隨著國內企業的成長，以及商業競爭的國際化，併購已成為企業在維持及增加成長幅度時考慮的主要策略之一。過往的文獻對於企業成長理論有相當多的研究，經理人在成長歷程中的角色也被深度討論。另一方面，許多學者針對併購的動機進行討論，其中又以綜效、經理人自利與過度自信經理人為最被廣泛認可的併購動機。
雖然過去已經有非常多文獻分別針對企業成長理論與併購動機理論深入研究，但少有文獻對於兩者的關係進行研究，尤其未有文獻對台灣企業的情況進行研究。為了理解台灣企業的成長與併購之間的關係，本研究以台灣2008年至2014年以台灣企業為主併企業之併購案作為研究樣本，藉由統計迴歸的量化研究，釐清企業成長之速度對於併購行為之影響，解釋企業併購機率、併購股數、國際化併購與成功機率等併購相關變數。
本研究分別以營業收入及資產總額來衡量企業成長，發現在兩種衡量方法下，企業成長越快的企業皆越可能進行併購。但營業收入成長越快的企業，越可能併購國外的企業；資產總額成長越快的企業，則是在併購時會購入越多標的企業之股票。結果顯示，企業成長確實會增加併購的機率，但若企業有不同的成長模式，也會導致併購行為上的差異。 / With the growing of firms in Taiwan and the internalization of commercial competition, merger and acquisition (M&A) have become one of the main strategies that firms consider when they want to keep growing. Previous studies have done a lot of research of firm growth and managers’ role on the path of growth. The antecedent of M&A has been discussed widely as well. Synergy, managerialism and hubris are the most recognized antecedents of M&A in these studies.
Although there were a large number of studies concerning firm growth and antecedents of M&A, few focused on the relationship between them, especially none was about Taiwan’s situation. With the sample of M&A cases of Taiwanese firms from 2008 to 2014, this study examines the relationship between firm growth and antecedents of merger. This study uses regression model to analysis the impact of firm growth rate on M&A behavior. Furthermore, M&A related variables such as probability of M&A, equity bought, international M&A percentage and success rate are explained in this study.
Two methods are used in this study to measure firm growth: sales revenue and total assets. The regression result shows that firms with higher growth rates are more likely to participate in M&A activities in both methods. While firms with higher sales growth tend to merge more foreign companies, firms with higher assets growth tend to buy more equity in M&As. To sum up, firm growth increase the probability of M&A activity. But different growth patterns can lead to variation of M&A behavior as well.
| Identifer | oai:union.ndltd.org:CHENGCHI/G0103351027 |
| Creators | 柳伯威 |
| 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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