Loading...
|
Please use this identifier to cite or link to this item:
https://nccur.lib.nccu.edu.tw/handle/140.119/118522
|
| Title: | 家族企業併購與經營績效之關聯性研究：以台灣上市櫃公司為例
The Effect of Family Firms on Mergers and Acquiring : The Evidence of Taiwanese Listed Companies |
| Authors: | 林雨薇 |
| Contributors: | 許崇源
林雨薇 |
| Keywords: | 家族企業
併購
經營績效
多角化併購策略
Family firms
Mergers and acquisitions
Performance
Diversification |
| Date: | 2018 |
| Issue Date: | 2018-07-10 15:33:07 (UTC+8) |
| Abstract: | 家族持有企業係目前極為普遍的形式，家族企業與非家族企業主要差異存在於代理理論，為了衡量代理問題在家族企業與非家族企業所造成的影響，以併購後之長期績效作為衡量指標，檢視台灣上市櫃公司併購後長期績效表現，並進一步探討採取多角化併購策略是否影響主併公司之價值。
本研究以2004年起至2014年底止，台灣上市櫃公司未破局之併購案件為研究對象，共383筆樣本，相關實證結果如下：
一、 家族企業與經營績效關聯性方面：以家族為控制型態與企業經營績效呈現顯著負相關。
二、 採取多角化併購策略與企業經營績效關聯性方面：採取多角化併購策略與經營績效之關聯性並不顯著。
三、 家族企業採取多角化併購策略與企業經營績效關聯性方面：家族企業採行多角化併購策略與企業經營績效之關聯性不顯著。
Family firm is a popular ownership structure now. The main difference exists between family and non-family firms is the types of agency problems they possess. To measure how the agency problem affect the performance of family and non-family firms, we focus on a decision area that influenced by agency problems: mergers and acquisitions. We empirically examine the long run performance of listed companies of Taiwan Stock Exchange after they make an acquisition. Furthermore, we specifically examine the value implications of diversifying mergers.
We use the completed mergers and acquisitions of Taiwanese listed firms as subjects and the research period is from 2004 to 2014. Our sample consists of 383 acquisitions. The relevant empirical results are shown below:
First, the relationship between family firms and post-merge performance: they show a significant negative correlation.
Second, the relationship between diversification and post-merge performance: the correlation is not significant.
Third, the relationship between family firms take diversification strategy in mergers and acquisitions and post-merge performance: the correlation is not significant. |
| Reference: | 中文部分
呂佳玲與林基煌，2008，家族企業公司治理、併購策略與績效之探討，亞太經濟管理評論，第十一卷第二期：107-134。
沈育宏，2007，家族持股、家族管理與公司績效：以台灣上市公司為例，國立台灣科技大學財務金融研究所未出版碩士論文。
沈昱均，2008，家族企業與非家族企業經營績效之比較，國立雲林科技大學會計系未出版碩士論文。
林嬋娟與張哲嘉，2009，董監事異常變動、家族企業與企業舞弊之關聯性，會計評論，第第48期：1-33。
曹壽民、林哲弘與陳羿安，2010，家族企業與會計保守性，2010會計理論與實務研討會論文集，淡江大學。
許有嫻，2007，多角化、國際化與公司績效關係之研究，國立中正大學財務金融研究所未出版碩士論文。
郭翠菱與王志洋，2017，公司治理如何影響家族企業之績效？長期縱貫分析， 會計評論，第64期：61-111。
喬友慶、于卓民、林月雲，2001，國際化程度與產品差異化能力對廠商績效之影響－台灣大型製造廠商之實證研究，管理學報，第19卷第5期：811-842。
湯麗芬，2010，家族企業特質與盈餘品質之關聯性，當代會計，第11卷：371-410。
黃世朋與陳美華，2008，多角化、成長機會對公司價值之關係與影響—台灣上市公司為例，遠東學報，第25 卷第4 期：519-540。
楊朝旭，2008，集團多角化對研發外溢調節效果之研究，會計評論，第46 期：31-65。
詹凱玲，2007，股權結構、董事會組成與公司績效之關係－以家族與非家族企業之角度，銘傳大學會計學系未出版碩士論文。
廖秀梅、李建然與吳祥華，2006，董事會結構特性與公司績效關係之研究－兼論台灣家族企業因素的影響，東吳經濟商學學報，第54期：117-160。
鄭政秉、李揚與黃晉偉，2006，多角化海外投資對台灣製造業經營效率的影響，管理與系統，第13 卷第3 期：315-331。
賴威廷，2004，企業多角化與代理成本、公司治理關係之研究，東海大學企業管理研究所未出版之碩士論文。
蘇淑慧、呂倩如與金成隆，2009，家族公司與盈餘品質關係之研究：所有權、管理權與控制權，台大管理論叢，第19卷第S2期：75-90。
英文部分
Alexandridis, G., Fuller, K. P., Terhaar, L., & Travlos, N. G. 2013. Deal size: Acquisition premia and shareholder gains. Journal of Corporate Finance 20: 1-13.
