本研究於公開資訊觀測站中選定臺灣高科技產業上市(櫃)公司於2003年1月到2009年11月間宣告購併訊息者,藉由平衡計分卡建立相關研究變數,隨後以因素分析篩選關鍵變數;而不同以往研究,以購併類型、區域、支付方式等購併行為,並控制購併前後一(三)年之購併短(長)期期間,將關鍵因素變數對臺灣高科技業購併市值變動,進行購併綜效之複迴歸分析。首先本研究發現購併行為的確能為公司價值帶來正向的績效;其次,不論購併期間長短,購併類型以本國購併的績效最佳,而且不同的購併策略確實會對不同期間的績效產生不等程度的影響。此外,智慧資本對購併綜效之影響上,該關鍵變數對公司市值短期間以在本國購併時其對購併績效影響較佳;長期間則在水平式或採混合支付方式進行購併者,對公司市值購併綜效方具有顯著的正向績效。
This study examines M&A synergies of Taiwan''s high-tech industries. M&A firms are selected based on market observation post system (MOPS) over January 2003 to November 2009. We use the balanced score card to construct related variables, and then screen key factors by factor analyses. Different from prior studies, M&A activities are divided into three types, two regions, and three payments of acquisition over short-and long-term period. Finally, we regress of key factors on M&A synergies of firm’s market values.Our findings show positive relation between merger behavior and firm performance. Next, regardless of time period, domestic merger type significant affects firm performance although different acquisition behaviors would have impacts on firm performance. Specifically, intellectual capital has more performance on domestic merger over short -term period .In a long periods, merger with mixed payment or horizontal merger will have significant and positive performance on synergies.