以資源基礎觀點及動態能力觀點檢視併購決策及併購績效－以金融整合為例

Exploring the Influence of M&A Decision and Performance Based on the Resource-based View and Dynamic Capability Perspective: An Empirical Study of the Financial Consolidation in Taiwan

曾真真(Jen-Jen Tseng) ； 何雍慶(Yung-Ching Ho)

《管理評論》 24卷3期 (2005/07) Pp. 95-116

https://doi.org/10.6656/MR.2005.24.3.CHI.95

摘要

本研究係以資源基礎及動態能力觀點，探討影響併購決策及績效之前因，而經由文獻探討發掘資源槓桿、取得互補性資源、經驗學習三項為併購策略之主要考量因素。基此，本研究擬透過質性及定量研究驗證三項因素與併購決策及績效間之關係。
本研究之質性研究係採個案研究法共進行四個個案；定量研究則搜集金融整合宣告共獲致122個樣本，並先以logistic迴歸建立併購決策模式，實證顯示互補性結合及經驗學習為促進併購活動的關鍵因素；此外，本研究採事件研究法求得併購宣告之異常報酬，再利用複迴歸建立併購績效模式，研究結果發現互補性結合對績效有正向的影響。

關鍵字

併購決策 ； 併購績效 ； 金融整合

並列摘要

This paper explored the antecedence of M&A decision and performance based on the resource-based view and dynamic capability perspective. Literature review suggested that resources leverage, acquire complementarity resources and experience learning were the critical factors for M&A. Therefore, we drafted both qualitative and quantitative research method desired to test the relationship of the critical factors and M&A activity.
Qualitative research adopted case study technique and visited 4 cases. Quantitative research was searched about consolidation announcements for financial industry to acquire 122 samples. Furthermore, we selected the logistic regression model to construct the probability model for M&A decision. Research found that both the complementary combined and experience learning play critical roles in M&A decision. Moreover, we utilized event study to estimate the normal return of the M&A announcements. And choose multi-regression model construct the M&A performance model. The results indicated that complementary combined had a positive effect on the M&A performance.

並列關鍵字

M&A decision ； M&A performance ； financial consolidation

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