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| DC 欄位 | 值 | 語言 |
|---|---|---|
| dc.contributor.advisor | 姜堯民 | zh_TW |
| dc.contributor.advisor | Yao-Min Chiang | en |
| dc.contributor.author | 包世崑 | zh_TW |
| dc.contributor.author | Shih-Kun Pao | en |
| dc.date.accessioned | 2024-07-02T16:13:17Z | - |
| dc.date.available | 2024-09-24 | - |
| dc.date.copyright | 2024-07-02 | - |
| dc.date.issued | 2024 | - |
| dc.date.submitted | 2024-06-21 | - |
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| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/92837 | - |
| dc.description.abstract | 本研究以台灣上市公司於2001年至2022年進行並篩選後之296筆併購案為研究對象，探討主併公司之企業多樣性變數是否對併購後財務績效有顯著正相關。具體而言，本研究以CEO是否為女性、董事會女性占比、員工女性占比及企業管理多樣性作為企業多樣性之研究變數，以併購後一年主併公司之總資產報酬率衡量財務績效。除此之外，過往學者發現主被併公司之相對規模、產業相關性也會影響併購後之績效，但企業多樣性變數會正向調節此影響。當相對規模差異大，被併購公司的聲音會被主併公司所忽略，但如果公司越傾向多元化的政策管理，則會正向調節因相對規模差異較大而降低併購後績效的影響。另外當雙方為相同產業時，可能會出現一種情況，即雙方難以尊重同行的經驗法則或看法，進而導致收購後整合上出現問題，降低績效表現，但如果公司越傾向多元化的政策管理，同業競爭的心態將有緩解的效果。
實證結果顯示，企業多樣性變數中只有董事會女性占比對併購後績效呈現正相關，CEO 是否為女性、員工女性占比及企業管理多樣性變數則不顯著。另外也發現董事會女性占比會正向調節相對規模差異及產業相關性而對併購後績效造成的影響，種種結果皆印證先前的研究假設。 | zh_TW |
| dc.description.abstract | This study examines 296 merger and acquisition cases by Taiwanese listed companies from 2001 to 2022. The aim is to explore whether the management diversity of acquiring firms, measured by CEO gender, board female ratio, workforce female ratio and management diversity has a positive impact on post-merger financial performance. Prior research has found that the relative size between acquirer and target, as well as industry relatedness, can negatively affect post-M&A performance. This study proposes that management diversity may positively moderate these negative effects. Similarly, when the acquirer and target are in the same industry, failure to respect each other''s norms can hinder integration and reduce performance. But a diverse management team can overcome these industry-related obstacles.
The results show that only board female ratio has a positive relationship with post-M&A ROA. Importantly, board female ratio positively moderates the negative effects of big relative size and high industry relatedness. These findings suggest that increasing female representation on the board can enhance post-merger financial performance, particularly when facing integration challenges. In conclusion, this study provides evidence that promoting gender diversity in corporate leadership, specifically on the board of directors, can lead to better M&A outcomes. The results highlight the strategic value of diversifying top management teams to improve merger and acquisition success. | en |
| dc.description.provenance | Submitted by admin ntu (admin@lib.ntu.edu.tw) on 2024-07-02T16:13:17Z No. of bitstreams: 0 | en |
| dc.description.provenance | Made available in DSpace on 2024-07-02T16:13:17Z (GMT). No. of bitstreams: 0 | en |
| dc.description.tableofcontents | 口試委員審定書 i
誌謝 ii 中文摘要 iii 英文摘要 iv 第一章 緒論 1 第一節 研究背景與動機 1 第二節 研究目的 4 第三節 研究架構 5 第二章 文獻探討 8 第一節 企業多樣性對企業財務績效影響 8 第二節 影響併購後公司績效的原因 14 第三章 研究方法 17 第一節 研究假說 17 第二節 樣本選取與資料來源 19 第三節 研究變數定義 20 第四節 研究方法 27 第四章 實證結果與分析 32 第一節 敘述性統計分布 32 第二節 多元迴歸分析 34 第五章 結論與建議 50 第一節 研究結論 50 第二節 研究限制與未來研究之建議 52 參考文獻 54 圖次 圖 1-1全球併購交易統計金額及件數 1 圖 2-2台灣併購交易統計金額及件數 2 圖 3-3本研究之研究架構 7 表次 表 2-1宏達電過往收購案例整理 9 表 3-1MSCI KLD 八大項目內容 24 表 4-1敘述性統計整理表 32 表 4-2變數Pearson相關係數矩陣分析 34 表 4-3變數Pearson相關係數矩陣分析（續） 35 表 4-4主併公司CEO是否為女性與併購後績效之實證結果分析 37 表 4-5主併公司之董事會女性占比與併購後績效之實證結果分析 39 表 4-6主併公司之員工女性占比與併購後績效之實證結果分析 40 表 4-7主併公司之企業管理多樣性與併購後績效之實證結果分析 41 表 4-8主併公司之企業多樣性變數與併購後績效之實證結果分析 43 表 4-9主被併公司相對規模差異與併購後績效之實證結果分析 45 表 4-10主被併公司產業異同與併購後績效之實證結果分析 48 | - |
| dc.language.iso | zh_TW | - |
| dc.title | 企業多樣性對併購後財務績效影響— 以台灣上市公司為例 | zh_TW |
| dc.title | The Effect of Management Diversity on Post-Merger Performance-Taking Taiwan Listed Companies as an Example | en |
| dc.type | Thesis | - |
| dc.date.schoolyear | 112-2 | - |
| dc.description.degree | 碩士 | - |
| dc.contributor.oralexamcommittee | 黃柏凱;張邦茹 | zh_TW |
| dc.contributor.oralexamcommittee | Pai-Kai Huang;Pang-Ru Chang | en |
| dc.subject.keyword | 併購財務績效,企業多樣性,企業收購綜效, | zh_TW |
| dc.subject.keyword | Financial Performance before M&A,Management Diversity,Synergy, | en |
| dc.relation.page | 59 | - |
| dc.identifier.doi | 10.6342/NTU202401259 | - |
| dc.rights.note | 同意授權(限校園內公開) | - |
| dc.date.accepted | 2024-06-22 | - |
| dc.contributor.author-college | 管理學院 | - |
| dc.contributor.author-dept | 財務金融學系 | - |
| dc.date.embargo-lift | 2029-06-20 | - |
| 顯示於系所單位： | 財務金融學系 | |
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