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：產業層級及企業層級因素對併購決策及績效之影響﹘以金融整合為例
作者：曾真真
作者(外文)：Jen-jen Tseng
校院名稱：國立中正大學
系所名稱：企業管理研究所
指導教授：何雍慶
學位類別：博士
出版日期：2005
主題關鍵詞：併購決策；併購績效；金融整合；M&A decision；M&A performance；financial consolidation
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(0) 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:21
金融市場自由化使得金融業之競爭加劇，且亦壓縮業者之利潤邊際。而為了改善離散的市場結構，不少業者嘗試利用金融整合以追求規模經濟及範疇經濟，此亦形成金融業之合併風潮。然而，金融整合究竟是因應環境轉變的理性變革？還是盲目的一窩蜂現象？則為備受關切的議題。由於金融機構偏好以併購方式進行金融整合，因此本研究乃以金融業之併購活動為研究主題，以探索影響金融機構併購整合決策之關鍵因素，並建立策略考量因素與併購績效之因果模式。
本研究以產業及企業二個層級發掘影響併購決策及績效之前因，透過文獻探討共獲致產業結構、模仿同形化、資源槓桿、取得互補性資源、經驗學習等五項變數為影響併購決策及績效之關鍵因素。因此，本研究擬透過質性及定量研究驗證併購考量因素與併購決策及績效間之關係。
本研究之質性研究係採個案研究法共進行四個個案；定量研究則搜集國內金融整合宣告共獲致122個樣本，並先以logistic 迴歸建立併購決策模式，實證顯示互補性結合及經驗學習為促進併購活動的關鍵因素；此外，本研究採事件研究法求得併購宣告之異常報酬，再利用複迴歸建立併購績效模式，實證結果發現產業吸引力、互補性結合對併購績效有正向的影響。且擴張範疇及資源承諾在企業層級因素與併購績效的關係上的調節效果，亦獲得部分支持。
Market liberalization caused a dramatic increase in competition and a decreasing of profit margins in financial industry. In order to improve the fragmented market structure, most of the financial institutions attempted to go into the financial consolidation in order to pursue the scope economic and scale economic. These consolidation efforts triggered a wave of mergers within and across the financial industry. Nevertheless, whether financial consolidation is a rational change to adapt the new institutional environment or is a swarm of blind phenomenon, it is an interest issue with regard to the research and practice. At the same time, the financial consolidations were preferred to adopt the mode of M&A. Hence, this paper aimed to explore that the critical factors on the M&A decision, and construct the causal model for the financial consolidation activities.
This paper explored the antecedence of M&A decision and performance based on the industry level and firm level perspective. Literature review suggested that market attractive, imitation isomorphism, resources leverage, acquire complementary resources and experience learning were the critical factors for M&A decision and performance. Therefore, we drafted both qualitative and quantitative research method desired to test the relationship of the critical factors and M&A activity.
Qualitative research adopted case study technique and visited 4 cases. Quantitative research was searched about consolidation announcements for financial industry to acquire 122 samples. Furthermore, we selected the logistic regression model to construct the probability model for M&A decision.
Research found the leadership’s niche market select decisions were positively related to consolidation probability. Both of the complementary combined and experience learning of the firm level factors also play critical roles in M&A decision. Moreover, we utilized event study to estimate the normal return of the M&A announcements. And choose multi-regression model construct the causal model for M&A activities. The results indicated that both industry attractive and complementary combined had a positive effect on the M&A performance. Therewith, the scope of expansion and the commitment of resources to both of the relation of firm-level factors and M&A performance were partially supported the moderating effects.
