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主併公司规模、员工效率、双方关係对併购后绩效之影响-台湾上市柜公司的实证研究

【中文摘要】:企业购併一直是企业发展的重要议题,实证研究显示企业购併的失败率超过60%。特殊情境如台湾本地的购併,实证研究更是少见,本研究从台湾的观点分析,说明购併的绩效定义不同,实证研究的表现也因此不同。
本研究针对台湾上市柜公司于1997-2006 十年间共297笔的购併资料,整理后共174笔资料的实证研究,利用事件研究法及多元回归模型及SPSS统计软体的分析,共整理出三个子研究:
子研究一,从资源观点理论,讨论规模大小的影响,对绩效的差异,本研究结果显示规模大小与员工多寡对併后

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销售成长分别是正向显着与不明显的差异。併前主併公司的员工生产力

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对併后的销售成长有反向显着的关係。
子研究二,以往绩效的研究通常以股价不正常报酬(CAR),或资产报酬率(ROA)的财务观点来看併后绩效,本研究从台湾作为新兴工业化国家的立场,认为台湾产业长期需要市场的开拓及销售的成长,以销售成长作为绩效表现的模型相较于以财务绩效的模型更适合本地购併绩效的衡量。
子研究三、从购併后的价值创造假说为基础,本研究讨论相关购併与「关係购併」在规模经济、範畴经济、及市场力分别表现的差异。研究指出关係购併的绩效表现会因为併前双方间的关係而提前反应,非关係的购併对併后销售成长的绩效表现有正向显着的关係。
【英文摘要】:Mergers and acquisitions have provided important inspiration for enterprise development. Previous studies have addressed how acquisition integrations are often unsuccessful, but, empirical studies within the special context of Taiwan are rare. This study analyzed panel data from Taiwan and found different definitions of acquisition performance; thus, the results of empirical research differ.
The study initially collected 297 bidding events over 10 years, from 1997 to 2006, that were listed or OTC firms in the TSEC(Taiwan stock exchange) and eventually obtained data on 174 events from the M.O.P.S. (Market observation post system). Employing multivariate regression analysis, event study methodology and the SPSS statistics program, this paper presents three studies as follows:
Study One, from the resource-based perspective, discussed the size problem impact to the post-performance, and the results presented the physical size and the organizational size, the numbers of acquiring employees, reveal positive related and a null relationship respectively. Furthermore, the pre-acquisition productivity of acquiring employees is negative related to post- acquisition sales growth.
Study Two, prior studies used accounting-based post- acquis

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ition performance measures, such as CAR for the short-term and ROA for the long-term, but this study used the marketing perspective and sales growth as the performance index. From the standpoint of new industries and sustainable operations in the context of Taiwan, business development and sales growth should give more consideration to firms’ long-term survival. The results of the study presented a sales-growth-based model that better fits to post-event performance than does the financial-based model in the case of Taiwan.
Study Three, based on the value creation hypothesis in the post-acquisitions, distinguished between related and "relationship" in mergers and acquisitions using value sources, economies of scale, economies of scope and market power. With early responses based more on the performance of ‘relationship’ acquisitions than on related ones, relationship acquisitions were negatively related to post- acquisition performance sales growth.
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  • 来源:中山大学;作者:锺招正
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