併購與技術效率：配對法與隨機邊界模型之應用

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Please use this identifier to cite or link to this item: http://140.128.103.80:8080/handle/310901/11281

Title:	併購與技術效率：配對法與隨機邊界模型之應用
Other Titles:	M&A and Technical Efficiency-Applications ofMatching Approach and Stochastic Frontier Model
Authors:	陳鵬安 Chen,Peng-An
Contributors:	林灼榮博士 Lin, Jwu-Rong 東海大學管理碩士在職專班
Keywords:	併購;配對法;隨機邊界生產函數;、技術效率 mergers and acquisitions;matching method;the stochastic frontier production function;technical efficiency
Date:	2011
Issue Date:	2011-10-12T15:51:54Z (UTC)
Abstract:	本文旨在評估併購與否及併購類型，對技術效率之影響。首先，利用SDC資料庫收集1997年到2008年，台灣主併公司的樣本群，並應用Rubin(1973)及Rosenbaum and Rubin(1985a、1985b)所發展的配對法，尋找公司屬性相近的配對組公司樣本群作為對照組；其次，建構隨機邊界生產函數，藉以推估Cobb-Douglos生產函數與無效率迴歸式；最後，利用無母數統計檢定，檢視併購類型之技術效率差異。實證結果顯示：(1)由生產函數迴歸參數推估結果，顯示整體樣本群之資本與勞動產出彈性分別為0.456及0.449，而對應規模彈性為0.905已接近最小效率規模。(2)由無效率迴歸參數推估結果，顯示併購可顯著降低無效率(即提高技術效率)。(3)由無母數N-W與K-W檢定結果，顯示國內型與水平型併購之技術效率，顯著高於配對組樣本群，而垂直型併購則遠落後於配對組樣本群及水平型併購樣本群。而國內型併購組與國際型併購組則無顯著差異。(4)整合本文之實證結果，顯示併購行為(尤其是國內與水平併購)，有助於提高技術效率。關鍵字：併購、配對法、隨機邊界生產函數、技術效率 This article aims to assess whether mergers and acquisitions type,the impact of technical efficiency. First, the use of SDC database collected from 1997 to 2008, Taiwan and the company's main sample group, and apply Rubin (1973) and Rosenbaum and Rubin (1985a, 1985b) developed a matching method to find the company matched group of companies of similar properties sample group as a control group; Secondly, construct the stochastic frontier production function, in order to estimate the Cobb-Douglos production function and inefficiency regression; Finally, the use of nonparametric statistical tests,view the M & A type of technical efficiency differences. Empirical results show that: (1) regression parameters estimated by the production function results show the overall sample group of the output elasticity of capital and labor, respectively 0.456 and 0.449, while the corresponding scale elasticity of 0.905 is close to the minimum efficient scale. (2) regression parameters estimated by the inefficiency results show merger may significantly reduce the inefficient (ie, improve the technical efficiency). (3) NW and by the nonparametric KW test results show the domestic type and level of technical efficiency-based mergers and acquisitions, significantly higher than the matched set of sample groups, while vertical mergers and acquisitions group is far behind in matching the level of the sample group and type of mergers and acquisitions sample groups . The domestic-based mergers and acquisitions group with international mergers and acquisitions group were not significantly different type. (4) integration of empirical results of this paper to show M & A activity (especially with the level of domestic mergers and acquisitions), help to improve technical efficiency.Keywords: mergers and acquisitions, matching method,the stochastic frontier production function, technical efficiency
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