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http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/19114
標題: | 台灣證券投資信託產業併購之研究:以元大投信併購寶來投信個案為例 The M A Research Of Securities Investment Trust Industry In Taiwan - Case Study Yuanta Securities Investment Trust And Polaris Securities Investment Trust |
作者: | Shu-Feng Chou 周淑芬 |
指導教授: | 陳忠仁(Chung-Jen Chen) |
關鍵字: | 併購,綜效,證券投資信託事業,關鍵成功因素, Mergers and Acquisitions,Synergy,Securities Investment Trust Enterprise,Key Success Factor, |
出版年 : | 2016 |
學位: | 碩士 |
摘要: | 企業透過併購策略達到外部成長、創造經濟利益,已然成為世界的趨勢。2011年至2104年全球併購交易金額均維持穩定,2015年則創下金融海嘯以來的新高,達4兆3,230億美元,顯見併購已成為全球企業追求成長與獲利的重要手段。 我國金融機構為了提升競爭力邁向國際化,併購亦成為市場普遍採取的策略。本研究將針對投信產業運用「併購」策略,是否能達到預期的綜效與價值,進行研究。 本研究採用個案研究法,選擇投信業的個案公司來進行實務分析,採用歷史資料收集、財務評估比較分析,探討個案公司之併購歷程與結果,分析併購案完成後之綜效表現。研究結果發現:併購產生的效益在市場綜效、多角化經營及引進技術方面,效果顯著,但成效逐年遞減。合併後營運綜效未見提升。而影響主併公司併購後經營績效的主要因素在於:缺乏完善的整合計畫與併購後的整合管理。 The use of mergers and acquisitions (M A) to facilitate external growth and create economic benefits of a business has become a global trend. Despite the global financial crisis, the M A transaction amount worldwide has remained stable from 2011 to 2014 and reached its new postcrisis peak in 2015 at US$4.323 trillion. This shows that M A has become a crucial means for businesses to pursue growth and profits. To elevate competitiveness and become internationalized, Taiwan’s financial institutions also regularly utilize the strategy of M A. In this study, we investigate whether M A strategies employed by securities investment trust firms generate the expected values and synergies. We adopt a case study method and select companies from the securities investment trust industry for a practical analysis. Historical data and a comparative analysis of companies’ financial assessment results were collected to examine the M A history and results of the case firms as well as their synergic performance after M A. The study results indicate that the synergic benefits of M A are remarkable in the areas of market synergy, diversified management, and technological introduction; however, the benefits decrease year after year. Operating synergy is not increased after M A, which are mainly caused by the lack of a proper integration plan and poor post-M A integration management. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/19114 |
DOI: | 10.6342/NTU201602240 |
全文授權: | 未授權 |
顯示於系所單位: | 商學組 |
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