無形資產一向是企業提昇競爭力的重要資產。當企業自行研發無形資產具一定之障礙與風險時，取得無形資產即成為企業併購的主要原因之ㄧ。本研究主要探討併購取得之無形資產與併購公司財務績效之關聯性，選取74家於2001年至2005年發生併購之美國公司為樣本，將股東權益報酬率、資產報酬率和營運現金流量報酬率作為併購公司績效之衡量變數。本研究運用敘述性統計、Pearson相關係數和複迴歸分析來達到本研究之目的。
實證結果顯示，在不包含2005年併購案件的樣本中，併購取得之無形資產與資產報酬率呈現正相關。高科技產業經由併購取得之無形資產與其績效亦呈現正相關；然而對傳統產業而言，併購取得之無形資產與績效並無正向相關。在各類別無形資產方面，併購取得之行銷相關的無形資產與資產報酬率呈現正相關，但是契約基礎的無形資產則與股東權益報酬率呈現負相關。 / Intangible assets are important to companies in improving their competitiveness. As it may be risky to internally develop intangible assets, companies engage in merger activities to acquire intangible assets from outside. This research aims to explore whether intangible assets acquired in mergers and acquisitions are associated with acquirers’ post-acquisition financial performances. The sample consisted of 74 American merger and acquisition cases that took place during the period of 2001 to 2005.
The empirical results are as follows. The acquired intangible assets are positively associated with the return on assets for the sample excluding the cases of year 2005. The acquired intangible assets are positively associated with acquirers’ financial performance in the high-tech industry, but not so for the traditional industry. As to different types of intangible assets, the acquired marketing-related intangible assets are also positively associated with the return on assets. On the other hand, the acquired contract-based intangible assets are negatively associated with the return of equity.
| Identifer | oai:union.ndltd.org:CHENGCHI/G0096353031 |
| Creators | 黃裳吟, Huang, Shang-Yin |
| Publisher | 國立政治大學 |
| Source Sets | National Chengchi University Libraries |
| Language | 中文 |
| Detected Language | English |
| Type | text |
| Rights | Copyright © nccu library on behalf of the copyright holders |
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