聯盟經驗與併購後績效
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2016
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Abstract
為了探究策略聯盟經驗與併購後績效的關係，本研究以台灣上市櫃公司中的電子業在2000年至2015年間發生之併購案為研究樣本共210筆作為研究對象，針對每個樣本蒐羅過去十年中的策略聯盟經驗，以事件研究法探討聯盟經驗對於併購案之效果，並且以迴歸分析檢驗累積異常報酬以及資產報酬率的變動率與聯盟經驗的關係。
由於過往文獻多著重在併購案雙方關係的探討，本研究不僅探討聯盟經驗對併購後的績效影響，相較於以往的文獻，本研究更進一步的將主併公司的聯盟經驗作更細緻化的區分，來探討不同程度與類別的聯盟經驗如何影響併購後的績效，並將主併公司的併購經驗與產業經驗納入探究與併購後績效的關係。經由實證發現，與被併公司之間的聯盟關係相對於主併公司過往的聯盟經驗，對於併購後績效有正向的影響。
The purpose of this study is to investigate the impact of alliance experience on company performance after merge and acquisitions. In this study, we use listing electronics industry in Taiwan which occurred between 2000 and 2015 as the study sample. We collect the sample strategic alliance experience from the past ten years. This study used event study as the research method to investigate the relationship between cumulated abnormal return, return on asset change as independent variable with alliance experience. In the past, most of the literatures focus on the relationship between acquirer and target. Unlike the previous similar studies, this study will further distinguish the alliance experience more specifically and also explore how is the experience in alliance with different levels and categories affect the performance on post-merger. We also bring in the merge and acquisition experience and industry experience to investigate the post-merger performance. As the research result, this study found that acquirer has relationship with target will have positive post-merger performance than the acquirer has another alliance experience with other company.
The purpose of this study is to investigate the impact of alliance experience on company performance after merge and acquisitions. In this study, we use listing electronics industry in Taiwan which occurred between 2000 and 2015 as the study sample. We collect the sample strategic alliance experience from the past ten years. This study used event study as the research method to investigate the relationship between cumulated abnormal return, return on asset change as independent variable with alliance experience. In the past, most of the literatures focus on the relationship between acquirer and target. Unlike the previous similar studies, this study will further distinguish the alliance experience more specifically and also explore how is the experience in alliance with different levels and categories affect the performance on post-merger. We also bring in the merge and acquisition experience and industry experience to investigate the post-merger performance. As the research result, this study found that acquirer has relationship with target will have positive post-merger performance than the acquirer has another alliance experience with other company.
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策略聯盟經驗, 併購經驗, 併購後績效, 產業經驗, alliance experience, merge and acquisition experience, post-merger performance, industry experience