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系統識別號 U0026-0209202004373900
論文名稱(中文) 併購大型或小型標的之抉擇
論文名稱(英文) Acquiring Larger or Smaller Targets?
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 106
學期 2
出版年 107
研究生(中文) 陳怡蓁
研究生(英文) Yi-Chen Chen
學號 R66051226
學位類別 碩士
語文別 英文
論文頁數 74頁
口試委員 指導教授-曾瓊慧
口試委員-張紹基
口試委員-江明憲
中文關鍵字 國際併購  標的選擇  資源基礎觀點 
英文關鍵字 acquisitions  target selection  resource deepening  resource extension  resource-based view 
學科別分類
中文摘要 企業併購在科技業中十分常見,是一種快速獲取企業所需資源的有效方法,科技巨頭如:Google, Apple, Amazon, Dell等,皆進行不少併購。考量大型企業與小型企業在資源特色上與併購的難易度上有顯著的不同,本研究旨在分析科技產業中,併購者是如何進行大型或小型標的的選擇,是否大型的企業永遠只併購和他們一樣規模龐大的標的?抑或是大型企業也有可能併購小型的新創企業?本研究先以併購者本身的財務表現及對標的產業的熟悉度作為主要變數,並同時將目標公司具備的資源可否能夠幫助併購者拓展資源的多樣性(resource extension),或是增強既有的資源優勢(resource deepening),納入模型中作為潛在的干擾變數,試圖了解其對於大小標的選擇是否有顯著的影響。透過分析自2008年到2017年間400件國際併購案,此研究觀察到當企業本身具備良好的財務表現時,面臨到大小標的的選擇,可能同時將標的本身的資源特性是否符合企業自身的需求列入考量。而本研究的發現也同時符合近代科技業發展的趨勢,科技大廠們通常不會只單一面向地花費鉅額去併購另一間大型公司;當小型企業具備的資源有助於他們在產業中提高競爭優勢時,大型企業也會併購規模較小的新創公司。
英文摘要 Obtaining resources and maintaining competitive advantages are known to be a key motivation for firms to take mergers and acquisitions (M&As) into consideration. In this study, we examine target selection of larger or smaller firms based on how deep the acquirers’ pocket is and how well they know about the target industry, i.e., acquirers’ financial performance and similarity of target industry. Since resources play an important role in the high-tech industry, we further examine how resource deepening and resource extension impact the tendency of target selection. By analyzing a sample of 400 international M&A cases from 2008 to 2017, we observed that giants don’t always acquire giants; on the contrary, chances are that firms with good financial performance may take over a start-up company if the resource owned by the target fit into their business requirement (i.e., resource deepening or resource extension).
論文目次 CONTENT

CHAPTER ONE: INTRODUCTION……………...……………………………….1
CHAPTER TWO: LITERATURE REVIEW…………………………………...….6
CHAPTER THREE: HYPOTHESES DEVELOPMENT…………………….….14
CHAPTER FOUR: METHODOLOGY………………………………………...…25
CHAPTER FIVE: RESULTS………………………………………………………38
CHAPTER SIX: DISCUSSION……………………………………………………59
REFERENCES……………………………………………………………………...65


LIST OF TABLES

TABLE 2-1: Previous Literature Overview of M&As and Target Selection…………11
TABLE 4-1: Sample Characteristics……………………………………………………27
TABLE 4-2: Measure of Variables………………………………………………………29
TABLE 4-3: M&As Purpose Code Description in SDC Platinum…………...………..36
TABLE 5-1: Descriptive Statistics……………………………………………………....39
TABLE 5-2: Correlation Matrix…………………………………………………...........40
TABLE 5-3: Multicollinearity Test……………………………………………………...41
TABLE 5-4: Results of Linear Regression Analysis……………………………………45
TABLE 5-5: Results of Linear Regression Analysis (Sub-group)……..………………48
TABLE 5-6: Post Hoc Analysis: Results of Linear Regression Analysis…...…………54
TABLE 5-7: Post Hoc Analysis: Results of Linear Regression Analysis (Sub-group)………..……...………..………..………..………..………..……………..…56


LIST OF FIGURES

FIGURE 4-1: Sample Screening Process……………………………………………….31
FIGURE 5-1: Moderating Effect on Financial Performance of Acquirer……………50
FIGURE 5-2: Moderating Effect on Similarity of Target Industry……………...........51
FIGURE 5-3: Post Hoc Analysis: Moderating Effect on Financial Performance of Acquirer……………………………………………………………..……………………57
FIGURE 5-3: Post Hoc Analysis: Moderating Effect on Similarity of Target Industry……………………………………………………………..……………………58
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