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研究生：	林珍伶 Lin, Jen-Ling
論文名稱：	部分併購與全額併購之決策因素探討 What Determine the Choice between Partial and Full Acquisition?
指導教授：	曾瓊慧 Tseng, Chiung-Hui
學位類別：	碩士 Master
系所名稱：	管理學院 - 國際企業研究所 Institute of International Business
論文出版年：	2011
畢業學年度：	99
語文別：	英文
論文頁數：	39
中文關鍵詞：	部分併購、交易成本、資訊不對稱
外文關鍵詞：	Partial Acquisition, Transaction Cost, Information Asymmetry
相關次數：	點閱：111 下載：11
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近年來，併購風潮日漸興盛，根據OECD 統計2008 年為止全球併購總額已高達10兆元美金，但研究指出併購失敗率卻超過70%。深入探討併購特點如整合後資源較易被有效利用、適合當外在環境相對穩定下使用、較快速獲得所需資源，然而篩選併購標的與併購後整合過程需耗費企業相當多資源。因此企業常需在併購、聯盟、設立子公司間抉擇以達整體策略目標，同樣的議題也吸引學者做更深入的研究。然而還是有些問題無法因為選擇併購而被完全解決，例如：併購中的交易成本無法獲得控制、併購並無法確保可以保留重要人員資產，因此促使對部分併購議題關注的提升，主要因為部分併購所產生的人質效應，可減少被併公司投機行為的產生。
本研究透過驗證假說的方式，探討哪些因素會影響企業選擇部分或全額併購，主要從三方面著手：(1)併購公司的處理併購問題的能力、(2)被併公司所處的環境、(3)兩家公司間的關係，應用了學習效果、交易成本、資訊不對稱導出假說架構。實證研究中我們採用在2010 年中由美國公司所主導的併購案，從SDC 資料庫中總共取得了118 個樣本，經過統計分析發現三個假說皆獲得顯著支持的結果，進而擴大學術研究廣度更提供經理人決策過程中輔佐的依據。

Recently, firms have taken acquisition as one of the strategic alternatives for expansion. Due to three characteristics of acquisition: (1) more efficiency to integrate resources within organizational boundary, (2) suitable in more stable environment, (3) faster way to obtain resource and maintain control of operation at the same time. However, there are some drawbacks, for example, firms have to commit more resources in screening targets and integrating organizational differences. Research about firms’ choice between acquisition, alliance and greenfield has attracted many scholars for investigation. But there is still problem cannot be solved by simply applying acquisition because transaction cost cannot be controlled accordingly and acquirer might have difficulty in procuring human asset it desired. Thus, it calls for further investigation in partial acquisition owning to the hostage effect it creates.
This study aims to examine what affect firms’ choice between partial and full acquisition by diving the factors into 3 parts: the ability of acquirer, the environment of target, and the relationship of two firms. We construct the framework with three main theoretical foundations: learning perspective, transaction cost and information asymmetry. For empirical test, we apply 118 acquisition events which were issued by American acquirer in 2010. At last, significant relationship was found in three hypotheses we proposed which brings further insight for both academic and practice.

Chapter 1 Introduction................................................................................................1
1.1 Research Motive.....................................................................................................1
1.2 Research Process....................................................................................................4
Chapter 2 Literature Review.......................................................................................5
2.1 Theoretical Foundation of Previous Studies..........................................................5
2.1.1 Resource-Based View....................................................................................5
2.1.2 Resource Dependence Theory.......................................................................6
2.1.3 Transaction Cost Theory................................................................................7
2.1.4 Institutional Theory.......................................................................................8
2.1.5 Learning Perspective.....................................................................................9
2.2 Information Asymmetry.......................................................................................14
Chapter 3 Hypotheses Development.........................................................................18
3.1 Capability of the Acquiring Firm.........................................................................19
3.2 Enviroment of the Acquired Firm........................................................................20
3.3 Relationship of Two Firms...................................................................................21
Chapter 4 Research Design........................................................................................22
4.1 Sample Selection..................................................................................................22
4.2 Variables Measurement........................................................................................25
4.3 Research Method.................................................................................................26

Chapter 5 Results.......................................................................................................27
5.1 Descriptive Statistics and Correlation Matrix......................................................27
5.2 Regression Analysis.............................................................................................28
Chapter 6 Discussion..................................................................................................32
6.1 Theoretical Contributions.....................................................................................32
6.2 Managerial Implications.......................................................................................33
6.3 Limitations and Suggestions................................................................................34
References...................................................................................................................35

List of Tables
Table 2-1 Summaries of Previous Studies....................................................................11
Table 2-2 Summaries of Studies in Information Asymmetry.......................................17
Table 5-1 Descriptive Statistics....................................................................................27
Table 5-2 Correlation Matrix........................................................................................28
Table 5-3 Determinants of the Choice between Partial and Full Acquisition..............30
Table 5-4 Hypotheses and Empirical Findings.............................................................31
List of Figures
Figure 1-1 Research Flow Chart....................................................................................4
Figure 3-1 Theoretical Framework...............................................................................18
Figure 4-1 Process of Selecting Samples.....................................................................24
                                    

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校內：2021-12-31公開
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