- 學位論文
短期與中長期下併購行為與營運績效之關係探討
The Relationship between Acquisition Behavior and Operating Performance in Short and Middle-Long Run
摘要
企業擴張版圖時，經常採用併購的方式進行。過去許多研究透過不同理論闡述併購對公司績效的影響，卻很少有學者注重併購的過程中，企業採取的行為不同，可能對公司績效產生不同的影響。以往多是用一次性併購，最近卻有越來多採取階段性併購的手法。本研究針對不同的併購行為，藉由實質選擇權與資源基礎觀點，來比較併購方式的不同是否會影響公司短期與中長期績效的表現。 本研究在資料蒐集方面，以1985年到2011年在歐洲地區製藥業中發生的購併事件為主，以SDC和Bloomberg資料庫為主要資料來源進行研究。對於企業進行階段性併購與一次性併購的不同行為與短期與中長期下績效之間關係做深入探討。此外，在探討此關係時應考量到公司內部資源的多寡，亦可能攸關主併公司將會採取的併購行為。研究結果顯示，在短期下，階段性併購對公司營運績效的表現優於一次性併購。且當公司具有較少的內部資源時(負債比例高)，企業透過階段性併購的方式會對營運績效有較正面的影響；相反的，當公司具有較多的內部資源時(負債比例低)，採取一次性併購的做法對公司績效有較正面的作用。然而在中長期下，採取一次性併購或階段性併購對公司績效沒有顯著差異，也就不需要考量到自身內部資源不同而採取不同的併購行為。 本研究提供了實務上的策略意涵，企業面臨併購決策時，對於那些注重短期績效的人，應詳加考量自身內部資源多寡以做出最適決策，藉此極大化併購的綜效。然而對於注重中長期績效的人而言，採用不同的併購行對公司績效並無顯著差異。經理人應注重其他方面，而不用費心於不同併購行為對績效的影響。
並列摘要
Acquisition has been a common strategy when firms expand their business map. Previous research mostly concentrated on evaluating performance post acquisition in various manners. However, few researchers focused on how different acquisition behavior could lead to different operating performance in the process of acquisition. Recently, there have been more and more firms conducting sequential acquisition instead of one-time acquisition. In this thesis, we introduced the Real Option Theory and the Resource-Based View to compare whether one-time acquisition or sequential acquisition gets better operating performances in the short and middle-long run. We collected data from SDC and Bloomberg database during 1985-2011 in European pharmaceutical industry to examine how the relationship between sequential acquisition and one-time acquisition affected the the firm’s operating performance in the short and middle-long run, contingent on the amount of resources available in the company that would lead them to take different acquisition behaviors. Our results showed that sequential acquisition led to better operating performance than one-time acquisition in the short run. Besides, it also showed that when a firms has few resources, taking sequential acquisition would improve the firm’s operating performance. On the contrary, firms with abundant slack should take one-time acquisition, which will lead to a better operating performance. However, in the middle-long run, our results indicated that there was no difference regarding operating performance between one-time acquisition and sequential acquisition, which also suggesting that organizational slack does not matter to a firm’s decision on acquisition behavior. Our results provide a direction for managers facing the decision on acquisition. Those who care about short-run performance should consider the firm’s internal resources to maximize post acquisition synergy. However, since there is no difference between operating performances regarding different acquisition behaviors in the middle-long run, managers may take care of other things instead of the acquisition behaviors per se.