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題名：併購對企業國際化程度與財務績效關係之干擾影響
作者：嚴文位 引用關係
作者(外文)：Yen, Wen-Wei
校院名稱：中國文化大學
系所名稱：國際企業管理研究所
指導教授：林彩梅
學位類別：博士
出版日期：2009
主題關鍵詞：國際化；併購；財務績效；internationalization；mergers and acquisitions；financial performance
原始連結：連回原系統網址new window
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本研究之目的在於釐清企業國際化程度與財務績效之關係為何？回顧有關國際化文獻發現，國際化程度與財務績效之關係至今仍尚未有定論。因此，經由文獻探討與邏輯推論，本研究認為併購相關變數(併購行為、支付方式、目的)可能為企業國際化程度與財務績效之干擾因素。本研究共發放479份問卷，回收358份，回收率為74.73%，扣除填答不完整46份，有效問卷共312份，有效率為65.13%。資料分析以迴歸分析進行假設驗證。研究發現如下，並提供實務界參考依據。
一、 企業國際化程度越高，其財務績效表現越佳。
二、 併購行為對企業國際化與財務績效具有干擾作用，亦即採行併購策略國際化之企業，當國際化程度越高，其財務績效表現最佳。
三、 採現金和股權交換混合支付方式來併購進入國際市場，其績效的表現最佳。
四、 併購目的為國際市場考量之企業，其績效的表現亦為最佳。
The purpose of this study is to clarify the relationship between the degree of inter-nationalization and financial performance. According to literatures of internationaliza-tion, this study finds that the association of internationalization on financial perfor-mance remains unclear. Thus, this study proposes Mergers and Acquisitions as moderator affecting the relationship between the degree of internationalization and financial performance based on literatures and the logic reasoning. The data for this study were collected from 479 samples. 358 questionnaires are obtained resulting in return rate of 74.73%, and 46 questionnaires are unusable. The usable questionnaires were 312. To examine the hypothesis, this study employs a hierarchical regression method to analyze.
Finally, three findings are summarized as below:
1. The degree of internationalization positively affects financial performance.
2. The relationship among the degree of internationalization and financial performance is moderated by Mergers and Acquisitions.
3. The relationship among the degree of internationalization and financial performance is moderated by payment styles and motives of Mergers and Acquisitions.
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