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| DC 欄位 | 值 | 語言 |
|---|---|---|
| dc.contributor.advisor | 盧秋玲(ChiuLing Lu) | |
| dc.contributor.author | Jia-Ying Chang | en |
| dc.contributor.author | 張佳穎 | zh_TW |
| dc.date.accessioned | 2021-06-08T01:38:38Z | - |
| dc.date.copyright | 2017-02-17 | |
| dc.date.issued | 2016 | |
| dc.date.submitted | 2016-07-14 | |
| dc.identifier.citation | 英文參考文獻
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Roll, 1969, The adjustment of stock prices to new information, International Economic Review, Vol. 10, No. 1, pp. 1-21 [13] Ghosh, A., 2001, Does operating performance really improve following corporate acquisitions? Journal of Corporate Finance, Volume 7, Issue 2, Pages 151–178. [14] Global Technology, Media & Telecommunications Trend Report: H1 2014, MergerMarket [15] Harris, RS. and D. Ravenscraft, 1991, The role of acquisitions in foreign direct investment: Evidence from the U.S. stock market, The Journal of Finance, Volume 46, Issue 3, Pages 825-844. [16] Hofstede, G., 1980, Culture and organizations, International Studies of Management & Organization, Volume 10, Issue 4 [17] Hofstede, G., 1980, Culture’s Consequences: International Differences in Work-Related Values, Beverly Hills, Calif.: Sage Publications, 336 [18] Hitt, Michael., Jeffrey. Harrison, R. Duane. Ireland, and Aleta. Best, 1998, Attributes of Successful and Unsuccessful Acquisitions of US Firms, British Journal of Management Volume 9, Issue 2, Pages 91–114 [19] Higson, C. and J. Elliott, 1998, Post-takeover returns: The UK evidence, Journal of Empirical Finance Volume 5, Issue 1, Pages 27-46 [20] Healy, P.M., K.G. Palepu, and R.S. Ruback, 1992, Does corporate performance improve after mergers? Journal of Financial Economics Volume 31, Issue 2, Pages 135-175 [21] Jarrell, G.A. and A.B. Poulsen, 1989, The Returns to Acquiring Firms in Tender Offers: Evidence from Three Decades, Financial Management Volume 18, No. 3, Pages 12-19 [22] Jemison, DB. and SB. Sitkin, 1986, Corporate acquisitions: A process perspective, Academy of Management, Volume 11, Issue 1, Pages 145-163. [23] Kang, J.K., 1993, The international market for corporate control: Mergers and acquisitions of U.S. firms by Japanese firms, Journal of Financial Economics, Volume 34, Issue 3, Pages 345-371. [24] Kogut, B. and H. Singh, 1988, The Effect of National Culture on the Choice of Entry Mode, Journal of International Business Studies Volume 19, No. 3, Pages 411-432 [25] Loughran, T. and A.M. Vijh, 1997, Do Long-Term Shareholders Benefit From Corporate Acquisitions? The Journal of Finance Volume 52, Issue 5, Pages 1765–1790 [26] Lonner, W.J., J.W. Berry, and G.H. Hofstede, 1980, Culture’s Consequences: International Differences in Work-Related Values, Beverly Hills, Calif.: Sage Publications, 336 [27] Loree, D., C.C. Chen, and S. Guisinger, 2000, International acquisitions: do financial analysts take note? Journal of World Business Volume 35, Issue 3, Pages 300–313 [28] Morosini, P., S. Shane, and H. Singh, 1998, National Cultural Distance and Cross-Border Acquisition Performance, Journal of International Business Studies Volume 29, No. 1, Pages 137-158 [29] Markides, C., and D. Oyon, 