购并对企业综效绩效及影响因素之探讨.doc

購併對企業綜效、績效及影響因素之探討 －以電信產業為例 The Impact of Merger and Acquisitions to Synergy and Performance for Enterprise-The Case of Telecommunication Industry 研究生：張惠婷 Chang, Whe-Ting 指導教授：洪仁杰 Hung, Rern-Jay 【摘要】 「購併」一詞是近十年來十分發燒的話題，公司要擴張不外乎採取內部擴張或者是外部擴張，然而，「購併」此種外部擴張的方式為公司所採取最為直接且快速的方式，過去有關購併的文獻，如Kitching 1967 、Lubatkin 1983 等學Mann-Whitney U無母數法做購併後綜效及績效之探討並以複迴歸及最小平方法 OLS 來評估其影響因素，以VIF及ARCH-LM做異質性及共線性的評估及修正。實證結果顯示購併後，在綜效部分營運綜效及市場綜效不僅沒有產生正面綜效甚至產生負面的反綜效，而財務綜效部分即有產生顯著的財務綜效。至於績效部分，在財務結構部分是有產生顯著的改善，但在償債能力及成長力部分的績效表現不僅沒有出現顯著改善甚至有惡化傾向，然而經營能力及獲利能力部分則是表現不一。在影響因素部分，影響營運綜效的為財務結構及獲利能力；市場綜效為成長性；財務綜效為財務結構、獲利能力及成長性。 關鍵字：購併、綜效、績效、影響因素 【Abstract】 In recent years, the word “MA”is a very important issue. A firm has channels to expand. One is the internal expansion and the other is external expansion. However, MA, the most popular way of the external expansion is the fastest one. In past, the most literature about MA, such as, Kitching 1967 and Lubatkin 1983 focus on the general industry or financial industry in monopolistic competition market. The relative research focuses on the MA in oligopoly market are few. Telecommunication industry revenue reached 317.6 billion in 2006 and belongs to the strategic industry in Taiwan. This study focuses on Telecommunication industry to study the impact of merger and acquisitions to synergy and performance for enterprise. I expect that the result can provide some implications to investor and enterprise. This study employs Mann-Whitney U to study the synergy and performance of MA and use OLS to estimate coefficient of the impact factors. Then, ARCH-LM and VIF are used to measure heteroskedasticity and collinearity. Empirical results operating synergy and marking synergy are appearing show that in negative direction. Only financial synergy appears synergy. Financial structure has improved after MA. Liquidity and growth worsen. Operating capacity and profitability exhibit inconsistency. In terms of factor of impacting, Financial Structure and Profitability