寬裕資源對企業併購行為及績效之調和效果－資源基礎觀點與實質選擇權理論之探討

The Moderating Effect of Organizational Slack on Acquisition Behavior and Operating Performance-Competing View of RBV and ROT

焦昌揚(Chang-Yang Jiao)

指導教授 ： 陳忠仁

共同指導教授 ： 許煙明

國立臺灣大學/管理學院/商學研究所/碩士(2010年)

https://doi.org/10.6342/NTU.2010.03454

摘要

企業在擴張本身的事業版圖時，經常透過併購的方式進行。過去許多研究致力於併購對於公司績效的影響，透過不同的理論闡述併購對績效的影響。但較少學者關注在併購的過程中，企業採取階段性的併購手法，因此本研究特別針對此現象進行探討，藉由實質選擇權理論以及資源基礎觀點來比較併購方式的不同是否會影響到公司績效的表現。
本研究在資料蒐集方面，以2004年至2008年在中國地區上市公司發生的併購事件為主，以SDC和CSMAR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和一次性併購的行為與績效之關係做深入之探討。此外，加入寬裕資源為調和效果研究其對主要變數關係之影響。研究結果顯示，企業進行一次行併購對績效的影響優於階段性併購。然而加入寬裕資源的調和效果下，顯示出當企業擁有較多的寬裕資源時，應採取一次性併購的做法對績效有正面的影響；而本身具備較少寬裕資源的企業應當透過階段性併購的方式才會對績效有較正面的影響。本研究最後提供了在實務上的意涵。企業面臨做併購的決策時，應考量本身不同的狀況做出最有利的選擇。依據寬裕資源的多寡，對應出最佳的決策，才能展現出併購的效益。

關鍵字

階段性併購 ； 營運績效 ； 實質選擇權 ； 寬裕資源

並列摘要

Acquisition has been a common strategy when firms expanding their business map.There are so many research focuses on evaluating performance post acquisition in different ways. In this research, we introduced the Real Option Theory and the Resource Based View to compare whether one-time acquisition or sequential acquisition will get better performance. We collected data from SDC and CSMAR database during 2004 to 2008 in China, by doing empirical analysis, we examined the relationship between acquisition behavior and firms operating performance and the moderating role of resource slack. The result implicates that one-time acquisition will have better performance, moreover, organizational slack strengthen this relationship according to our research. Further, the moderating effect illustrates that with higher slack resource, firm prefer doing one-time acquisition and generate better performance. And firm with less slack resource should doing sequential acquisition which can gain better performance. We finally obtain more understanding of the acquisition behavior will have impact on performance and provide a direction for manager who faced to make decision on acquisition.

並列關鍵字

Sequential acquisition ； Operating performance ； Real option ； Slack resource

參考文獻

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