- 學位論文
公司特性與管理者特質對企業購併績效之影響
The Impact of Corporate Characteristics and Managers' Characteristics on M&A and Firm Performance
摘要
本研究主要探討公司特性與管理者特質對企業購併長期與短期績效之影響，樣本期間為2002到2011年所發生的86筆國內外購併。本研究採用事件研究法探討整體購併、國內外購併、相關/非相關購併、現金/股票購併宣告購併後的短期市場績效表現，如平均異常報酬率及累積異常報酬率。並利用多元迴歸分析來探討公司特性與管理者特質對購併公司短期與長期績效之影響。實證結果顯示整體購併的短長期績效為正相關、國外購併短長期績效呈正向效果，國內購併的短長期績效呈正向效果、相關購併的短長期績效較佳、現金購併的短期績效較佳但股票購併的長期績效較佳；公司特性的廣告費用率對整體購併的長期績效呈現正向效果，但研發費用率對整體購併與國外購併皆呈現負向效果，而對國內購併與相關購併及現金購併呈現正向效果。管理者特質對購併的短期與長期績效模型皆呈現不顯著效果。
並列摘要
This study examined the impact of corporate characteristics and managers’ characteristics on Merger and Acquisition (M&A) performance. This research chose 86 Taiwan-listed firms from 2002 to 2011 as samples. The results showed that domestic M&A led to positive stock abnormal returns and long-term performance, and related M&A led to positive stock abnormal returns and long-term performance, Cash M&A led to short-term positive performance, and stock M&A led to long-term positive performance. Moreover, the regression results exhibit a positive relation between advertising ratio and firm long-run performance for the overall sample. However, R&D ratio has a negative relationship with long-run performance for the overall sample and foreign M&A sample as well as a positive relationship with long-run performance for domestic M&A sample, related M&A sample, and cash M&A sample.