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標題: | 跨國企業文化層面對併購績效影響探討 The Performance of Cross-Border Mergers and Acquisitions - Cultural dimension |
作者: | Jia-Ying Chang 張佳穎 |
指導教授: | 盧秋玲(ChiuLing Lu) |
關鍵字: | 跨國併購,文化距離,併購後績效,美國前三大併購產業,企業母子公司所在地, Cross-border M&A,Culture distance,Post-Merger Synergy,The top 3 American M&A industries,after M&A performance, |
出版年 : | 2016 |
學位: | 碩士 |
摘要: | 本研究主要為研究2010-2014年美國企業所進行之跨國併購案,本研究可分為總體與產業分析,主要分法為根據累積異常報酬率及財務指標兩種績效衡量指標,並透過因素分析、迴歸分析法分析文化距離、匯率、企業母子公司所在地、併購消息走漏等共8個因素,探討其對於主併企業併購後績效表現之關係。
以股價報酬率衡量之結果而論,當主併方及被併方企業所屬國家文化距離差異越大,對於主併企業之併購後績效表現結果越佳。然而在財務指標衡量下,文化距離對於併購後績效並不顯著,因此文化距離對併購後整合成敗,並非主要影響因素。而若以企業母子公司所在地來看,在財務指標衡量下之結果為顯著,亦即當企業母子公司所在地皆為相同時,併購績效表現較佳,但對於股價報酬率而言,其結果較不顯著,由以上分析可知,文化距離的差異、母子公司的不同,並非影響併購後績效的主要因素。 以產業分析結果來看,不同產業間,具顯著相關的變數與併購後績效表現會因各產業特性,而有所不同,且在不同績效衡量方式下的結果也會不相同,由此可判定本研究分析各產業真實影響併購績效的變數並不確定。以能源產業之變數產業相關性為例,此變數在以股價報酬及以財務指標衡量上,皆為顯著,但從其變數之係數來看,可發現其正負相關性正好為相反,由此可推論變數產業相關性對於能源產業之併購後績效確實有影響,但不能斷定其間相關是為正或為負。同樣的情況亦發生在高科技媒體電信產業之變數母子公司所在地,亦可推論母子公司所在地變數對於高科技媒體電信業具影響,但不能判定與其之相關性。 The thesis is mainly researching the cross-border mergers and acquisitions of American companies happened between 2010 and 2014. There’s two parts in the thesis: Macro analysis and the Industry analysis. By using cumulative abnormal return of stock price and the financial index through Factor analysis and Regression analysis, we measure if the eight variables such as cultural distance, exchange rate, core center and subsidiary are in the same nation, will influence the post-merger synergy. According to the result of the synergy measured in cumulative abnormal return of stock price, as the cultural distance between acquirer and target companies becomes larger, the performance in synergy will be better. However, the result measuring in financial index is not obvious. The same situation happened in core center and the subsidiaries in the same nation, according to the result measured in financial index, we found that if the core center and the subsidiaries are the same in two companies, the synergy will be better. However, the result in cumulative abnormal return isn’t obvious. As a result, we can conclude that the cultural difference isn’t the main variable influence the synergy in post-merger. As for the industry analysis, we found that the variable influence the post-merger synergy will be different in each industry. Also, in the same industry, the variable measured in cumulative abnormal return and the financial index won’t be the same too. To sum up, in the research, we can’t find a clear variable influenced the post-merger synergy. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/18891 |
DOI: | 10.6342/NTU201600567 |
全文授權: | 未授權 |
顯示於系所單位: | 國際企業學系 |
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