李紀珠 (2001), 國際金融整合趨勢下台灣金融體系之新挑戰 ,財團法人國家政策研究基金會:國政研究報告2001年9月號
沈中華、李建然 (2000), 事件研究法,華泰文化事業公司
溫福星 (2001), 首度上市上櫃公司高階主管持股、初次投資宣告與公司價值之關係, 政治大學企管所未出版博士論文new window
謝劍平 (2001), 財務管理－新觀念與本土化，智勝文化
Agrawal A, Jaffe JF. 2003. Do takeover targets underperform? Evidence from operating and stock returns. Journal of Financial and Quantitative Analysis 38(4): 721-746
Ahuja G, Katila R. 2001. Technological acquisitions and the innovation performance of acquiring firms: A longitudinal study. Strategic Management Journal 22(3): 197-220
Ahuja G. 2000. The duality of collaboration: Inducements and opportunities in the formation of interfirm linkages. Strategic Management Journal 21(3): 317-343
Anand J, Delios A. 2002. Abslute and relative resources as determinants of international acquisitions. Strategic Management Journal 23(2): 119-134
Anand J, Khanna T. 2000. Do Firms learn to create value? The case of alliance. Strategic Management Journal 21(3): 295-315
Andersson U, Forsgren M, Holm U. 2002.The strategic impact of external networks: Subsidiary performance and competence development in the multinational corporation.Strategic Management Journal 23(11):979-996
Bain J.1956. Barriers to New Competition. Cambridge: Harvard University Press
Barney J. 1991. Firm resources and sustained competitive advantage. Journal of Management 17(1): 99-120
Baum JAC, Calabrese T, Silverman BS.2000. Don''t go it alone: Alliance network composition and startups'' performance in Canadian biotechnology. Strategic Management Journal 21(3): 267-294
Bayona C, Corredor P, Santamaría R, 2002. The impact of technological alliances on the information set: Evidence from the Spanish stock exchange. Journal of Asset Management 3(3): 266-278
Benston GJ, Hunter WC, Wall LD. 1995. Motivations for bank mergers and acquisitions: Enhancing the deposit insurance put option versus earnings diversification. Journal of Money, Credit, and Banking 27(3): 777-788
Berger AN, Davies SM, Flannery MJ. 2000. Comparing market and supervisory assessments of bank performance: who knows what when? Journal of Money, credit, and Banking 32(3):641-667
Berger AN, Hannan TH. 1997. Using efficiency measurers to distinguish among alternative explanations of the structure-performance relationship in banking. Managerial Finance 23(1):6-20
Block S. 1997. Modeling bank mergers in the 1990’s : The potential dilution effect. Journal of Financial And Strategic Decision 10(1): 1-13
Boyd JH, Graham SL. 1988. The profitability and risk effects of allowing bank holding companies to merge with other financial firms: A simulation study. Federal Reserve Bank of Minneapolis 12(2): 3-20
Buzzell RD, Gale BT, Sultan RGM. 1975. Market share — A key to profitability. Harvard Business Review 53(1): 97—106
Capron L, Mitchell W, Swaminathan A.2001. Asset divestiture following horizontal acquisitions: a dynamic view. Strategic Management Journal 22(9): 817-844
Capron L, Pistre N. 2002. When do acquirers earn abnormal returns? Strategic Management Journal 23(9):781-794
Capron L. 1999. The long-term performance of horizontal acquisitions. Strategic Management Journal 20(11):987-1018.