Anderson, R., and Reeb, D. 2003. Founding-family ownership and firm performance: Evidence from the S&P 500. Journal of Finance 58: 1301-1328.
Anderson, R., and Reeb, R. 2003. Founding family ownership and the agency cost of debt. Journal of Financial Economics 68: 263-285.
Anderson, R., Mansi, S., and Reeb, R. 2003. Founding family ownership, corporate diversification, and firm leverage. Journal of Law and Economics 46: 653-684.
Andrei Shleifer, Robert W. Vishny. 1989. Management entrenchment: The case of manager-specific investments. Journal of Financial Economics 25: 123-139.
Andres, C. 2008. Large shareholders and firm performance-An empirical examination of founding-family ownership. Journal of Corporate Finance 14 : 431-445.
Andres, C. 2011. Family ownership, financing constraints and investment decisions. Applied Financial Economics 21: 1641-1659.
Ang, J. S., Cole, R. A., & Lin, J. W. 2000. Agency costs and ownership structure. Journal of Finance 55: 81-106.
Berle, A., and Means, G. 1932. The Modern Corporation and Private Property. Transactions Publishers.
Burgman, T. A. 1996. An empirical examination of multinational corporate capital structure. Journal of International Business Studies 27: 553-570.
Chandler A. D. 1977. The visible hand: The managerial revolution in American business. Cambridge, MA: Belknap Press.
Chang, S. 1998. Takeovers of privately held targets, methods of payment, and bidder returns. Journal of Finance 52: 773-784.
Chatterjee, S. and Lubatkin, M. 1990. Corporate mergers, stockholder diversification, and changes in systematic risk. Strat. Mgmt. J. 11: 255-268.
Chung, K. H., and S. W. Pruitt. 1994. A simple approximation of Tobin’s Q. Financial Management 23: 70-74.
Claessens S., S. Djankov, and L.H.P. Lang. 2000. The Separation of Ownership and Control in EastAsian Corporations. Journal of Financial Economics 58: 81-112.
Claudio Loderer and Kenneth Martin. 1990. Corporate Acquisitions by Listed Firms: The Experience of a Comprehensive Sample. Financial Management 19: 17-33.
DeLong, G. 2001. Stockholder gains from focusing versus diversifying mergers. Journal of Financial Economics 59: 221-252.
Demsetz, H. 1983. The structure of ownership and the theory of the firm. Journal of Law and Economics 25: 375-390.
Demsetz, H., and Lehn, K. 1985. The structure of corporate ownership: Causes and consequences. Journal of Political Economy 93: 1155-1177.
Faccio, M., and Lang, L. 2002. The ultimate ownership of Western European Corporations. Journal of Financial Economics 65: 365-395.
Fama Eugene, F., and Jensen Michael, C. 1983. Separation of ownership and control. Journal of Law & Economics 26: 301-325.
Firth, M. 1995. The impact of institutional stockholders and managerial interests on the capital structure of firms. Managerial and Decisions Economics 16: 167-175.
