探討企業購併與策略聯盟對財務績效之影響-以台灣資訊電子產業為例

The Study on Financial Performance Changes Associated with Mergers & Acquisitions and Strategic Alliances ─ A Case of Taiwanese Hi-tech Industry

楊嘉瑜(YANG CHIA YU)

指導教授 ： 胡為善

中原大學/商學院/企業管理研究所/碩士(2001年)

https://doi.org/10.6840/cycu200100148

摘要

論文摘要
隨著經濟環境與資訊科技的急遽改變，今日已沒有一家企業能夠單單依賴組織內部提供營運所需的所有資源。因此，產業間或跨產業的策略聯盟與購併已成為目前全球熱門的趨勢。至於這些策略行為能否真如預期地發揮其成效，則待進一步的探討。
本研究以民國82年87年從事購併與策略聯盟之上市電子公司為研究對象，共計取得21個購併樣本以及36個策略聯盟樣本。根據實證結果分析，本研究之結論如下：
1. 以整體而言，購併可透過較多的財務比率使提昇其績效，如流動比率、負債比率、總資產週轉率、應收帳款比率及營業成本比率等。而策略聯盟雖可藉由提高資產運用效率使績效表現更好，但無法藉由降低成本比率，發揮營運效率來提昇其績效。
2. 在國際企業購併與策略聯盟方面，國際間購併變數呈現顯著型態的為，營收成長率、流動比率、負債比率、總資產週轉率、銷貨利潤邊際、營業成本比率等六個變數。而國際間策略聯盟的變數呈現顯著的型態者為，負債比率、應收帳款週轉率、銷貨利潤邊際以及營業成本比率等四個變數。
3. 在國內企業購併與策略聯盟方面，國內購併變數呈現顯著的型態包括，應收帳款週轉率及營業成本比率兩個。國內策略聯盟變數呈顯著型態有，總資產週轉率及營業成本比率兩個。
4. 由上可之發現，國際購併與策略聯盟較國內購併與策略聯盟包括更多的變數以影響公司績效。

關鍵字

購併 ； 財務績效 ； 策略聯盟

並列摘要

Abstract
As the dramatic change in the economic environment and hi-tech industry, there is not any single business can simply live by its company's operation alone. At present, the strategic alliance and mergers & acquisitions became the trend rather than mutual existence for the past decades. However, it must take further step to test whether the strategic alliance and mergers & acquisitions successfully improve its performance.
The sampling period of this study is from 1993 to 1986 and there were 21 electronic firms declared their mergers and acquisitions and 36 electronic firms declared their strategic alliances. The empirical results are as follows:
1 In general, mergers & acquisitions can facilitate the surviving company to use more variables to improve its financial performance, such as current ratio, debt ratio, total asset turnover ratio, receivable turnover ratio and cost of sales ratio. Strategic alliances can help both companies to improve their performance by the higher efficiency of employing assets of both firms but it can't develop the operational efficiency by reducing their cost of sales.
2 Regarding international M&A, there are six significant variables as follows: rate of growth operation、current ratio、debt ratio、total asset turnover ratio、profit margin on sales and cost of sales. On the other hand, concerning international strategic alliances, there are only four significant variables as follows: debt ratio、receivable turnover ratio、profit margin on sales and cost of sales.
3. Regarding domestic M&A, there are only two significant variables such as: receivable turnover ratio and cost of sales. In domestic strategic alliances, there are two also significant variables such as: total asset turnover ratio and cost of sales.
4. This study concludes that, the international M&A and strategic alliances have more significant variables than the domestic M&A and strategic alliances.

並列關鍵字

Financial Performance ； Mergers and Acquisitions ； Strategic Alliances

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