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| Title: | ESG表現對於國際購併後所有權之影響：以新興市場跨國企業為例
The Impact of Acquirers’ ESG Performance on Foreign Targets’ Ownerships — The Case of Emerging Market Acquirers |
| Authors: | 吳旻芳
Wu, Min-Fang |
| Contributors: | 譚丹琪
Tan, Dan-Chi
吳旻芳
Wu, Min-Fang |
| Keywords: | 國際購併
ESG
CSR
所有權
新興市場
發展中經濟體
策略
全球化
Mergers and Acquisitions
ESG
CSR
Ownership
Emerging Markets
Developing Economies
Strategy
Globalization |
| Date: | 2023 |
| Issue Date: | 2023-09-01 15:21:52 (UTC+8) |
| Abstract: | 全球購併呈現成長趨勢，其中，新興市場及發展中經濟體的成長幅度最大。因為涉及股權，進行購併需承擔相當的風險，而股權多寡代表著對於公司的控制權力，對於新興市場及發展中經濟體尤為重要，在執行前需要經過慎重的考量與規劃，因此清楚利害關係人衡量購併的指標相當重要；而ESG作為近年來全球越來越關注的議題，逐漸被納入進行購併時考量的指標。
本研究以新興市場及發展中經濟體為例，並以中國企業為代表，透過分析中國企業收購方ESG表現對於購併後所有權的影響，發現在不區分被收購方國家發展程度的情況下，當收購方的ESG表現越好，購併後所有權超過50%的機率越低；而當被收購方為發達經濟體，不論是收購方的 ESG整體還是分項表現，當表現越好，在當次購併後能成為多數股一方的機率越高。
Mergers and acquisitions (M&A) are on the rise globally, with emerging markets and developing economies experiencing significant growth. M&A transactions involve transferring equity and can entail substantial risks for both acquiring and target firms. The level of ownership acquired influences the acquiring firms’ control over the target company, which could raise important concerns for target firms when the acquiring firms are from emerging markets. Hence, M&A strategies require careful planning and understanding of stakeholders` key concerns. Recently, environmental, social, and governance (ESG) factors have gained attention as essential evaluation criteria for M&A deals.
This study examines the level of ownerships in M&A deals made by emerging market firms, using Chinese companies as examples. In particular, I investigate the impact of ESG performance of Chinese acquirers on the equity level of their target firms. My empirical findings show that regardless of economic development level of the target firms, higher ESG performance leads to a lower likelihood of obtaining ownership exceeding 50% after the acquisition. However, for target firms located in developed economies, the acquirer`s ESG performances increase the chances of their becoming the majority shareholder after the acquisition. |
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| Description: | 碩士
國立政治大學
國際經營與貿易學系
110351008 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0110351008 |
| Data Type: | thesis |
| Appears in Collections: | [國際經營與貿易學系 ] 學位論文
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