碩士 / 國立中山大學 / 高階經營碩士班 / 97 / Taiwan is an economical body whose major profit is from exporting products. In recent years, electronics industry is becoming the most important role in the exporting trade and makes low profit by manufacturing products for international company and brand. According to the theory of smile curve that invented by Mr. Stan Shih, a founder member of Acer, manufacturing always locates in the bottom of the curve and makes lowest profit. Moreover, in the both high ends are brand (R&D) and marketing
(sale/ after service). If the companies would like to climb from bottom to high ends, taking merger and acquisition strategies is the fastest method. Acer and Asustek try to build up their own brands, and Hon Hai, a leading foundry company in Taiwan, wants to enlarge scale, reduce cost, they all use merger and acquisition strategies to achieve their goal rapidly. Hence, the study is focus on Acer, Asustek, and Hon Hai.
Through short-term, middle-term, and long-term changes of stock price, we can understand how M&A patterns, amounts, and ways in M&A strategies influence result of M&A. Adopt multiple regression methodology to analyze these above-mentioned factors, and find the factors that influence the result of M&A from empirical studies. The effect of M&A patterns, amounts, and ways gradually weaken. Due to the theory of behavior finance, we may get an inference that there is overreactions or underreactions (momentum effect) in short-term changes of stock
prices. But the momentum effect passes off over time.
In addition, with Porter’s five force analysis, advice that the company should analyze the competitive intensity in the industry, and develop its core competence. Then taking adequate M&A strategies, and grasping the timing of market can help firms grow up quickly, and get shareholders’ support wholeheartedly.
| Identifer | oai:union.ndltd.org:TW/097NSYS5457009 |
| Date | January 2009 |
| Creators | Wen-wei Cheng, 鄭汶煒 |
| Contributors | Jen-Jsung Huang, 黃振聰 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 77 |
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