Chen, MJ. 1996. Competitor Analysis and Interfirm Rivalry: Toward a Theoretical Integration. Academy of Management Review 21(1):100~134
Chung S, Singh H, Lee K. 2000. Complementarity, status similarity and social capital as drivers of alliance formation. Strategic Management Journal 21 (1) :1-22
Chung KH, Wright P, Charoenwong C. 1998. Investment opportunities and market reaction to capital expenditure decisions. Journal of Banking and Finance 22: 41-60
Cohen WM, Levinthal D. 1990. Absorptive capacity: a new perspective on learning and innovation. Administrative Science Quarterly 35(1):128-152
Dalton DR, Daily CM, Certo ST, Roengpitya R. 2003. Meta-analyses of financial performance and equity: Fusion or confusion? Academy of Management Journal 46: 13-26
Danneels E. 2002. The dynamics of product innovation and firm competences. Strategic Management Journal 23(9): 1095-1121
Delios A, Beamish PW. 1999. Ownership strategy of Japanese firms: Transactional, institutional, and experience influences. Strategic Management Journal 20(10): 915-933
Delios A, Henisz WJ. 2003. Policy uncertainty and the sequence of entry by Japanese firms, 1980-1998. Journal of International Business Studies 34(3): 227-241
Dierickx I, Cool K. 1989. Asset stock accumulation and sustainability of competitive advantage. Management Science 35(12):1504-1514
DiMaggio PJ, Powell WW. 1983. The iron cage revisited: institutional isomorphism and collective rationality in organizational fields. American Journal of Sociology 48: 147-160
Douglas TJ, Ryman JA. 2003. Understanding competitive advantage in the general hospital industry: evaluating strategic competencies. Strategic Management Journal 24(4): 333-347
Dyer JH, Singh H.1998. The relational view: Cooperative strategy and sources of inter-organizational competitive advantage. Academy of Management Review 23(4):660-679
Eisenhardt KM, Martin JA. 2000. Dynamic capabilities: what are they? Strategic Management Journal 21(10/11):1105-1121
Eun R, Kolodny and Scheraga C.1996. Cross-border acquisitions and shareholder wealth: Tests of synergy and internalization hypotheses. Journal of Banking and Finance 20(9): 1559-1582
Fuentelsaz L, Gomez J, PoloY. 2002. Followers’ entry timing: evidence from the Spanish banking sector after deregulation. Strategic Management Journal 23(3):245-264
Grant RM. 1996. Toward a knowledge-based theory of the firm. Strategic Management Journal 17(Winter special issue):109-122
Greve HR. 2000. Market niche entry decisions: Competition, learning, and strategy in Tokyo Banking, 1894-1936. Academy of Management Journal, 43(5): 816-813
Group of Ten. 2001. Report on consolidation in the financial sector. http://www.imf.org/external/np/g10/2001/01/Eng/
Hannan M, Freeman J. 1984. Structural inertia and organizational change. American Sociological Review 49: 149-169
Harrison JS, Hitt MA, Hoskisson RE, Ireland RD. 2001. Resource complementarity in business combinations: Extending the logic to organizational alliances. Journal of Management 27(6):679-690
Haveman H A. 1993. Organizational size and change: Diversification in the savings and loan industry after deregulation. Administrative Science Quarterly 38(1): 20-50
Hawawini G, Subramanian V, Verdin P. 2003. Is performance driven by industry-or firm-specific factors? A new look at the evidence. Strategic Management Journal 24(1):1-16
Hayward MA. 2002. When do firms learn from their acquisition experience? Evidence from 1990-1995.Strategic Management Journal 23(1):21-39
Hayward MA. 2003. Professional influence: The effects of investment banks on clients’ acquisition financing and performance.Strategic Management Journal 24(9):783-801
Helfat CE, Peteraf MA. 2003. The dynamic resource-based view: Capability lifecycles. Strategic Management Journal 24(10): 997-1010
Helfat CE, Raubitschek 2000. Product Sequencing: Co-evolution of knowledge, capabilities and products. Strategic Management Journal 21(10/11): 961-979
Henderson J, Cool K. 2003. Corporate governance, investment bandwagons and overcapacity: An analysis of the worldwide petrochemical industry, 1975-95. Strategic Management Journal 24(4):349-373
