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系統識別號 U0026-0407202011342700
論文名稱(中文) 家族企業特性與管理能力對於企業併購決策與績效之影響
論文名稱(英文) The influence of family-controlled firm and managerial ability on M&A strategy and performance
校院名稱 成功大學
系所名稱(中) 財務金融研究所
系所名稱(英) Graduate Institute of Finance
學年度 108
學期 2
出版年 109
研究生(中文) 張瑞恩
研究生(英文) Jui-En Chang
學號 R86064045
學位類別 碩士
語文別 中文
論文頁數 46頁
口試委員 指導教授-廖麗凱
口試委員-王凱立
口試委員-顏盟峯
中文關鍵字 家族企業  管理能力  企業併購 
英文關鍵字 Family Firm  Managerial Ability  M&A 
學科別分類
中文摘要 本文主要是研究企業CEO之管理能力(Managerial Ability)對於企業從事併購活動與否以及併購後財務績效之影響,並且以管理能力作為主要調節項,探討台灣家族企業、管理能力及企業併購之間的關聯性。本研究以2010年至2019年台灣上市上櫃公司作為研究樣本,並分別透過LOGIT迴歸和OLS的方式進行分析。由實證結果發現,企業CEO管理能力對於企業併購行為雖然有正向影響但是效果並不顯著,代表整體而言CEO之管理能力愈強,企業在未來發生併購案的機率未必會提升。不過若將企業經理人分成三種,包括家族企業家族成員CEO、家族企業非家族CEO,非家族企業之專業經理人,則更進一步發現當家族企業的CEO若是非家族成員擔任時,企業未來愈有可能有併購案的產生,特別是當非家族CEO管理能力愈強,情況更是越顯著。最後在併購後財務績效方面,如本文所預期,當CEO之管理能力愈強,企業確實會有顯著較佳的併購後營運績效,而且企業型態若屬於家族所控制的企業,其CEO之管理能力越強,相較於非家族企業來說,併購後財務績效會顯著比較佳。總之本文除了透過管理能力凸顯出不同類型的CEO在併購決策上的差異之外,更認為家族為了維持企業永續發展及成長,在未來公司經營決策上會逐漸交由非家族成員負責擔任公司CEO的角色。而從CEO是否內部化的層面出發,可以顯示出不論是家族企業CEO或是非家族企業CEO,在企業經營決策上,除了重視管理能力等特性之外,反而更著重於CEO本身的身分。
英文摘要 This thesis mainly studies the influence of Managerial Ability on family business's M&A activities and financial performance after M&A. And This study adds Managerial Ability as an adjustment item to explore the relationship between family business manager's ability and M&A. In this study, I take advantage of Taiwan-listed and OTC companies from 2010 to 2019 as research samples and analyze them by means of Logit regression and OLS. The empirical results show that when the company's CEO managerial ability is higher, the company have a greater tendency to mergers and acquisitions, indicating that the company is more likely to have M&A. In addition, if the company managers are classified into three types, including family member CEOs, non-family member CEOs, non-family firm professional managers, it is further found that when the family firm CEO is a non family member, the company will have much more mergers and acquisitions in the future, Especially when the non family CEO has stronger managerial ability, the more remarkable the situation is. Finally, in terms of financial performance after M&A, as expected in this thesis, if the CEO managerial ability is stronger, the company will have significantly better post-merger performance. Then, if the enterprise type is a family-owned firm and the CEO managerial ability is much stronger, the financial performance after M&A will be significantly better than that of the non-family company.
論文目次 中文摘要 i
SUMMARY ii
目錄 vi
表目錄 vii
第一章 緒論 1
第二章 文獻回顧 4
第一節 管理能力 4
第二節 家族企業 6
第三節 家族企業併購 7
第三章 研究假說 9
第四章 研究方法 12
第一節 變數定義與衡量 12
第二節 實證模型 16
第三節 樣本選取 19
第五章 實證研究 21
第一節 敘述統計量 21
第二節 家族與非家族企業差異檢定與相關係數 25
第三節 迴歸分析結果 29
第四節 額外測試 36
第六章 結論與建議 38
第一節 研究結論 38
第二節 研究建議 39
參考文獻 40
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