臺灣人文及社會科學引文索引資料庫系統

:::

詳目顯示

回上一頁
第 1 筆 / 總合 1 筆   第一頁 上一頁 下一頁 最後一頁
/1頁
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
相關次數：
  • 被引用次數被引用次數:期刊(0) 博士論文(2) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:0
  • 共同引用共同引用:0
  • 點閱點閱:39
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.
參考文獻
一、中文部份
中華徵信所編製 (2007)，台灣地區大型企業排名TOP5000，台北：編著者發行。
日本通產省 (2006)，日本貿易投資白皮書，日本：日本通產省發行。
林彩梅 (2006)，多國籍企業論，台北：五南圖書出版公司，第六版。
謝安田 (1998)，企業研究方法論，台北：著者發行。
Sony Ericsson、BenQ Siemens 上演企業婚姻悲喜劇-跨國併購成敗學 (2007, October)，卓越雜誌 。
二、英文部分
Bacon, F. W., Shin, T. S., ＆ Murphy, N. B. (1994). Factor motivating mergers: The case of rural electric cooperatives. Journal of Economics and Business, 46, 129-134.
Bluman, A. G. (2004). Elementary Statistics: A step by step approach. (5th ed.). New York: McGraw-Hill.
Bradley, M., Desai, A., ＆ Kim, E. (1998). Synergistic gains from corporate acquisitions and their divisions between the stock-holders of target and acquiring firm. Journal of Financial Economics, 3-40.
Brealey, R. A. ＆ Myers, S. C. (1988). Principles of corporate finance. Boston: McGraw-Hill.
Brewer, H. L. (1981). Investor benefits from corporate international diversification. Journal of Financial and Quantitative Analysis, 16(1), 113-126.
Brigham, E. F. & Gapenski L. C. (1994). Financial Management. (Seventh Edition). Orlando, FL: The Dryden Press.
Buhner, Rolf. (1987). Assessing International Diversification of West German Corporations. Strategic Management Journal, 8, 25-37.
Calvet, A. L. (1981). A synthesis of foreign direct investment theories and theories of the multinational firm. Journal of International Business Studies, 12, 141-165.
Capar, N. & Kotabe, M. (2003). The relationship between international diversification and performance in service firms. Journal of International business studies, 34, 345-355.
Cohen, B. I. (1972). Foreign investments by U.S. corporations as a way of reducing risk. Yale University, Economics Growth Center, Discussion Paper No. 151, Sep., Mineo.
Contractor , F. J., Kundu, S. K., & Hsu, C. C. (2003). Three-stage theory of international expansion: the link between multinationality and performance in the service sector. Journal of International Business Studies, 34(1), 5-18.
Copeland, T. E., & Weston, J. F. (1979). Financial theory and corporate policy.　2ed., Addison-Wesley publishing company, Inc.
Czinkota M. R., Rivoli P., & Ronkainen, L. A.(1992). International Business, by Dryden Press, 2nd ed.
Daniels, J. D. and Bracker, J. (1989). Profit performance: Do foreign operations make a difference? Management International Review, 29(1), 46-56.
Delios, A. & Beamish, P. W. (1999). Geograohic scope, product diversification, and the corporate performance of Japanese firms. Strategic Management Journal, 20(8), 711-27.
Dodd, P. ＆ Ruback, R. (1997). Tender offers and stockholder returns: An empirical analysis. Journal of Financial Economics, 5, 351-374.
Donaldson, G. (1985). Financial Goals and Strategic Consequences. Havard Business Review, May-June, 57-66.
Duggal, R. (1995). Agency cost and firm value: Further evidence from Bidding Firms. International Journal of Finance, 7(2), 1183-1194.
Dunning, J. H. (1993). The globalization of business. New York: Routledge.
Erruna, V. R. & Senbet, L. M. (1984). International corporate diversification, market valuation, and size-adjusted evidence. The Journal of Finance, 39(3), 727-743.
Fishman, M. J. (1989). Preemptive bidding and the role of the medium of exchange in acquisitions. Journal of Finance 44, 41-57.
Flower, K. L. & Schmidt, D. (1989). Determinants of tender offer post-acquisition financial performance. Strategic Management, Journal, 339-350.
