影響新興市場企業跨國併購成功與否的因素

近幾年來，因新興經濟體的崛起以及全球化浪潮下跨國併購的盛行，新興國家著手於跨國併購案的件數也與日俱增。但從許多過去併購案例當中顯現，在為數眾多的併購案中，成功併購所佔比例相當稀少。因此，深入了解如何併購成功的關鍵因素相當重要。本研究採實證研究法，藉由文獻探討相關併購成敗因素，將併購成功因素以國家、產業和企業作為分類，影響因素包括文化距離差異、產業相關性、執行併購速度、併購經驗，利用羅吉斯迴歸模型分析關鍵因素對併購成功影響。藉此了解併購特性，降低併購失敗的風險。研究結果發現個人主義、產業相關性、執行併購速度和併購經驗這四項因素會對併購成功造成影響，可供新興市場跨國併購經理人和投資者作為參考。

關鍵字

跨國併購；新興市場；成功因素

並列摘要

In recent years, due to the wave of globalization and the rise of emerging economies, more and more enterprise are in progress of cross-border merger and acquisition (M&A). The number of deal cross-border M&A by emerging markets is also increasing. But the successful M&A are considerable rare. Therefore, the factors affect the success of cross-border M&A are very important. This study uses empirical research to examine the key factors for the success of M&A including cultural distance, industrial relevance, speed of execution acquisitions and M&A experience. By using logistic regression model analysis, the empirical results found that individualism, industry relevance, speed of execution M&A and M&A experience will affect the success of cross-border M&A. These results are available for managers and investors who induct cross-border M&A in emerging markets.