台灣企業併購動機之實證研究

吳安妮

《管理評論》 11卷 (1992/11) Pp. 1-27

https://doi.org/10.6656/MR.1992.11.CHI.1

摘要

本研究根據併購動機之效率理論、獨占理論、租稅利益、符合上市標準、及經理人員自利理論等，設立台灣企業併購動機之假設，俾測試台灣企業併購之主要動機。本研究係採財務報表等次級資料之搜集方法來測試併購之動機。測試結果發現，台灣企業併購動機因素可能為追求獨占能力、追求市場占有力、或追求經濟規模利益等。

關鍵字

價值極大化 ； 效率理論 ； 經理人員自利理論 ； 營運綜效 ； 財務綜效 ； 管理綜效

並列摘要

The main objective of this study was to examine the motivations of business combination in Taiwan. This study based on five main theories for motivations of merger. They are efficiency theory, monopoly theory, tax consideration, stock market consideration, and empire-building theory. Based on those theories, seven hypotheses for motivations of merger were set up. In order to get evidence on motives, indirect inference from merger outcomes was used, because this kind of examination may produce more reliable results. Using Point Biserial Correlation test, the empirical tests found that the motivations of merger (business combination) in Taiwan were to search for monopoly power, for market share, and for economics of scale. All in all, the motives of merger in Taiwan were to achieve operational synergies, and to strengthen market power. However, mergers were not planned and executed by managers to maximize their own interests.

並列關鍵字

Efficiency theory ； monopoly theory ； empire-building theory ； operational synergy ； financial synergy ； managerial synergy