Geringer & Herbert (1991). Strategies for developed countries. Connecticut: Quorum Books.
Geringer, J. M., Beamish, P. W., & Da. Costa, R. C. (1989). Diversification and internationalization: Implications for MNE performance. Strategic Management Journal, 10, 109-119.
Ghosh, A. (2001). Does operating performance really improve following corporate acquisitions. Journal of Corporate Finance, 7 , 151-178.
Gomes, L. & Ramaswamy, K. (1999). An empirical examination of the form of the relationship between multinationality and performance. Journal of International Business Studies, 30(1), 173-188.
Grant, R. M. (1987), Multinationality and performance among British manufacturing companies. Journal of International Business Studies, 22, Fall, 249-263.
Guest, D. E. (1997). Huamn resource management and performance: A review and research agenda. International Journal of Human Resource management, 8(3), 263-276.
Harr, J. (1989). A comparative analysis of the profitability performance of the largest U.S., European and Japanese multinational enterprises. Management International Review, 29, 5-18.
Hammel, G. & Prahalad, C. K. (1985). Do you really have a global strategy? Harvard Business Review, 23(7), 139-148.
Healy, P. M., Palepu, K. G., & Ruback, R. S. (1992). Does corporate performance Improve after Mergers? Journal of Financial Economics, 31, 135-175.
Higgins, R. C. (1977). How much growth can a firm afford? Financial Management, Fall, 7-16.
Hitt, M., Hoskisson, R., & Kim, H. (1997). International diversification: Effects on innovation and firm performance in product-diversified firms. Academy of Management Journal, 40(4). 767-798.
Horst, T. (1972). Firm and industry determinants of the decision to investabroad: An empirical study. The Review of Economics and Statistics, 54. 258-266.
Jensen, M. C. (1986). Agency cost of free cash flow, corporate finance and takeover. American Economic Review, 323-329.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm：managerial behavior, agency cost and ownership structure. Journal of Financial Economics, 3, 305-360.
Jensen, M. C. & Ruback, R. S. (1983). The market for corporate control: The scientific evidence. Journal of Financial Economics ,11, 5-50.
Johanson, J. & Vahlne, J. E. (1977). The internationalization process of the firm: a model of knowledge development and increasing foreign commitments. Journal of International Business Studies, 8(1), 23-32.
Johanson, J. & Wiedersheim-Paul, F. (1975). The internationalization of the firm-four Swedish cases. Journal of Management Studies, 12(3), 305-322.
Kitching, J. (1967). Why do mergers miscarry? Harvard Business Review, 84-101.
Kumar, M. S. (1984). Growth acquisition and investment: An analysis of the growth of industrial firms and their overseas activities, Cambridge. U. K. Cambridge University Press.
Lewellen, W., C. Loderer , & Rosenfeld, A. (1985). Merger decisions and executives stock. Journal of Accounting and Economics, 7, 209-232.
Lu, J. & Beamish, P. W. (2001). The internationalization and performance of SMEs. Strategic Management Journal, 22(6/7), 565-586.
Manne, G. H. (1965). Mergers and market for corporate control. Journal of Political Economy, 73, 110-120.
Michael, A. & Shaked, I. (1986). Multinational corporations vs. domestic corporations: financial performance and characteristics. Journal of International Business Studies, 18(3), 89-100.
Mueller, D. C.(1969). A theory of conglomerate mergers. Quarterly Journal of Economics, 83, 643-659.
Mueller, D. C. (1985). Merger and market share. The Review of Economics and Statistics, 67, 259-267.
Myers, S. ＆ Majluf, N. (1984). Capital financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13, 187-221.
