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研究生： 伍慧穎
Sukamto, Vivian
論文名稱： 併購績效決定因素:購併經驗與產業相似性效應
Determinants of Acquisition Performance: The Moderation of Acquisition Experience and Industry Similarity
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 - 企業管理學系
Department of Business Administration
論文出版年： 2011
畢業學年度： 99
語文別： 英文
論文頁數： 65
外文關鍵詞： merger, acquisition, post-acquisition performance, R&D resources, marketing resources, market power, acquiring experience, industry similarity
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    • 現今的企業界，越來越多公司採取併購手段取得優勢，其已成為商場中最常使用的策略之一。併購受到如此重視的原因在於此項策略能夠成功地幫助公司迅速地進入新市場並獲取新的管理技巧與技術。儘管學界對於併購效益仍有待異議，但此議題在實務界仍備受矚目，管理者關注於尋找出併購成功的關鍵因素。

    本研究認為企業體不斷在尋求能夠提升公司營運績效，擁有價值性的資源。在本研究當中，包含了三項具不同特點的資源：研發資源、行銷資源與市場佔有率。同時我們也相信這三種資源間的相互關係可能會受到過去的購買經驗以及目標公司與購買公司間的行業關連性程度所影響。

    研究結果表示，公司研發與行銷資源的投入與公司績效擁有顯著的正相關關係；然而市場佔有率則對於企業體整體績效沒有產生太大的影響。因此，若企業體是購買同類型的公司，對企業體本身將帶來較有利的績效成果，但購買公司之購併經驗對於公司績效並無太大的實質幫助。

    Merger and acquisition have become a popular strategy in the real business world. It is considered as a faster way to expand into a new market, acquire technologies and management skills, and so forth. Even though there are still debates around whether or not merger and acquisition enhances acquirer performance, it is still a main concern for managers to understand what might influence the success of an acquisition and what are not.
    This study believes that companies are seeking for valuable and rare resources that they believed could contribute to the acquirer’s operations, which would eventually lead to higher firm performance, by acquiring other entity. In this study we have included three kinds of resources that might have contributed to acquiring firm performance: R&D resources, marketing resources, and market power. We also believe that contributions by these resources might be moderated by other determinants, including acquiring experience in the past and how target industry related to acquirer industry.
    Our results suggest that R&D resources and marketing resources invested by the target firms is positively related to higher performance of the acquirer, while market power has little or no effect on firm performance. It will also be more favorable to the acquirer if the target company is in the similar industry as the acquirer, but it might not really help if the acquirer has acquired a lot of targets in the past.

    Table of Contents Chapter 1: Introduction 7 Chapter 2: Literature Review 11 I. M&A performance 11 II. Literatures on Post-Acquisition Performance 12 III. Background Theories 20 A. Resource-Based View 20 B. Organizational Fit 21 C. Organizational Learning 22 Chapter 3: Hypothesis Development 23 I. Resources Acquisition 24 A. Market power and Acquirer’s Performance 24 B. Marketing Resources and Acquirer’s Performance 26 C. R&D Resources and Acquirer’s Performance 28 II. Acquisition Characteristics 29 A. Industry Similarities 29 B. Acquiring experience 31 Chapter 4: Methods 33 I. Sample and Data Samples 33 II. Variables and Measures 34 A. Dependent Variables: Firm performance 34 B. Independent Variables 35 C. Moderating effect 35 D. Control Variables 36 III. Sample Characteristics and Statistical Techniques 39 Chapter 5: Empirical Results 43 Chapter 6: Implications and Suggestions 53 I. Theoretical contributions 53 II. Managerial Contributions 54 III. Research Limitations and Suggestions 55 IV. Conclusions 56 Reference 57 List of Tables Table 2.1 Post-Acquisition Literatures……………………………………….10 Table 3.1 Literatures on Post-Acquisition Performance……15 Table 4.1 Variables and Measures…………………………………30 Table 4.2 Acquirer Age………………………………………………………………33 Table 4.3 Year Acquired………………….……………………….33 Table 4.4 Acquirer Industry……………………………………………………….34 Table 4.5 Acquirer Total Sales……………………………………………………34 Table 5.1 Descriptive Statistics and Correlation Matrix…37 Table 5.2 Regression Results……………………………………………38 Table 5.3 Summary of Empirical Results……………………………………43 Table 5.4 Desktop PC and Notebook PC Sales Growth……………44 List of Figures Figure 1.1 Research Process Flow-chart……………………………………………5 Figure 3.1 Conceptual Framework…………………………………………………16 Figure 4.1 Sampling Process………………………………………………27 Figure 5.1 Industry Similarities-Firm Performance…………………42 Figure 5.2 Acquiring Experience-Firm Performance………………………43

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