Fuller, K., Netter, J., & Stegemoller, M. 2002. What do returns to acquiring firms tell us? Evidence from firms that make many acquisitions. Journal of Finance 57: 1763-1794.
Gao, N. 2011. The adverse selection effect of corporate cash reserve: Evidence from acquisitions solely financed by stock. Journal of Corporate Finance 17: 789-808.
Gomes, J and D. Livden. 2004. Optimal Diversification: Reconciling Theory and Evidence. Journal of Finance 59: 507-535.
Gomez-Mejia, L. R., M. Nunez-Nickel, and I. Gutierrez. 2001. The role of family ties in agency contracts. The Academy of Management Journal 44: 81-95.
Grant, R. M. 1988. On ‘dominant logic’, relatedness and the link between diversity and performance. Strat. Mgmt. J. 9: 639-642.
Hair, J. F. Jr., R. E. Anderson, R. L. Tatham, and W. C. Black. 1998. Multivariate Data Analysis. 5th edition. Englewood Cliffs, N.J.: Prentice-Hall.
Ho, J. L. Y., A. Wu, and S. X. Xu. 2011. Corporate governance and returns on information technology investment: Evidence from an emerging market. Strategic Management Journal 32: 595-623.
James, H. 1999. Owner as manager, extended horizons and the family firm. International Journal of the Economics of Business 6: 41-56.
Jeannette A. Switzer. 1996. Evidence on real gains in corporate acquisitions. Journal of Economics and Business 48: 443-460.
Jensen, M. C. 1986. Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. American Economic Review 76: 323-329.
JENSEN, M. C. 1993. The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems. The Journal of Finance 48: 831-880.
Jensen, M. C. and K. J. Murphy. 1990. Performance Pay and Top Management Incentives. Journal of Political Economy 98: 225-264.
Jeremy C. Stein. 1989. Efficient Capital Markets, Inefficient Firms: A Model of Myopic Corporate Behavior. The Quarterly Journal of Economics 104: 655-669.
Jeremy C. Stein.1988. Takeover Threats and Managerial Myopia. Journal of Political Economy 96: 61-80.
José Allouche, Bruno Amann, Jacques Jaussaud, and Toshiki Kurashina. 2008. The Impact of Family Control on the Performance and Financial Characteristics of Family Versus Nonfamily Businesses in Japan: A Matched‐Pair Investigation. Family Business Review 21: 315-329.
Kim, W. C., Hwang, P., and Burgers, W. P. 1993. Multinationals` diversification and the risk return trade-off. Strategic Management Journal 14: 275-286.
Klein, A. 1998. Firm performance and board committee structure. The Journal of Law and Economics 41: 275-304.
La Porta, R., Lopez-de-Silanes, F., and Shleifer, A. 1999. Corporate ownership around the world. Journal of Finance 54: 471–-517.
Lauterbach, B., and A. Vaninsky. 1999. Ownership structure and firm performance: Evidence from Israel. Journal of Management and Governance 3: 189-201.
Lee, J. 2006. Family firm performance: Further evidence. Family Business Review 19: 103-114.
Lewellen, W. G. 1971. A Pure Financial Rationale For The Conglomerate Merger. The Journal of Finance 26: 521-537.
Markides, C. C. 1992. The Economic Characteristics of De‐diversifying Firms. British Journal of Management 3: 91-100.
Martínez, J. I., B. S. Stöhr, and B. F. Quiroga. 2007. Family ownership and firm performance: Evidence from public companies in Chile. Family Business Review 20: 83-94.
Maury, B. 2006. Family ownership and firm performance: Empirical evidence from Western European corporations. Journal of Corporate Finance 12: 321–-341.
May, D. O. 1995. Do Managerial Motives Influence Firm Risk-education Strategies? Journal of Finance 50: 1291-1308.
Michael C.Jensen, and William H.Meckling. 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics 3: 305-360.
Milton Harris, Bengt Holmstrom. 1982.A Theory of Wage Dynamics. The Review of Economic Studies 49: 315-333.
