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系統識別號 U0026-0908201701002100
論文名稱(中文) 影響企業併購溢價之要素研究
論文名稱(英文) What Affect Premiums in the Payment of Mergers and Acquisitions?
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 105
學期 2
出版年 106
研究生(中文) 王品丰
研究生(英文) Pin-Fong Wang
學號 R66041174
學位類別 碩士
語文別 英文
論文頁數 46頁
口試委員 指導教授-曾瓊慧
口試委員-張紹基
口試委員-陳寶蓮
中文關鍵字 併購  溢價  批發產業  零售產業  策略 
英文關鍵字 Mergers and Acquisitions  Premium Payment  Wholesale Industry  Retail Industry  Strategy  Decision Making 
學科別分類
中文摘要 併購在實際的商業環境中是企業經常採行的策略之一,而且企業通常會支付溢價以併購其最渴望的目標企業,藉以強化自身的優勢或獲取關鍵資源。過去的研究經常探討為何企業會願意支付較高的溢價以收購目標公司,及多少的價格是合理的。然而以往研究大多各別專注於分析收購公司或被收購公司,少於同時將兩者共同納入研究的要素中,分析兩者造成的交互作用。本研究旨在分析有哪些因素會造成企業進行併購時所產生較高的溢價行為,並認為來自併購企業與被併購企業所造成的影響皆須納入考量中。共有三個來自併購企業的要素納為主效果,包含併購企業的表現、發表與執行併購的時間區間、以及過往的併購經驗,同時將兩企業之間的產業關聯性,以及被併購企業的企業價值作為調節變數,分析其對主效果的影響。
本研究的假設使用來自SDC與WRDS的次級資料做驗證,總共採納117個事件樣本,並以全球有進行過併購的批發與零售產業為主,模型則是以線性迴歸作分析。本研究假設與併購企業有關的三個要素各別會正向影響併購溢價,而調節變數則會對溢價結果產生正向的影響,進而產生更高的溢價。
實證結果發現,併購企業的表現與其過去的併購經驗,會對併購溢價產生正向的影響,而發表與執行併購的時間區間並未對高溢價產生顯著的正影響效果;另一方面,併購企業的表現與過去併購經驗所產生的溢價會因併購與被併購企業之間的產業關聯性越強而變得更高,而被併購企業的企業價值則會對發表與執行併購的時間區間產生正向影響力。根據此研究結果可以發現,不論是併購企業或是被併購企業所產生的要素,都會影響企業在併購時所支付的溢價結果。
英文摘要 The practice of M&As play an important role in the real business world and it is common to see companies pay premium payments in order to acquire desired target firms. Previous researchers tried to find out why companies paid premium payments in M&As and what is an appropriate amount of premium. Previous studies tended to focus on analyzing acquirers or target firms separately and seldom take both characters into consideration simultaneously. This study aims to investigate what factors would cause higher premium payments in M&As, and suggests that both acquirers and target firms would affect results of premium payments. Three main effects from acquirers were taken into consideration, including acquirer’s performance, the duration between announcement and effective date, and acquirer’s M&A experiences. Industrial relatedness and target firm value acted as moderators. Hypotheses were tested using secondary data of 117 M&A events in global retail and wholesale industries from SDC and WRDS database. Models were tested by linear regression. We proposed that three main factors from acquirers would cause higher premiums and two distinctive moderators would positively affect main effects, which makes premiums even higher. Results show that acquirers’ performance and M&A experiences lead to higher premium payments while the duration between announcement and effective date shows no significant relationship with premium payments. Also, industrial relatedness indeed strengthens the relationship between acquirers’ performances and premium payments and the relationship between M&A experiences and premium payment, while target firms’ value shows a positive moderating effect on acquirer’s performances and duration. According to the results, the influences from acquirers and target firms are both significant to the results of high premium payments in M&As.
論文目次 Chapter 1 Introduction…………………….…………………….....………………...1
Chapter 2 Literature Review………………..…………..……………...……......4
Chapter 3 Hypotheses Development……..…………………..……………….7
3.1 Industrial Relatedness and Target Firm Value…………………..8
3.2 Acquirer Performance…………………………………………………...10
3.3 Duration between Announcement and Effective Date…….12
3.4 Acquirer’s M&A Experiences……………………………………....…14
Chapter 4 Research Methods……………………………..…………..…..……17
4.1 Sample and Data Sources…………….…………………………………17
4.2 Variables and Measures……………….………………………………..20
Chapter 5 Results…………………………………..…………………………...…...28
5.1 Data Analysis……………………………………………………….………..28
5.2 Findings……………………………………………………………....………..32
Chapter 6 Discussion and Conclusions……………………………………..38
6.1 Theoretical Implications…………………………………..…………….38
6.2 Managerial Implications……………………………..………………….40
6.3 Limitations and Future Research Directions…………………..40
6.4 Conclusion…...…………………………....………………………………...41
References…………...…………………………………………………....…………...42
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