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系統識別號 U0026-1601201622570900
論文名稱(中文) 國際經濟事件與公司內部因素對臺灣金控公司併購績效之影響
論文名稱(英文) The Impact of International Economic Events and Enterprise Internal Factors on M&A Performance in Taiwan's Financial Holding Companies
校院名稱 成功大學
系所名稱(中) 企業管理學系
系所名稱(英) Department of Business Administration
學年度 104
學期 1
出版年 105
研究生(中文) 李念庭
研究生(英文) Nien-Ting Lee
學號 R46024110
學位類別 碩士
語文別 英文
論文頁數 45頁
口試委員 指導教授-康信鴻
口試委員-廖俊雄
口試委員-莊雙喜
口試委員-謝惠璟
口試委員-林軒竹
中文關鍵字 雷曼兄弟  歐債危機  經營績效  併購 
英文關鍵字 Lehman Brothers  European Debt Crisis  Performance  Mergers and Acquisitions 
學科別分類
中文摘要 因應時代趨勢,金融控股公司已在台灣成立許久,使得國內金融業的結構產生重大變化,競爭也更趨白熱化,因此公司間的併購履見不鮮,促使政府不得不正視金融併購問題,在其後陸續進行金融改革,進而健全金融機構之相關法規。

本研究主要以2002年至2012年台灣地區有發生併購行為之金控公司為研究對象,研究在這十年當中,包含全球重大經濟事件:雷曼兄弟破產、歐債危機對併購後經營績效的影響。資料來源為上市公司的各年度財務報表、公開資訊觀測站、台灣經濟新報資料庫。

藉由整理先前學者的文獻,本研究挑選了以下變數,在解釋變數方面,選擇公司規模、財務槓桿、董事會規模。在虛擬變數方面,選擇政府持股、雷曼兄弟破產、歐債危機。接著分析這些因素與併購經營績效之關聯性。而實證結果部分,透過迴歸分析,發現財務槓桿、董事會規模、雷曼兄弟破產、歐債危機等四個因素對併購經營績效有顯著的負向影響。
英文摘要 As the times change, the financial holding companies had been established in Taiwan for a long time, which made the structure of the domestic financial industry changed significantly and the competition among the industry become more intense. Therefore, many company decided to merge. It prompted the government to face the problem of financial M&A. Government reformed the financial industry and improved relevant laws and regulations of finance.

This study will take the holding companies which have conducted M&A in Taiwan from 2002 to 2012 as research targets and explored the major economic events around the world, such as the Lehman Brothers bankruptcy and the effect of the debt crisis on the operating performance after M&A in these ten years. The resources will be collected from annual financial statements of listed companies, MOPS, and the TEJ Database.

By reviewing previous research, this study selects the following variables. For independent variables, this study adopts Company Size, Leverage and Board of Directors. For dummy variables, this study sets Government Ownership, Bankruptcy of Lehman Brothers and European Debt Crisis as dummy. The multiple regression analysis is applied to exam the relationship between these factors and the M&A performance. The empirical results find out that the four factors: Leverage, Board of Directors, Bankruptcy of Lehman Brothers and European Debt Crisis have significant negative effects on the M&A performance.
論文目次 摘要 i
Abstract ii
誌謝 iii
Content iv

Chapter 1 Introduction 01

1.1 Research Backgrounds 01
1.1.1 M&A Development of Financial Holding Companies in Taiwan 01
1.1.2 Mega International Economic Events in Recent Years 02
1.2 Research Scope and Procedure 04

Chapter 2 Literature Review and Discussion 06

2.1 Literature review 06
2.1.1 Merger and Acquisition 06
2.1.1.1 Definitions of Merger and Acquisition 06
2.1.1.2 Management of Merger and Acquisition 07
2.1.1.3 Advantages of Merger and Acquisition 09
2.1.1.4 Disadvantages of Merger and Acquisition 09
2.1.2 Measure of Operating Performance 10
2.1.3 Merger and Acquisition and Operating Performance in Global Financial Industry 11
2.2 Possible Research Direction 15

Chapter 3 Research Methods and Models 18

3.1 Data Sources and Sample Selection 18
3.2 Variable Definition and Measurement 19
3.2.1 Definition of Dependent Variable 19
3.2.2 Definition of Independent Variable 20
3.2.3 Definition of Dummy Variable 21
3.3 Research Model 24

Chapter 4 Research Results 26

4.1 Summary of the Data 26
4.2 Test of Ordinary Least Square (OLS) 27
4.3 Nested Hypothesis Test 33
4.4 Modified Model 34

Chapter 5 Conclusion and Recommendation 36

5.1 Research Conclusion 36
5.1.1 The Relationship between Leverage and M&A Performance 37
5.1.2 The Relationship between Board of Directors and M&A Performance 38
5.1.3 The Relationship between Bankruptcy of Lehman Brothers and M&A Performance 38
5.1.4 The Relationship between European Debt Crisis and M&A Performance 38
5.2 Research Suggestion 39

References 41
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