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系統識別號 U0026-0202201714185900
論文名稱(中文) 併購浪潮對先進者、後進者與競爭者的影響
論文名稱(英文) The Impact of Merger and Acquisition Wave on Early Movers, Late Movers and Non-responding Rivals
校院名稱 成功大學
系所名稱(中) 國際企業研究所
系所名稱(英) Institute of International Business
學年度 104
學期 2
出版年 105
研究生(中文) 莊靜雯
研究生(英文) Ching-Wen Chuang
學號 R66031187
學位類別 碩士
語文別 英文
論文頁數 39頁
口試委員 指導教授-張紹基
口試委員-李振宇
口試委員-林玟君
口試委員-翁鶯娟
中文關鍵字 併購浪潮  異常報酬 
英文關鍵字 Merger Wave  Abnormal Return 
學科別分類
中文摘要 企業經常透過併購其他組織來追求成長、取得專利技術或是獲取其他外部資源。當企業向外界宣告併購訊息時,股票市場會因預期企業未來前景而對於不同併購事件做出不同的反應。除了主併公司及被併公司的股價會因為併購消息而受影響之外,產業內其他競爭者的股價也會因此受到影響。

過去文獻大多探討在併購浪潮之中公司特性如何影響公司選擇進入併購浪潮的先後、先進者與後進者的績效比較等議題。較少文獻探討不進入併購浪潮的競爭者的績效表現為何,也少有文獻直接探討在併購浪潮中先進者、後進者,與不參與併購浪潮的公司之績效比較。本研究針對全球第六次併購浪潮進行研究,研究美國電子產業在此次併購浪潮中,先進者、後進者,與不進入者三者的累積異常報酬之比較。同時更深入探討不進入者的公司特性、主併公司的併購交易性質等因素,在併購浪潮中如何影響不進入者的績效表現。
英文摘要 Merger wave is defined as the short period of intensive merger activity with in the industry. Previous literatures have examined the characteristics that influence company to participate merger wave. Ample researches focus on studying the performance between acquiring firms and target firms in merger wave. Some studies compare the performance between early mover and late mover in merger wave. However, little literature shed lights on comparing the performance among early mover, late mover, and non-responding rival firms.
This research focuses on studying the sixth merger wave, and examines the abnormal returns among early mover, late mover, and non-responding rival firms in electronic and other electrical equipment and components industry. The results show that non-responding rival firms are significantly negative affected by the M&A announcement. The results also show that, on average, the abnormal returns of acquirers are better than the returns of non-responding rival firms. Besides investigating the returns among early mover, late mover, and non-responding rival firms, this study test for rival firm ‘s characteristics and M&A deal characteristics to check which factor influence non-responding rival firms’ returns in merger wave.
論文目次 Abstract---II
摘要---III
致謝---IV
Table of Content---V
List of Tables---VII

Chapter1 Introduction---1

Chapter2 Literature review---4
2-1 Competitive Movements---4
2-2 Merger and Acquisition---5
2-2-1 Advantage and Disadvantage of Merger and Acquisition---5
2-2-2 Effect of Merger and Acquisition Wave on Rivals---7
2-2-3 Relationship between Rivals’ Return and Rival’s Characteristics---9
2-2-4 Relationship between Rivals’ Return and Deal Characteristics---11

Chapter3 Sample and Methodology---14
3-1 Data Description---14
3-2 Variables---17
3-2-1 Dependent Variables: Abnormal Return---17
3-2-2 Independent Variables---17
3-2-3 Control Variables---19
3-3Methodology---21

Chapter4 Results---23
4-1 Acquirers and Non-responding Rival Firms in M&A Wave---23
4-2 Early Movers and Late Movers in Merger Waves---24
4-3 Factors Influence Non-responding Rival’s CARs in Merger Waves---27
4-3-1 Simple Regression Analysis---27
4-3-2 Multiple Regression Analysis---30

Chapter5 Conclusion---33
5-1 Managerial Implication---34
5-2 Limitation and Suggestions for Future Research---35

Reference---36
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