M&A and Technical Efficiency-Applications ofMatching Approach and Stochastic Frontier Model

• Main Authors: Chen,Peng An, 陳鵬安
• Other Authors: Lin,Jwu-Rong
• Format: Others
• Language: zh-TW
• Published: 2011
• Online Access: http://ndltd.ncl.edu.tw/handle/30488759626562100522

碩士 === 東海大學 === 管理碩士在職專班 === 99 === This article aims to assess whether mergers and acquisitions type,the impact of technical efficiency. First, the use of SDC database collected from 1997 to 2008, Taiwan and the company's main sample group, and apply Rubin (1973) and Rosenbaum and Rubin (1985a, 1985b) developed a matching method to find the company matched group of companies of similar properties sample group as a control group; Secondly, construct the stochastic frontier production function, in order to estimate the Cobb-Douglos production function and inefficiency regression; Finally, the use of nonparametric statistical tests,view the M & A type of technical efficiency differences. Empirical results show that: (1) regression parameters estimated by the production function results show the overall sample group of the output elasticity of capital and labor, respectively 0.456 and 0.449, while the corresponding scale elasticity of 0.905 is close to the minimum efficient scale. (2) regression parameters estimated by the inefficiency results show merger may significantly reduce the inefficient (ie, improve the technical efficiency). (3) NW and by the nonparametric KW test results show the domestic type and level of technical efficiency-based mergers and acquisitions, significantly higher than the matched set of sample groups, while vertical mergers and acquisitions group is far behind in matching the level of the sample group and type of mergers and acquisitions sample groups . The domestic-based mergers and acquisitions group with international mergers and acquisitions group were not significantly different type. (4) integration of empirical results of this paper to show M & A activity (especially with the level of domestic mergers and acquisitions), help to improve technical efficiency. Keywords: mergers and acquisitions, matching method, the stochastic frontier production function, technical efficiency