競爭者分析架構與購併行為資訊關係之實證分析

CCUR > College of Business > Department of Banking & Finance > Thesis > Item 987654321/25997

Please use this identifier to cite or link to this item: https://irlib.pccu.edu.tw/handle/987654321/25997

Title:	競爭者分析架構與購併行為資訊關係之實證分析 Empirical Evidence of Competitor Analysis Framework and Behavioral M&A Information
Authors:	鄭婕旎 Cheng, Chieh-ni
Contributors:	財務金融學系
Keywords:	購併動態競爭市場共同性資源相似性 Mergers and Acquisitions Competitive Dynamics Market Commonality Resource Similarity
Date:	2013-06
Issue Date:	2013-11-07 13:24:58 (UTC+8)
Abstract:	由於全球環境國際化之目標已成為定局，為了早日進入市場，購併是企業最常見的策略方式。企業購併對主併者以及競爭者的影響，一直是財務、組織、以及策略領域當中十分重要的議題。動態競爭理論突破過去策略管理的思維，運用創新的觀點來說明產業內的競爭形貌。本研究以事件研究法分析競爭者分析架構下，市場共同性及資源相似性下之購併事件是否有異常報酬之產生。研究結果顯示異常報酬在高度市場共同性及高度資源相似性下才較有顯著性。此外透過橫斷面複迴歸分析也發現負債比率、資產報酬率與淨值市價比也一樣只在高度市場共同性及高度資源相似性下才有顯著性。 Following dramatic changes in industrial environment, rapidly M&A as the main management strategy to face the market challenges and promote competitive advantage. However, during the redundancy M&A process, dynamic competitive plays an im-portant role for the enterprises in decision-making of M&A activities. Therefore, this study used the market model to compare whether M&A activities will be influenced by two dimensions of the dynamic competitive analysis framework, including market commonality and resource similarity, on abnormal returns of TAIEX stock market. The empirical result found that there are statistically significant abnormal returns in highly market commonality and resource similarity. Furthermore, this study demonstrates these explanatory variables, debt ratio, ROA and book to market ratio, are significantly associated with observed cumulative abnormal returns using cross sectional analysis.
Appears in Collections:	[Department of Banking & Finance ] Thesis

Files in This Item:

File	Description	Size	Format
index.html		0Kb	HTML	224	View/Open

View Licence

Loading...