Henderson R, Cockburn I. 1996. Scale, scope, and spillovers: The determinants of research productivity in drug discovery.The Rand Journal of Economics 27(1): 32-60
Henisz WJ, Delios A. 2001. Uncertainly, imitation, and plant location: Japanese multinational corporations, 1990-1996. Administrative Science Quarterly 46(3): 443-475
Hitt MA, Hoskisson RE, Ireland RD, Harrison JS. 1991. Effects of acquisitions on R&D inputs and outputs. Academy of Management Journal 34(3): 693-707
Hitt MA, Ireland RD, Camp SM, Sexton DL. 2001. Guest editor’s introduction to the special issue strategic entrepreneurship: Entrepreneurial strategies for wealth creation. Strategic Management Journal 22(6/7): 479-491
Horvitz PM, Lee I, Robertson KL. 1991. Valuation effects of new securities issuance by bank holding companies: new evidence. The Financial Review 26(1):91-104
Hoskisson RE, Hitt MA, Wan WP, Yiu D.1999. Theory and research in strategic management: Swings of a Pendulum. Journal of Management 25(3): 417~456
Hoskisson RE, Hitt MA.1990. Antecedents and performance outcomes of diversification: A review and critique of theoretical perspectives. Journal of Management 16(2):461-509
Hovav A, D’Arey J. 2003. The impact of denial-of service attack announcements on the market value of firms. Risk Management and Insurance Review 6(2): 97-121
Jensen MC, Ruback R. 1983. The market for corporate control: The scientific evidence. Journal of Financial Economics 11: 5-50
Kale P, Dyer JH, Singh H. 2002. Alliance capability, stock market response, and long-term alliance success: the role of the alliance function. Strategic Management Journal 23(3): 747-767
Karim S, Mitchell W. 2000. Path-dependent and path-breaking change: reconfiguring business resources following acquisitions in the U.S. medical sector, 1978-1995. Strategic Management Journal 21(10-11):1061-1081
Kelly D, Amburgey TL. 1991. Organizational inertia and momentum: A dynamic model of strategic change. Academey of Management Journal 34(3):591-612
Kerlinger FN. 1986. Behavioral research: a conceptual approach. 3rd ed. New York: Holt, Rinehart and Winston.
King DR, Covin JG, Hegarty WH. 2003. Complementary resources and the exploitation of technological innovations. Journal of Management 29(4):589-608
King DR, Dalton DR, Daily CM, Covin JG. 2004. Meta-analyses of post-acquisition performance: Indications of unidentified moderators. Strategic Management Journal 25(2):187-200
Krishnan RA, Joshi S, Krishnan H. 2004. The influence of mergers on firms’ product-mix strategies. Strategic Management Journal 25(6):587-611
Lane PJ, Lubatkin M. 1998. Relative absorptive capacity and interorganizational learning. Strategic Management Journal 19(5): 461-477
Leiblein MJ, Miller DJ. 2003. An empirical examination of transaction- and firm- level influences on the vertical boundaries of the firm. Strategic Management Journal 24(10):839-859
Lenox M, King A. 2004. Prospects for developing absorptive capacity through internal information provision. Strategic Management Journal 25(4):331-345
Leonard-Barton D. 1992. Core capabilities and core rigidities: A Paradox in managing new product development. Strategic Management Journal 13(summer special issue):111-125
Lieberman MB, Montgomery DB. 1988. First-mover advantages. Strategic Management Journal 9(1): 1-20
Lubatkin M, Schulze WS, Mainkar A, Cotterill RW. 2001. Ecological investigation of firm effects in horizontal mergers. Strategic Management Journal 22(4):335-357
Lubatkin M. 1983. Mergers and the performance of the acquiring firm. Academy of Management 8(2):218-226
Luo Y. 2002. Product diversification in international joint ventures: performance implications in an emerging market. Strategic Management Journal 23(1): 1-20
Luo Y. 2003. Capability exploitation and building in a foreign market: Implications for multinational enterprieses. Organization Science 13(1): 48-36
Makadok R. 2001. Toward a synthesis of the resource-based and dynamic-capability views of rent creation. Strategic Management Journal 22(5):387-401
Makhija M. 2003. Comparing the resource-based and market-based views of the firm: empirical evidence from Czech privatization. Strategic Management Journal 24(5): 433-451
March JG. 1991. Exploration and exploitation I organizational learning. Organization Science 2:71-87