Olusoga, S. A. (1991). International market diversification and performance of MNEs. International Academy of Management & Marketing, Conference Proceedings, Detroit, MI, 703-708.
Porter, M. (1988). Competitive advantage: Creating and sustaining superior performance, Free Press, New York. Ramaswamy.
Ramaswamy, K., Kroeck, K. G., & Renforth, W. (1996). Measuring the degree of internationalization of firms: a comment. Journal of International Business Studies, 27, First quarter, 167-177.
Ravenscraft, J. D. ＆ Scherer, F. M. (1989). The profiaability of merger. International Journal of Industrial Organization, 101-116.
Roll, R. (1986). The hubris hypothesis of corporate takeovers. The Journal of Business, 59, 197-216.
Root, F. (1987). Entry strategies for international markets. MA: Lexinton.
Ruekert, R. W., Walker, O. C., & Roering, K. J. (1985). The organization of marketing activities: A contingency theory of structure and performance, Journal of Marketing, 49(6), 13-25.
Rugman, A. M. & Hodgetts, R. M. (2000). International business: A strategic management approadch (4th ed. pp. 244-245). New York: McGraw-Hill.
Sekaran (1992). Research Methods for Business: A skill-building approach (2nd ed.). New York: John Wiley and Sons, INC.
Seth, A. (1990). Value creation in acquisition: A reexamination of performance issues. Strategic Management Journal, 99-115.
Shepherd, W. G. (1979). The economics of industrial organization. Englewood Cliffs. New Jersey: Prentice-Hall.
Siddharthan, N. S. & Lall, S. (1982). Recent growth of the largest US multinationals. Oxford Bulletin of Economic Statistics, 44(1), 1-13.
Singh, H. ＆ Monotgomery, C. A. (1987). Corporate acquisition strategies and economic performance. Strategic Management Journal, 8, 377-386.
Sudarsanam, S., Holl, P., & Salami, A. (1995). Shareholder Wealth Gains in Mergers: Effects of Synergy and Ownership Structure. Journal of Business Finance and Accounting, 23(5), 673-698.
Sullivan, D. (1994a). Measuring the degree of internationalization of a firm: A comment. Journal of Business Studies, 27(1), 167-177.
Sullivan, D. (1994b). Measuring the degree of internationalization of a firm. Journal of Business Studies, 25(2), 325-342.
Switzer, J. A. (1996). Evidence on real gains in corporate acquisitions. Journal of Economics and Business, 48, 443 -460.
Tallman, S. & Li, J. (1996). Effects of international diversity and product diversity on the performance of multinational firms. Academy of Management Journal, 39(1), 179-196.
Thomsen, S. & Pedersen, T. (2000). Ownership structure and economic performance in the largest European companies. Strategic Management Journal 21(6), 689-705.
Vernon, R. (1966). International investment and international trade in the product cycle. Quarterly Journal of Economics, 80, 190-207.
Vernon, R. (1971). Sovereignty at bay: The multinational spread of U.S. enterprises. New York, Basic Books.
Wan, C. C. (1998). International diversification, industrial diversification and firm performance of Hong Kong MNCs. Asia Pacific Journal of Management, 15(2), 205-217.
Welch, L. & Luostarinen, R. (1988). Internationalization: Evolution of a concept. Journal of General Management, 14(2), 34-55.
Weston, J. F., Chung, K. S., & Siu, J. A.(1998). Takeovers, restructuring, and corporate. Second edition, Prentice-Hall, Inc.
Williamson, O. E. (1975). Markets & hierarchies: Analysis and antitrust implications. Macmillan Publishing Co., Inc. New York.
 
 
 
 
第一頁 上一頁 下一頁 最後一頁 top
QR Code
QRCODE

臺灣人文及社會科學引文索引資料庫

目前上線人數：266（臺灣：261，外國：5） ／ 本年度總使用人次：2328986 ／ 訪客人次（自102年09月）：68126893
國家圖書館著作權聲明 Copyright © 2013 All rights reserved.
本館地址: 100201臺北市中山南路20號． 本館地圖及交通資訊．
總機：(02)23619132．最佳瀏覽解析度為1024x768以上