| 摘要: | 論文提要內容：
在台灣電子零組件產業中，併購活動被視為提升企業核心競爭力的關鍵策略。透過併購，企業不僅可以擴大市場份額，還能取得新技術與資源，進一步強化經營效率和市場地位。本研究聚焦於2016年至2019年間，共篩選出10家併購後持續上市櫃的台灣電子零組件產業公司，並根據併購發生時間，統一延展至2023年，進行遞延分析以檢視併購後企業績效的變化，涵蓋營收成長率、資產報酬率(ROA)以及營業毛利成長率等指標，同時探討公司規模、負債比率及速動比率對此間接效果的調節作用。為深入解析併購後績效的影響因素，本研究結合多維尺度分析(MDS)與肘部法則，進一步揭示企業間財務特徵的相似性與群組特徵。MDS用於將多維財務數據降維至二維平面，呈現不同企業在併購後財務指標上的相似性與差異性，並結合肘部法則確定最佳群數，以k-means演算法進行分群，識別具相似財務表現的企業群體。分析結果顯示，企業的相對規模對併購後績效的影響尤為顯著，相似規模的併購對於整合後的財務表現具有更高的效率提升效應。此外，肘部法則的應用幫助辨識企業間的關鍵群組特徵，揭示不同企業群體間的差異化策略與效益表現。實證研究結果表明，隨著併購後的遞延年數增加，整合後的績效改善趨勢愈加明顯。尤其是營收成長率與營業毛利成長率在遞延的第3至5年期間達到最大改善幅度，顯示企業需要較長的時間進行資源整合與價值實現。此外，併購績效的改善幅度顯著受主併公司與被併公司規模相對關係的影響。研究指出，主併公司若選擇目標企業規模與自身相對接近，將能更有效發揮協同效應，並達成資源共享與成本優化的目標。結合本研究的多維尺度分析與分群結果，進一步提供了併購策略的洞察。研究結果發現，隨著時間遞延，對於整併績效有顯著影響。
ABSTRACT
In Taiwan's electronic component industry, M&A activities are seen as a key strategy to enhance the core competitiveness of enterprises. Through mergers and acquisitions, companies can not only expand their market share, but also gain access to new technologies and resources, further strengthening their operational efficiency and market position. This study focuses on 10 Taiwanese electronic component companies that have been listed after mergers and acquisitions from 2016 to 2019, and extends them to 2023 according to the time of mergers and acquisitions. In order to deeply analyze the influencing factors of post-M&A performance, this study com-bines Multidimensional Scale Analysis (MDS) and the elbow rule to further reveal the similarity and group characteristics of financial characteristics among firms. MDS is used to reduce multi-dimensional financial data to a two-dimensional plane, present the similarities and differences of different enterprises in post-merger and acquisition financial indicators, and determine the optimal number of groups by combining the elbow rule, and use the k-means algorithm to classify groups to iden-tify enterprise groups with similar financial performance. The analysis results show that the relative size of enterprises has a particularly significant impact on post-merger performance, and mergers and acquisitions of similar scale have a high-er efficiency improvement effect on the integrated financial performance. In addition, the application of the elbow rule helps to identify the characteristics of key groups among enterprises and reveals the differentiation strategies and performance of dif-ferent enterprise groups. The empirical results show that with the increase of the number of post-merger deferral years, the post-integration performance improvement trend becomes more obvious. In particular, the revenue growth rate and operating gross profit growth rate reached the largest improvement in the third to fifth year of the deferred period, indicating that enterprises need a longer time to integrate re-sources and realize value. In addition, the improvement in M&A performance is sig-nificantly affected by the relative relationship between the size of the merging com-pany and the merged company. The study points out that if the target company chooses a target enterprise that is relatively close to itself, it will be able to play a more effective role in synergies and achieve the goals of resource sharing and cost optimization. Combined with the multi-dimensional scale analysis and grouping re-sults of this study, it further provides insights into M&A strategies. The results of the study found that with the time delay, there was a significant impact on the perfor-mance of the consolidation. |
