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研究生：	劉瑞涵 Liu, Jui-Han
論文名稱：	新興國家公司的跨區域併購績效 Performance of Cross-region M&As by Emerging Country Firms
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：	2012
畢業學年度：	100
語文別：	英文
論文頁數：	49
中文關鍵詞：	購併、新興市場、購併後的績效
外文關鍵詞：	M&As, emerging markets, post-M&A performance, mergers & acquisitions
相關次數：	點閱：110 下載：1
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許多購併文獻視跨國併購為企業向外擴張的重要策略之一，這個策略不僅廣泛地被已開發國家的企業使用，近年來，源自新興市場的公司亦開始大量且迅速地運用這個策略。儘管如此，過去學者們紛紛將焦點放在已開發國家的企業所進行的併購，至今對於源自新興市場的公司所進行的併購仍所知不多。因此，不同於以往的研究，本研究探討來自新興市場的併購者的購併後績效，同時，根據組織學習理論，我們推測來自不同地域的兩家公司在整併過程中會產生學習行為，並進而影響併購後績效，由於學習需要時間，所以時間會產生調節作用。以亞洲和拉丁美洲的10個新興國家中進行併購的企業當作樣本，我們發現在短期內，地區內的併購其之後的績效表現明顯優於跨區域的併購，但在長期這兩種併購並未有明顯的績效差異。

Merger literature has long acknowledged firms’ increasing adoption of cross-border M&As as part of their external growth strategies. Firms from emerging markets have not been oblivious to such trend, rapidly intensifying their application of such approaches. Unfortunately, scholars have fallen behind in the study of such phenomenon. Hence, unlike previous works, this study analyses the post-M&A performance, measured as growth, of firms from emerging markets in the role of acquirers. However, we do not believe this relationship to be thus simple. Banking on the organizational learning theory, we hypothesize that time has a moderating effect on such relationship due to learning activities which transpire during the process integrating both firms. Using a sample of acquirers belonging to 10 emerging countries from Asia and LAM, we find support for further classifying cross-border M&As into in-region and out-region M&As, so that, in the short-run, in and out-region post-M&As results display evident differences.

摘要	I
Abstract	II
Acknowledgements	III
Table of Contents	IV
List of Tables	VI
List of Figures	VII
Chapter 1 – Introduction	1
Chapter 2 – Literature Review	4
2.1 Related Acquisitions	5
2.2 Acquisition Experience	7
2.3 Relative Size	8
2.4 Acquisition Rate	9
2.5 Learning and Acquisitions	10
2.5.1 Integration	10
2.5.2 Learning	10
Table 2-1 – Related Acquisitions	12
Table 2-2 – Relative Size and Acquisition Rate	13
Table 2-3 – Previous M&A Experience	15
Table 2-4 – Integration	16
Table 2-5 – Learning	18
Chapter 3 – Hypotheses Development	19
Figure 3-1: Research Framework	19
Chapter 4 – Methodology	24
Table 4-1 – Data Collection Flow Chart	26
4.1 Independent Variable	27
4.2 Moderator	28
4.3 Dependent Variable	29
4.4 Control Variables	31
4.4.1 Relatedness	31
4.4.2 Relative Size	31
4.4.3 Acquisition Rate	32
4.4.4 Acquisition Experience	32
Chapter 5 – Results	33
Table 5-1(a) – Sample Distribution	34
Table 5-1(b) – Sample Distribution	35
Table 5-2 – Independent samples T test results	36
Table 5-3 – Means, Standard Deviation and Correlation Matrix	37
Table 5-4 – Tests of Equality of Group Means	37
Table 5-5 – Eigenvalues and Wilks’ Lambda	38
Table 5-6 – Test of Between Subject Effect	38
Figure 5-1 – Short-run Growth: In-region and Out-region Means	40
Figure 5-2 – Long-run Growth: In-region and Out-region Means	40
Chapter 6 – Conclusions	41
6.1 Contributions	41
6.2 Managerial Implications	42
6.3 Limitations and Future Research	43
References	44
                                    

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