研究生: |
江怡慧 Yi-Hui Chiang |
---|---|
論文名稱: |
台灣電子產業併購案之公司價值探討 The conference that the firm’s value after mergers and acquisitions in Taiwan electronic industry |
指導教授: |
徐中琦
Jonchi Shyu |
口試委員: |
林丙輝
none 劉邦典 none |
學位類別: |
碩士 Master |
系所名稱: |
管理學院 - 財務金融研究所 Graduate Institute of Finance |
論文出版年: | 2006 |
畢業學年度: | 94 |
語文別: | 中文 |
論文頁數: | 61 |
中文關鍵詞: | 合併與收購 、績效 、公司價值 |
外文關鍵詞: | mergers and acquisitions, performance, firm's value |
相關次數: | 點閱:330 下載:2 |
分享至: |
查詢本校圖書館目錄 查詢臺灣博碩士論文知識加值系統 勘誤回報 |
過往有關併購案的研究,大多都是在討論某項要素在併購後的表現如何、或是用異常盈餘來檢定公司併購後績效有無增加,但是卻無詳細探究併購後公司價值增加的來源為何。而本篇研究目的在於企圖瞭解企業在實施併購案之後,哪些構面的變動導致公司價值的改變。因此,本研究以台灣地區2001-2003年電子產業發生的併購案為研究對象,並且利用四個與公司價值息息相關的構面(營運績效、財務績效、市場績效與人力績效)來檢定公司績效的改變。經過實證分析之後發現,營運績效、財務績效與人力績效在併購之後都有正面改善,而市場績效則是略微下降的結果,因此樣本公司在併購後公司價值應是增加的。
The waves of mergers and acquisitions during recent years have drawn widespread attention. Previous research on merger and acquisition has focused on performance by and large. This study applies a conceptual framework and an empirical methodology to assess the extent of value creation in mergers and acquisitions. In this article, we examine the effects of post-merger firm’s value on performance by using structural equation modeling. The study focuses on the domestic mergers and acquisitions in electronic industry. And the finding concludes that, from a survey of firms in electronic industry which have done merger and acquisition during 2001-2003 shows that to maximize firm’s value, there are present an increase in operation performance, financial performance, and human resource performance, and decrease in market-related performance.
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