Moeller, S. B., Schlingemann, F. P., & Stulz, R. M. 2004. Firm size and the gains from acquisitions. Journal of Financial Economics 73: 201-228.
Montgomery, C. A. 1994. Corporate Diversification. Journal of Economic Perspectives 8: 163-178.
Morck, R., A. Shleifer, and R. W. Vishny. 1990. Do Managerial Objectives Drive Bad Acquisitions?. The Journal of Finance 45: 31-48.
Morck, R., A. Shleifer, and R. W. Vishny. 1988. Management ownership and market valuation: An empirical analysis. Journal of Financial Economics 20: 293-315.
Myers, S. C., & Majluf, N. S. 1984. Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13: 187-221.
Paul M. Healy, Krishna G. Palepu, Richard S. Ruback. 1992. Does corporate performance improve after mergers? Journal of Financial Economics 31: 135-175.
Pinando, J., Requejo, I., and De La Torre, C. H. A. B. E. L. A. 2015. Does family control shape corporate capital structure? An empirical analysis of Eurozone firms. Journal of Business Finance & Accounting 42: 965-1006.
Rajan, R. , Servaes, H. and Zingales, L. 2000. The Cost of Diversity: The Diversification Discount and Inefficient Investment. The Journal of Finance 55: 35-80.
Rau, P. R., & Vermaelen, T. 1998. Glamour, value and the post-acquisition performance of acquiring firms. Journal of Financial Economics 49: 223-253.
Reed, R., and Luffman, G. A. 1986. Diversification: The growing confusion. Strategy Management Journal 7: 29-35.
Roger B Myerson. 1982.Optimal coordination mechanisms in generalized principal–agent problems. Journal of Mathematical Economics 10: 67-81.
Rose, N. L., and A. Shepard. 1997. Firm Diversification and CEO Compensation: Managerial Ability or Executive Entrenchment? Journal of Economics: 489-514.
Shleifer, A. and Vishny, R. W. 1997. A Survey of Corporate Governance. The Journal of Finance 52: 737-783.
Shleifer, A., & Vishny, R. W. 2003. Stock market driven acquisitions. Journal of financial Economics 70: 295-311.
Stein, J. 1997. Internal capital markets and the competition for corporate resources. Journal of Finance 52: 111-133.
Stephen D. Williamson. 1986. Costly monitoring, financial intermediation, and equilibrium credit rationing. Journal of Monetary Economics 18: 159-179.
Stulz, R. M. 1990. Managerial Discretion and Optimal Financial Policies. Journal of Financial Economics 26: 3-27.
Teece, D. J. 1980. Economies of Scope and the Scope of the Enterprise. Journal of Economic Behavior and Organization 1: 223-247.
Tsao, C. W., S. J. Chen., C. S. Lin, and W. Hyde. 2009. Founding-family ownership and firm performance: The role of high-performance work systems. Family Business Review 22: 319-332.
Villalonga, B., and Amit, R. 2006. How do family ownership, control, and management affect firm value? Journal of Financial Economics 80: 385-417.
Watts, R. L., and J. L. Zimmerman. 1986. Positive Accounting Theory. Englewood Cliffs, N.J.: Prentice-Hall.
Yeh, Y. H., T. S. Lee, and T. Woidtke. 2001. Family control and corporate governance: Evidence from Taiwan. International Review of Finance 2: 21-48.
Zantout, Z. Z. and M. O`Reilly-Allen. 1996. Determinants of Corporate Strategy and Gains of Acquiring Firms. Journal of Accounting, Auditing and Finance 11: 119-129. |
| Description: | 碩士
國立政治大學
會計學系
105353006 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0105353006 |
| Data Type: | thesis |
| DOI: | 10.6814/THE.NCCU.ACCT.015.2018.F07 |
| Appears in Collections: | [會計學系] 學位論文
|
Files in This Item:
There are no files associated with this item.
|
All items in 政大典藏 are protected by copyright, with all rights reserved.
|
