| Summary: | 碩士 === 國立交通大學 === 管理學院財務金融學程 === 103 === This paper subjects are the world top 20 pharmaceutical companies by assets between 2008 and 2012, and examine Mergers and Acquisitions activities and company characteristics of the sample companies. The effect on companies' operating performance and market performance are also explored (including Market Value and Tobin’s Q). The empirical results are also follows:
1.M&;A activity characteristics add company characteristics is considered a strong significant explanatory ability for the performance. During evaluation a M&;A deal, both characteristics must be considered
2.Research and Development expenses has a significant positive impact on company’s following year market performance and operating performances
3.If there are too many Mergers and Acquisitions activities during one year, or even on a cash buy-outs, the market performance has a negative relationship. Because of concerning financial burden from M&;A activity is greater than the expectation on M&;A synergy
4.For the entire sample companies, cross-border Mergers and Acquisitions requires longer period of time for culture integration. Under short term observation, it has a significant negative impact on operating performance.
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