Markides CC, Williamson PJ. 1996. Corporate diversification and organizational structure: A resource-based view. Academy of Management Journal 39(2): 340-367
Mason E. 1939. Price and production policies of large-scale enterprises. American Economic Rewiew 29:61-74
Mayer M, Whittington R. 2003. Diversification in context: A cross-national and cross- temporal extension. Strategic Management Journal 24(10):773-781
McGrath R. 2001. Exploratory learning, innovation capacity, and managerial oversight. Academy of Management Journal 44: 118-131
McNamara MJ, Pruitt SW, Van Ness RA, Charoenwong C.1997. Property-liability insurance company market pullout announcements and shareholder wealth. The Journal of Risk and Insurance 64(3): 441-463
Miller D. 1992. The generic strategy trap. Journal of Business Strategy. (Jan.-Feb.): 37-41
Mintzberg H, Ahlstrand B, Lampel J. 1998. Strategy Safari: A Guided Tour Through The Wilds of Strategic Management. New York: The Free Press
Mitchell, W.1989. Whether and When? Probability and Timing of Incumbents’ Entry into Emerging Industrial Subfields. Administrative Science Quarterly 34:208-230
Neely W P. 1987. Banking Acquisitions: Acquirer and Target Shareholder Returns. Financial Management 16(4):66-75
O’Brien JP. 2003. The capital structure implications of pursuing a strategy of innovation. Strategic Management Journal 24(5):415-431
Palich LE, Cardinal LB, Miller CC. 2000. Curvilinearity in the diversification- performance linkage: An examination of over three decades of research. Strategic Management Journal 21(2):155-174.
Park C. 2003. Prior performance characteristics of related and unrelated acquirers. Strategic Management Journal 24(5): 471-480.
Penrose ET. 1959. The Theory of the Growth of the Firm. Oxford: Oxford University Press.
Peteraf A. 1993. The cornerstones of competitive advantage: a resource-based view. Strategic Management Journal 14(3): 179-191
Porter M. 1980. Competitive Strategy: Techniques for Analyzing Industries and Competitors. New York:Free Press.
Porter M. 1991. Towards a dynamic theory of strategy. Strategic Management Journal 12(Winter Special Issue): 95-117
Powell WW, Koput KW, Smith-Doerr L. 1996. Interorganizational collaboration and the locus of innovation: Networks of learning in biotechnology. Administrative Science Quarterly 41(1): 116 - 145
Prahalad CK, Hamel G. 1990. The core competence of the corporation. Harvard Business Review, 68, 79-91
Qian G, Li L. 2003. Profitability of small- and medium-sized enterprises in high-tech industries: the case of the biotechnology industry, Strategic Management Journal 24(9): 881-887
Reuer JJ, Zollo M, Singh H. 2002. Post-formation dynamics in strategic alliances. Strategic Management Journal 23(2):135-151
Rhoades SA. 2000. Retail commercial banking: An update on a period of extraordinary change. Review of Industrial Organization 16(4):357-366
Robins JA, Tallman S, Fladmoe-Lindquist K. 2002. Autonomy and dependence of international cooperative ventures: An exploration of the strategic performance of U.S. venture in Mexico. Strategic Management Journal 23(10): 881-901
Robins JA, Wiersema MF. 2003. The measurement of corporate portfolio strategy: analysis of the content validity of related diversification indexes. Strategic Management Journal 24(1): 39-59
Robinson GJ, Lundstrom WJ. 2003. Market expansion strategy: development of a conceptual market expansion decision scorecard. Strategic Change 12(8): 259-272
Rothaermel FT. 2001. Incumbent''s advantage through exploiting complementary assets via interfirm cooperation. Strategic Management Journal 22(6/7): 687-699
Rugman AM, Verbeke A. 2002. Edith Penrose’s contribution to the resource-based view of strategic management. Strategic Management Journal 23(8): 769-780
Rumelt RP. 1984. Towards a strategy theory of the firm. In Competitive Strategic Management, Lamb R. (ed.) NJ :Prentice-Hall: Englewood Cliffs, 556-570
Sathye M. 2002. Measuring productivity changes in Australian banking: An application of Malmquist indices. Managerial Finance 28(9):48-59
Selznick P. 1957. Leadership in Administration: A sociological Interpretation. New York: Harper.
