臺灣博碩士論文加值系統

隨著經濟的發展，商業的往來模式不再僅限於買賣之間的交易，也可以透過直接併購另一家公司而取得新的市場、新的客戶、新的商品，但是併購後是否能為集團整體帶來正向績效，尚需討論，且目前國內對於無形資產與併購後集團經營績效之研究也較少，故本研究主要探討：因併購所取得被收購公司的商譽及其他無形資產是否能提升整體集團於併購後的經營績效?本研究採用2012年至2016年之公開資訊觀測站有進行且完成併購交易之上市公司為研究樣本，合計共40家有效樣本。本研究以併購後集團之經營績效為應變數，樣本公司因併購交易取得子公司之商譽及其他無形資產為自變數，使用複迴歸分析以檢測研究假說。本研究結果發現：就一般產業(不包含金融業)而言，投資被收購公司之商譽及其他無形資產皆為未能顯著地提升併購後集團之經營績效。就金融產業而言，投資被收購公司之商譽能顯著地提升併購完成後第二季集團之經營績效，但對被收購公司其他無形資產之投資卻是無助於提升集團完成併購後之經營績效。

With the development of the economy, the business model is no longer limited to transactions between purchases and sales. It can also acquire new markets, new customers, new products through merger and acquisition activities. But, there is room to discuss whether or not acquisition of goodwill and other intangible assets would have positive effect on the post-merger performance of the group. Unfortunately, there are few studies on intangible assets and post-merger business performance. Therefore, this study attempts to examine whether the goodwill and other intangible assets acquired through M&A activities would improve the overall Group's performance after mergers and acquisitions?
The study identifies 40 sample companies through used a publicly traded information observatory system of Taiwan Securities and Exchange Company. These sample companies conducted merger and acquisition activities during the period from year 2013 to year 2016. In this study, the goodwill and other intangible assets acquired by the sample consolidated entities due to the M&A transaction are independent variables. The dependent variable is post-merger operating performance of the consolidated entities. The study conducted regression analysis to test the research hypotheses 1 and 2. The findings indicate that, in term of general industries (excluding financial industries), the goodwill and other intangible assets acquired through M&A activities do not have significant effect on post-merger performance of the consolidated entities. As for the financial industry, the findings indicate that the goodwill acquired through M&A activities can significantly improve the consolidated entities’ operating performance in the second quarter after completing the merger.

中文摘要 II
ABSTRACT III
圖目錄 V
表目錄 VI
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究架構 4
第二章 文獻探討 6
第一節 個體理論與收購法會計處理 6
第二節 影響併購綜效之因素 7
第三節 商譽、其他無形資產與收購成本 10
第四節 併購交易下所取得之商譽、其他無形資產對經營績效之影響 11
第五節 盈餘持續性及產業景氣循環之考量 13
第六節 小節 15
第三章 研究方法 16
第一節 研究假說之設計 16
第二節 研究方法之設計 18
第三節 資料來源 23
第四章 實證結果 24
第一節 敘述性統計 24
第二節 相關性分析 27
第三節 迴歸分析結果 31
第五章 結論 34
參考文獻 36

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