s Companies
指導教授:邱臙珍邱臙珍引用關係
指導教授(外文):Yen-Chen Chiu
學位類別:碩士
校院名稱:國立臺中科技大學
系所名稱:財務金融研究所碩士班
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:2019
畢業學年度:107
語文別:中文
論文頁數:48
中文關鍵詞:公司特徵併購公司績效
外文關鍵詞:Firm’s characteristicsMergers and AcquisitionsFirm’s performance
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企業透過併購以尋求成長與風險分散,考量因素包括公司內部與外部因子,據過往之研究,發現公司特徵對公司績效影響之深,唯過往研究諸多討論單一因素之影響,本研究將以往文獻所探討之因素集結,將以併購前公司特徵加以檢驗其對併購後績效之影響,更延伸至公司特徵之非線性對績效的影響以及公司特徵對併購後的風險性影響。本研究聚焦完整之公司特徵對併購後公司績效之影響,實證結果發現併購前公司之財務限制對公司績效呈顯著負向,對併購後公司股價報酬風險性呈顯著正向;併購前公司之大股東持股、機構投資人持股與內部人持股對公司績效呈顯著正向,唯併購前公司之國際多角化會隨著時間拉長而有不同的影響。而攸關股權結構之非線性對併購後公司績效則不顯著。
Firms seek growth and risk dispersion through the mergers and acquisitions. In process of M&A that the primary consideration in firms should be whether internal and external factors. According to the past research, it is found that the Firm’s characteristics have a significant influence on the firm''s performance. The past studies focused the influence of single factor on the firms. This study aggregates the factors discussed in the previous literature (call Firm’s characteristics) and we test the influence of the pre-merger firm’s characteristics on performance of the post-merger firms. The study also test the influence of the non-linear pre-merger firm’s characteristics on performance and risk of the post-merger firms. The empirical results show that the financial restriction of the pre-merger firm is significantly negative to the firm''s performance, and the risk is significantly positive. The blockholder, institutional investors’ holdings and internal shareholders'' holdings are significantly positive to the firm''s post-merger performance. But the diversification will have different effects to the firm’s performance over the time. The non-linear of the ownership structure is not significant to the post-merger firm''s performance.
目次
中文摘要.........................................i
英文............................................ii
誌謝...........................................iii
目次............................................iv
圖目次...........................................v
表目次...........................................v
第一章 緒論.....................................1
第一節 研究背景與動機............................1
第二節 研究目的..................................4
第三節 研究流程圖................................6
第二章 文獻回顧與假說發展.........................7
第一節 國內併購沿革..............................7
第二節 公司特徵因素..............................9
第三節 研究假說.................................12
第三章 資料樣本與研究方法........................14
第一節 樣本與資料來源............................14
第二節 研究方法與變數定義........................15
(一)績效衡量方式..................................15
(二)主要研究變數..................................16
(三)控制變數......................................17
第三節 模型建立..................................19
(一)併購前公司特徵與併購後公司績效..................19
(二)併購前公司特徵與併購後公司股價報酬風險性.........21
(三)併購前公司特徵的股權結構非線性與併購後公司績效....22
第四章 實證分析...................................24
第一節 敘述性統計與相關係數........................24
第二節 多元迴歸分析................................28
(一)併購前公司特徵對併購後公司績效之影響..............28
(二)併購前公司特徵對併購後公司股價報酬風險性之影響.....31
(三)併購前公司特徵的股權結構非線性對併購後公司績效與公司股價
報酬風險性之影響.....................................33
第三節 穩健性檢測..................................35
第五章 結論與建議..................................42
參考文獻............................................44
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