1998, International acquisitions: Do they create value for shareholders? European Management Journal Volume 16, Issue 2, Pages 125–135 [30] Switzer, J.A., 1996, Evidence on real gains in corporate acquisitions, Journal of Economics and Business Volume 48, Issue 5, Pages 443–460 [31] Sharpe, W.F., 1963, A simplified model for portfolio analysis, Management Science, Vol. 9, No. 2, pp. 277-293 [32] Trifts, J.W., 1991, Corporate Takeover Bids, Methods of Payment, and the Effects of Leverage, Quarterly Journal of Business and Economics Volume 3, No. 3, Pages 33-47 [33] US M&A 2014-15, Full Stream Ahead, MergerMarket 中文參考文獻 [1] 劉雲、梁棟國 (2007)，〈跨國公司戰略技術聯盟穩定性的影響因素及評估研究〉，北京理工大學管理與經濟學院碩士論文。 [2] 藍文君 (2014)，〈霍夫斯泰德 (Hofstede) 之文化構面：對教學之重要性〉，《外國語文研究》第二十期，Pages 113-133 [3] 林嬋娟、吳安妮 (1992)，〈臺灣企業併購綜效及績效之實證研究〉，《會計評論》，No. 26，Pages 1-23 [4] 葉一青 (2002)，〈我國金融控股公司購併選擇策略之研究〉，政大機構學位論文 [5] 王錫璋 (2003)，〈兩岸企業併購策略與租稅規劃之研究—兼論企業併購策略個案〉，國立成功大學企業管理研究所 [6] 陳志軍、劉 曉 (2009)，〈母子公司協同效應影響因素的實證分析〉，《華東經濟管理 East China Economic Management》，23卷，Pages 149-151 [7] 黃柏儒 (2011)，〈跨國併購績效實證研究：以台灣上市公司為例〉，台灣大學碩士論文 [8] 姚蕙芸 (2001)，〈企業併購類型，評價方法及綜效之探討〉，國立臺北商業技術學院學報 [9] 王佳宜 (1995)，〈我國企業購併後企業文化與綜效之關係研究〉，文化大學企業管理所碩士論文 [10] 吳美麗 (1994)，〈台灣製造業購併前後綜效與經營績效之實證研究〉，淡江大學管理科學所碩士論文 [11] 廖俊杰和陳家妤 (2009)，〈買貴了還是買對了? 主併者併購溢價與長短期股票報酬的非線性關係〉，《中華管理評論國際學報》，第十二卷二期，Vol. 12，No. 2 | |
| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/18891 | - |
| dc.description.abstract | 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。 | zh_TW |
| dc.description.abstract | 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. | en |
| dc.description.provenance | Made available in DSpace on 2021-06-08T01:38:38Z (GMT). No. of bitstreams: 1 ntu-105-R03724029-1.pdf: 4376245 bytes, checksum: 8f38f6bfe04b8f2d5842f1a4606501ea (MD5) Previous issue date: 2016 | en |
| dc.description.tableofcontents | 誌謝 I
摘要 II ABSTRACT III 目錄 IV 圖目錄 VI 表目錄 VIII 第一章、 緒論 1 第一節、研究動機 1 第二節、研究目的 2 第三節、研究設計 2 第四節、研究範圍與限制 3 第五節、研究流程 3 第二章、 文獻回顧 5 第一節、併購理論 5 第二節、影響併購績效因素 7 第三節、併購績效 12 第四節、HOFSTEDE國家文化構面 14 第三章、 研究設計 23 第一節、樣本蒐集及資料來源 23 第二節、績效衡量 23 第三節、資料分析 25 第四節、變數介紹 28 第四章、產業分析 31 第一節、產業分類 31 第二節、能源產業 32 第三節、生物醫療產業 34 第四節、高科技媒體電信產業 35 第五章、迴歸分析 38 第一節、統計分析 38 I. 股價報酬率 41 II. 財務績效法 42 第二節、假設檢定 44 第三節、併購後績效表現 46 第六章、研究結果 52 第一節、總體分析 52 I. 股價報酬率 54 II. 財務績效法 55 第二節、產業分析 57 第七章、結論與建議 68 第一節、總體分析 68 第二節、產業分析 69 第三節、後續研究建議 70 參考文獻 72 | |
| dc.language.iso | zh-TW | |
| dc.title | 跨國企業文化層面對併購績效影響探討 | zh_TW |
| dc.title | The Performance of Cross-Border Mergers and Acquisitions - Cultural dimension | en |
| dc.type | Thesis | |
| dc.date.schoolyear | 105-1 | |
| dc.description.degree | 碩士 | |
| dc.contributor.oralexamcommittee | 沈仰斌(Yang-Pin Shen),何耕宇(Keng-Yu Ho) | |
| dc.subject.keyword | 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, | zh_TW |
| dc.subject.keyword | Cross-border M&A,Culture distance,Post-Merger Synergy,The top 3 American M&A industries,after M&A performance, | en |
| dc.relation.page | 77 | |
| dc.identifier.doi | 10.6342/NTU201600567 | |
| dc.rights.note | 未授權 | |
| dc.date.accepted | 2016-07-14 | |
| dc.contributor.author-college | 管理學院 | zh_TW |
| dc.contributor.author-dept | 國際企業學研究所 | zh_TW |
| 顯示於系所單位： | 國際企業學系 | |
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