The study of factors leading the companies to execute merger strategies and affecting the long－term performance

• Main Authors: Jou-Chuan Chen, 陳柔全
• Other Authors: Shy, Jonchi
• Format: Others
• Language: zh-TW
• Published: 2008
• Online Access: http://ndltd.ncl.edu.tw/handle/98939426678178461402

碩士 === 國立臺灣科技大學 === 財務金融研究所 === 96 === This research tried to find out those important factors that affect mergers and acquisitions. The paper had been divided into two parts. First, we tried to find out the important effective factores that influence company’s acquisition strategies. There are five significant identifications of acquiring firms: 1. better ROA, ROE; 2. lower Debt Ratio; 3. higher Growth Rate; 4. participating in less-competive industry; 5. equity structure is more concentrative. Second, we examined those factors whether influencing the long-term efficiency of the acquiring firm or not. There are also five significant results: 1. the economic factors will effect the long-term Tobin’s Q of the acquiring firm; 2. when the company is in the growing stage, the efficiency will be decresed after the acquisition; 3. if the industy is more competive, the acquiring firm will gain more profit after the acquisition; 4. merger and acquisition events will cut down well-performed firms’ efficiency; 5. the more free cash flow the acquiring firm has before merger and acquisition, the better improvement it will have.