台湾高科技业购并综效之实证研究以购并类型、区.PDF

TOPCO 崇越論文大賞 論文題目： 臺灣高科技業購併綜效之實證研究 : 以購併類型、區域、支付方式觀點探討 報名編號： ES0023 摘 要 本研究於公開資訊觀測站中選定臺灣高科技業上市 (櫃)公司於2003 年1月到 2009 年11月間宣告購併訊息者 ，藉由平衡計分卡建立相關變數，再 以因素分析篩 選關鍵變數 ；並同步 以購併類型、區域、支付方式等購併策略(並控制於購併前後 一(三)年之短(長)期間) ，將關鍵因素變數對臺灣高科技業 公司市值變動，進行購 併綜效之複迴歸分析。研究發現購併行為的確能為公司價值帶來正向的績效；其 次，不論購併期間長短，購併類型以本國購併的績效最佳，且不同的購併策略確 實會對不同期間的績效產生不等程度的影響 。此外 ，智慧資本對購併綜效之影響 上 ，該關鍵變數對公司市值短期在本國購併時其對購併績效影響較佳；長期則在 水平式或採混合支付方式進行購併者，對公司市值購併綜效方具有顯著的正向績 效。 關鍵字 :購併、公司綜效、平衡計分卡、因素分析 、智慧資本 。 ABSTRACT This study examines MA synergies of Taiwans high-tech industries. MA firms are selected based on market observation post system (MOPS) over January 2003 to November 2009. We use the balanced score card to construct related variables, and then screen key factors by factor analyses. Different from prior studies, MA activities are divided into three types, two regions, and three payments of acquisition over short-and long-term period. Finally, we regress of key factors on MA synergies of firm’s market values.Our findings show positive relation between merger behavior and firm performance. Next, regardless of time period, domestic merger type significant affects firm performance although different acquisition behaviors would have impacts on firm performance. Specifically, intellectual capital has more performance on domestic merger over short -term period .In a long periods, merger with mixed payment or horizontal merger will have significant and positive performance on synergies. Key words: merger and acquisition, company synergy, balanced score card, factor analysis, intellectual capital. 1 壹、 緒論 企業在成長茁壯之前，雖然會優先考量藉由內部成長(Internal Growth)來