台灣高科技及非高科技企業跨國購併財務績效影響之研究

The Effect of Financial Performance for Taiwan High-Tech and Non-High-Tech Transnational M & As

陳若暉(Jo-Hui Chen) ； 林任達(Jen-Ta Lin)

《中原學報》 33卷2期 (2005/06) Pp. 133-148

https://doi.org/10.6358/JCYU.200506.0133

摘要

本研究以台灣高科技及非高科技企業跨國購併之財務績效影響爲主軸，在主併公司財務績效方面則以市附加價值(MCA)爲衡量指標，普採用不平衡(Unbalanced)Panel Data之二向固定和機效果進行分析。實證顯示，總資産週轉率對於高科技産業之財務績效的貢獻普遍具有正向效果。企業擁有高成長的市價帳面值比，將可産生顯著成長的財務績效。另高科技産業與非高科技産業的每股盈餘，皆呈現明顯正向效果。

關鍵字

購併 ； 自由現金流量 ； 市場附加價值

並列摘要

This study attempts to examine the effect of financial performance for mergers and acquisitions in both high-tech and non-high-tech firms in Taiwan. By using the unbalanced Panel Data of two-way fixed and random effects models, we utilized Market Value-Added (MVA) to analyze the financial performances of acquiring firms. The empirical results indicated that the total asset turnover ratio has the significant and positive signs for the financial performance of the high-tech firms. In addition, the company with the high-growth of market/book ratio will experience better financial performance. The EPS has the significant and positive effect for both high–tech and non-high-tech firms.

並列關鍵字

Merger & Acquisition ； High-tech ； MVA