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系統識別號 U0026-0107201215225500
論文名稱(中文) 影響主併者併購大小企業之決定因素
論文名稱(英文) What Affect Acquirers’ Decisions to Acquire Large Firms or Small Firms?
校院名稱 成功大學
系所名稱(中) 國際企業研究所碩博士班
系所名稱(英) Institute of International Business
學年度 100
學期 2
出版年 101
研究生(中文) 涂嘉豪
研究生(英文) Chia-Hao Tu
學號 r66994034
學位類別 碩士
語文別 英文
論文頁數 58頁
口試委員 指導教授-曾瓊慧
口試委員-方世杰
口試委員-陳寶蓮
中文關鍵字 企業併購  主併者特徵  標的選擇 
英文關鍵字 merger and acquisition  acquirer’s characteristics  target selection 
學科別分類
中文摘要 在競爭的商業環境下,該選擇併購大企業或小企業是高階經理人經常面對的課題,但卻鮮少在併購目標選擇的研究裡被關注。本研究不僅是延伸先前併購目標選擇的研究,也進一步仔細地闡述和分析究竟哪些因素影響主併者選擇大或小的企業來執行併購。我們一共蒐集123筆高科技公司資料進行實證研究,結果發現主併者先前的績效表現、併購經驗以及主併者和被併目標產業相關度與選擇的目標大小呈現正向關係。進一步來說,先前主併者的績效表現越好、併購經驗越豐富以及主併者和被併目標產業相關度越高,越有可能因為追求更多資源和自身的管理能力提升而選擇更大的目標對象執行併購。此研究不僅進一步闡述併購目標挑選之議題,在實務面上,也提醒管理者不可忽視此課題。
英文摘要 In the competitive business world, choosing target firms with different sizes in mergers and acquisitions (M&As) are a prevalent phenomenon that have received little attention in target selection researches. This study has moved beyond prior investigations that emphasized target selection of M&As by carefully analyzing factors affecting the acquirer’s decision to choose different sized firms. Empirical results, which contained 123 events from the technology industry, illustrated all the independent variables of acquirer’s prior performance, acquirer’s prior experience, and the correlation between acquirer and target are positive related to the dependent variable, target size. Acquiring firms are capable of choosing more resources if they have good prior performance, skilled acquisition experience, and high similarities to the target. This study not only explains target selection issues in M&A research, but also offers the notion there are different characteristics of target size thus providing a different strategic view for managers in practice.
論文目次 Content
Chapter 1 Introduction............................................1
1.1 Research Background and Motives.....................1
1.2 Research Process....................................3
Chapter 2 Literature Review.............................4
2.1 The Motives for M&As................................4
2.2 The Characteristics of Acquiring Firms..............9
2.3 The Characteristics of Target Firms.................16
Chapter 3 Hypotheses Development........................21
3.1 Acquirer’s Prior Performance........................22
3.2 Acquirer’s Prior Experience.........................24
3.3 Industry Relatedness Between Acquirer and Target....26
Chapter 4 Research Methods..............................28
4.1 The Sample..........................................28
4.2 Sample Characteristics..............................31
4.3 Variable Measurement................................36
4.4 Research Method.....................................41
Chapter 5 Research Results..............................42
5.1 Descriptive Analysis and Correlation Matrix.........42
5.2 Regression Analysis.................................45
Chapter 6 Discussion....................................49
6.1 Research Contributions..............................49
6.2 Managerial Implications.............................51
6.3 Limitation and Suggestions..........................52
Reference...............................................54
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