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系統識別號 U0026-1508201723145000
論文名稱(中文) 被併公司之品牌權益如何影響溢價併購與主併公司異常報酬之關係?
論文名稱(英文) How does target firms’ brand equity impact the relationship between premium acquisition and abnormal return of acquiring firms?
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) 黃子玲
研究生(英文) Zih-Ling Huang
學號 R66044059
學位類別 碩士
語文別 英文
論文頁數 50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 品牌權益  綜效  溢價併購  異常報酬 
英文關鍵字 brand equity  synergies  acquisition premium  abnormal return 
學科別分類
中文摘要 本研究旨在探討消費者對於台灣被併公司的品牌權益認知,是否會對併購溢價與主併公司之異常報酬之間的正向關係產生增強作用。過往文獻探討溢價併購與主併公司異常報酬之關係時,主要聚焦於公司層級中管理與財務構面對其之影響。雖然曾有文獻提及消費者與品牌權益對於公司經營的正向影響,但鮮少文獻探討消費者和品牌權益在溢價併購與併購後結果之關係中扮演什麼樣的角色,而這正是本研究欲探討的主題。本研究總共蒐集了1962年至2017年間十九個台灣被併公司樣本,並以線上問卷之形式,調查一般民眾對各個公司品牌權益的認知。

研究結果顯示,主併公司若以溢價進行併購,其異常報酬會隨之增加,形成溢價併購與主併公司異常報酬之正向關係。然而,本假設中被併公司品牌權益的四個構面:品牌知名度、知覺品質、品牌形象以及品牌忠誠度,對於溢價併購與主併公司異常報酬的正向關係,沒有顯著的增強效果;也就是說,若主併公司以溢價併購一間公司,其異常報酬並不會因為被併公司是一間具有高品牌權益的公司,而顯著提升其自身的異常報酬。不過品牌知名度對本研究之影響,為四個品牌權益構面中相較之下最顯著的一個;亦即當主併公司以溢價併購一間具高品牌知名度的公司時,其異常報酬會有些微幅度的增加。
英文摘要 This study adopts the view of brand equity from consumers’ perspectives to examine if Taiwanese target firms’ brand equity can strengthen the positive effect of premium acquisition on abnormal return of acquiring firms. Prior studies on the relationship between premium acquisition and abnormal return mainly focused on managerial and financial aspects from company-based view rather than customer-based view. It has been proven that consumers and brand equity have a positive impact on the operation of a company, but few studies investigate their role in the relationship between acquisition premium and post-acquisition outcomes that is what this study intends to examine. Therefore, we intend to apply a new perspective of consumers and branding to the study. We collected 19 Taiwanese target samples from 1962 to 2017, and we evaluated these 19 Taiwanese firms’ brand equity by conducting questionnaire survey on 298 Taiwanese people.

Our results show that there is a positive relationship between acquisition premium and abnormal return of acquiring firms. However, our four hypotheses regarding brand equity elements, namely the brand awareness, perceived quality, brand image and brand loyalty of target firms, do not significantly strengthen the positive effect of acquisition premium on abnormal return of acquiring firms. In other words, when conducting a premium acquisition, the abnormal return of acquiring firms will not significantly increase brought by acquiring target firms with high brand equity. Among four brand equity elements, brand awareness has a relatively significant effect on the positive relationship between acquisition premium and abnormal return.
論文目次 CHAPTER ONE. INTRODUCTION 1
CHAPTER TWO. LITERATURE REVIEW 4
Motives for Acquisition 4
Determinants of Premium Acquisition 4
Efficiency Theory and Synergistic Gains 5
Importance of Consumer-based view and branding on M&A 6
Brand equity 7
CHAPTER THREE. HYPOTHESES 11
The relationship between acquisition value and abnormal return 11
Brand awareness 13
Perceived quality 14
Brand image 16
Brand loyalty 18
CHAPTER FOUR. METHODS AND MEASURES 20
Sample and data 20
Dependent variables 24
Independent variables 26
Moderators 26
Control variables 30
CHAPTER FIVE. RESULTS 33
CHAPTER SIX. DISCUSSION AND CONCLUSION 39
Theoretical and managerial implications 42
Limitations and suggestions for future research 43
REFERENCES 46
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