Seth A, Song KP, Pettit RR. 2002. Value creation and destruction in cross-border acquisitions: an empirical analysis of foreign acquisitions of U.S. firms. Strategic Management Journal 23(10): 921-940
Spanos YE, Zaralis G, Lioukas S. 2004.Strategy and industry effects on profitability: Evidence from Greece. Strategic Management Journal 25(11): 139-165
Stuart TE, Hoang H, Hybels RC.1999. Interorganizational endorsements and the performance of entrepreneurial ventures. Administrative Science Quarterly 44(2):315-349
Szewczyk SH, Thomas MR, Tsetsekos GP. 1997. Contagion effects in stock returns and analysts’ forecasts: The case of mutual benefit life insurance corporation. Journal of Business and Economics 36(1):3-15
Szewczyk SH, Tsetsekos G, Zantout Z. 1996. The valuation of corporate R&D expenditures: Evidence from investment opportunities and free cash flow. Financial Management 25(1):105-110
Szewczyk SH, Tsetsekos GP, Varma R. 1992. Institutional ownership and the liquidity of common stock offerings. The Financial Review 27(2):211-225
Szewczyk SH, Tsetsekos GP. 1993. The effect of managerial ownership on stock split-induced abnormal returns. The Financial Review 28(3):351-370
Szulanski G. 2000. The process of knowledge transfer: a diachronic analysis of stickiness. Organizational Behavior and Human Decision Processes 82(1):9-27
Teece DJ, Pisano G, Shuen A. 1997. Dynamic capabilities and strategic management. Strategic Management Journal 18(7): 509-533
Teece DJ. 1986. Profiting from technological innovation: implications for integration, collaboration, licensing and public policy. Research policy 15 (6): 285-305
Teece DJ. 1998. Capturing value from knowledge assets: the new economy, markets for know-how, and intangible assets. California Management Review 40(3): 55-79
Thomke S, Kuremmerle W. 2002. Asset accumulation, interdependence and technological change: Evidence from pharmaceutical drug discovery. Strategic Management Journal 23( 7):637-653
Tsai W. 2001. Knowledge transfer in intraorganizational networks: Effects of network position and absorptive capacity on business unit innovation and performance. Academy of Management Journal 44(5): 996-1004
Vermeulen F, Barkema H. 2002. Pace, rhythm, and scope: process dependence in building a profitable multinational corporation. Strategic Management Journal 23(7): 637-653
Vicente-Lorente JD. 2001. Specificity and opacity as resource-based determinants of capital structure: Evidence for Spanish manufacturing firms. Strategic Management Journal 22(2): 157-177
Walker G, Madsen TL, Carini G. 2002. How does institutional change affect heterogeneity among firms? Strategic Management Journal 23(2): 89-104
Wernerfelt B. 1984. A resource-based view of the firm. Strategic Management Journal 5(2): 171-180
Yin RK. 1984. Case study research:Design and Method, Newbury Park, CA: Sage (尚榮安 譯, 個案研究,台北:弘智文化, 2001)
 
 
 
 
第一頁 上一頁 下一頁 最後一頁 top
:::
無相關著作
 
無相關點閱
 
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：727（臺灣：726，外國：1） ／ 本年度總使用人次：1725833 ／ 訪客人次（自102年09月）：67521137
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