主併企業資源特質與產業相似性對併購後績效之影響

Tunghai University Institutional Repository > 管理學院 > 企業管理學系所 > 碩士論文 > Item 310901/23542

Please use this identifier to cite or link to this item: http://140.128.103.80:8080/handle/310901/23542

Title:	主併企業資源特質與產業相似性對併購後績效之影響
Other Titles:	The effect of acquirer's resource characteristics and industrial similarities on the post-acquisition performance.
Authors:	林子翔 Lin, Tzu-Hsiang
Contributors:	黃延聰 Huang, Yen-Tsung 企業管理學系碩士班
Keywords:	企業併購;關鍵資源;併購績效 Merge and Acquisition;Key Resource;Post-acquisition Performance
Date:	2012
Issue Date:	2014-02-14T06:44:27Z (UTC)
Abstract:	企業併購是近幾年企業為尋求競爭優勢主要方式之一，所時常選擇的策略工具之一，因此這幾年在策略研究中，逐漸重視策略活動所為企業帶來的綜效探討，雖然在學術上對於影響併購後績效表現的關鍵因素尚未有定論，然而此議題依然是實務界所受重視的範疇，本研究希望能藉此，探討影響併購成果的關鍵因素，以提供管理者進行實務活動時的參考依據。本研究主要以主併企業的角度，探討企業利用併購活動做為策略工具時，自身內部的資源對於未來併購後績效成果的影響。分別由併購企業雙方的產業相似性與主併企業的資本密集度、債務密集度、研究與開發密集度以及行銷密集度，做為企業資源的衡量指標，並且以併購後的企業資產報酬，做為企業綜效實現的衡量指標。本研究以2000年至2008年的美國上市企業做為研究對象，總共有88間企業做為研究樣本。研究結果指出，併購雙方的產業相似性，對於併購後績效產生正向的影響，代表企業如果選擇相似產業進行併購，有利產生競爭優勢。同時主併企業在併購執行前的資本密集度、研究與開發密集度與行銷密集度有顯著的影響，而債務密集度的部分則無明顯影響。 Merge and acquisition is one of strategic tool for companies as one of main way to pursue competition advantage recent years, for this reason, merge and acquisition become one of main field for strategic research, scholar take more concern on this topic and discuss how this strategic activity can bring the synergy for companies. Although it still have no certain conclusion on academic for which key factor influence the post-acquisition performance, this issue still get high attention on pratical field. This research aim to discuss how some of key factors can contribute the synergy of post-acquisition, also offer an advice for managers when the execute M&A strategy.This research aim for acquirer’s view point, discuss inner resource of acquire can make different influence for post-acquisition performance when M&A as a main strategic tool for extending competitive advantage. In this research, we use industrial similarities, capital intensity, debt intensity, R&D intensity and marketing intensity as measurement index. The Return of Sales (ROA) as the measurement index for post-acquisition performance, to realize the synergy for acquirer.The research sample of this essay are companies which have been use M&A as strategic tool in 2000 to 2008, the total sample we get is 88 companies. According to the analysis result, industrial similarities can bring the positive effect to acquirer’s performance, it implied that choose similar industry as targt, will benefit the competitive advantage for acquirer. On the other head, the capital intensity, R&D intensity and marketing intensity makes significant influence for post-acquisition performance, however the debt intensity is not.
Appears in Collections:	[企業管理學系所] 碩士論文

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