| Summary: | 碩士 === 中國文化大學 === 會計研究所 === 88 === ABSTRACT
Since the whole economics system is in the process of transformation, the growing impact of globalization and liberalism, it has an urgent pressure for enterprise to merger and acquisition. M&A becomes a trend in recent years. And the severe competition in the global market makes correspondents go for many kinds of M&A strategies to keep competitive and survival. Through more intense competition among corporations, more and more firms try to establish economic power and to achieve business efficiency through corporate merger and acquisition. The study focuses on different synergy made by different M&A types and subjects and different performance accomplished by different industries after M&A. Besides, we deeply research that how difference types and subjects affect enterprises performance after M&A. The purposes of this research try to establish the model for Taiwan enterprises to merge or acquire and to provide suggestions about industrial analyses for enterprises.
The study explores 69 listed firms exchange in Taiwan Stock Exchange (TSE) from 1989 to 1996. After using variance analysis of GLM or paired-sample t-test analysis to test the change of operating efficiency and profitability of acquiring firms, we find the empirical results below:
In operational synergy, the test results of different kind of M&A types, subject and industries have significant differences, but the test results in financial and marketing synergy have not. Furthermore, the study concluded that different kind of M&A types and subject do not effect enterprise performance of operational, financial and marketing synergy in both Electric and Food industry after M&A.
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