上市（興）櫃公司被更大企業投資前後經營績效比較之研究

A Study On The Performance Comparison－Before and After Invested By Larger Enterprises

李柏宏(Bo-Hong Lee)

指導教授 ： 張仲岳

國立臺北大學/商學院/會計學系/碩士(2009年)

摘要

國內之中小企業，因其技術、資金、生產規模及市場穩定度等方面之條件，均較國內之大企業顯得相對較小且資源非常有限，處於競爭弱勢，再加上台灣電子產業競爭已白熱化，各集團企業各擁山頭，在大者恆大的競爭市場下，小公司要在經營上有所突破，可說是非常不容易。因此，國內之中小企業為達競爭之優勢，需尋求能在業務彼此合作及投資之大企業，藉由擁有實力雄厚的大企業當股東或事業夥伴，以獲取大企業在技術、訂單、財務及管理策略上之經驗及奧援，並在大企業之「品牌效應」及「聲譽」光環下，獲得法人信賴，以提高經營績效。
國內之中小企業（標的公司）被大企業投資後，雙方將整合彼此之資源，進而提升市場競爭力改善績效，這與企業藉由併購增加競爭力及成長力之併購效率理論（Efficiency Theories）相似，故本研究係以併購之效率理論作為研究理論基礎，研討大企業投資標的公司後，是否會為標的公司產生營運綜效、市場綜效與財務綜效，及影響標的公司績效之因素。
研究結果顯示，就營運綜效方面，標的公司被大企業投資後，並未產生營運綜效，反而比大企業未投資前顯著衰退。就市場綜效方面，可能因具業務整合關係暨經濟規模效益之發揮，使得營收成長率比大企業未投資前表現較佳外，另一財務指標總資產週轉率則顯示較大企業未投資前較差，惟其實證結果並不顯著。就財務綜效方面，投資後標的公司之財務指標利息保障倍數顯示較投資前佳，而財務指標之財務槓桿則較投資前較差，但實證結果亦均不顯著。另以迴歸分析結果發現，在營運綜效方面，大企業之持股比率對標的公司之營運綜效產生正向的顯著影響；過去經營績效及經營團隊之異動，則對標的公司之營運綜效產生負向的顯著影響。在市場綜效方面，經營團隊之異動，對標的公司之市場綜效指標產生負向的顯著影響。在財務綜效方面，企業整合關係及大企業之持股比率，均對標的公司之財務綜效產生正向的顯著影響。

關鍵字

投資前後

並列摘要

Taiwan’s small and medium-sized firms (SMEs) fall short in resources, technology, capital, market stability and scale when compared with larger enterprises. It is hard for small firms to seek breakthrough in a market where electronics industry has reached its climax, while group enterprises being the everlasting major player. Thus, competitive advantage should be gained through cooperation and investment from larger enterprises. SME could capitalize on the value of a brand name and reputation by having large corporation as a shareholder or partner, and benefit from their experience in technology, business, finance and management so as to gain trust from corporations.
SME (target firms) competitiveness and performance will be promoted by the integrated resource after the investment from larger enterprises. This effect bears a resemblance to efficiency theories, where it talks about how mergers provide effective competitive process. In light of this, our study investigates on the investment and its relationship with target firm’s operating, market and financial efficacy.
The study has come to a conclusion that the operating performance of target firms recedes markedly after the investment, but the benefit from integrated business and economies of scale might have increased revenue growth rate. The investment yielded higher interest cover ratio, but there was a lower total assets turnover rate, and lower financial leverage. However, the negative effects were not significant in our empirical analysis. In the linear regression, the stock ratio large enterprises hold is positively related to operating efficacy, while past performances and changes in managerial control is negatively related to operating efficacy. There is a significantly negative correlation between managerial change and market efficacy. And the integration and stock ratio and has a significant positive effect on financial efficacy.

並列關鍵字

Before and After Invested By Larger Enterprises

參考文獻

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