政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/130912

政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/130912

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政大典藏 > College of Commerce > Department of International Business > Theses > Item 140.119/130912

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/130912

Title:	開發中國家企業併購經驗對併購績效的影響 Do Foreign Acquisition Experiences Affect Post-Acquisition Performance? A Developing Country Perspective
Authors:	黃琳芳 Huang, Lin-Fang
Contributors:	譚丹琪 Tan, Dan-Chi 黃琳芳 Huang, Lin-Fang
Keywords:	併購開發中國家跨國併購經驗文化區塊累積異常報酬率學習效果 Acquisition Developing Country Foreign Acquisition Experience Culture Cluster Cumulative Abnormal Return Learning Effect
Date:	2020
Issue Date:	2020-08-03 17:24:04 (UTC+8)
Abstract:	本篇以企業併購經驗所產生的學習效果為核心，探討企業是否能在過往的併購案例中習得相關的知識，並且使後續的併購績效更加提升。本研究以開發中國家為樣本進行複迴歸分析，並採用宣告日及前後一天之累積異常報酬率作為併購績效之衡量變數。實證結果發現，企業過往的跨國併購經驗與後續併購績效呈現倒U型關係，即一定的經驗能帶來良好的效果，但過多亦會導致負面的結果；另外，亦發現被併公司所屬文化區塊併購經驗與企業往後併購績效也呈現相似的倒U型關係，兩結果皆符合原先所設定的假設。此外，我也發現被併公司地主國併購經驗同樣能帶來正向良好的效果，以及當企業過往若曾經有過已開發國家或開發中國家之任一併購經驗，同樣也能對併購表現帶來正面的影響。 The study examines the relationship between MNE’s foreign acquisition experiences and the post-acquisition performance. Based on empirical analysis of a sample of cross-border acquisitions made by developing countries during 2011-2016, I find that developing country multinationals’ foreign acquisition experiences have an inverse U-shaped relationship with their post-acquisition performance. This suggests that while experiences make positive effects, when reached a certain level, experiences can have negative influences. Similarly, I find a similar inverse U-shaped relationship between the MNE’s host culture cluster acquisition experiences and post-acquisition performance.
Reference:	一、中文文獻王宛秋、劉璐琳 (2015)。何種經驗更易吸收：關於併購經驗學習效果的實證研究。管理評論，10，150-160。伍慧穎 (2010)。併購績效決定因素：購併經驗與產業相似性效應（未出版碩士論文）。國立成功大學，臺南市。莊雅涵 (2015)。跨國併購經驗對併購表現影響之研究—以台灣企業跨國併購為例（未出版碩士論文）。國立政治大學，臺北市。曾真真 (2010)。經驗學習、替代性學習對再併購機率的影響：以台灣上市櫃製造業為例。管理學報，27 (1)，39-55。劉哲榮 (2016)。企業學習與企業併購（未出版碩士論文）。國立政治大學，臺北市。二、英文文獻 Barkema, H. G., & Vermeulen, F. (1998). International Expansion Through Start-up or Acquisition: A Learning Perspective. Academy of Management Journal, 41(1), 7-26. Chatterjee, S. (1986). Types of Synergy and Economic Value: The Impact of Acquisitions on Merging and Rival Firms. Strategic Management Journal, 7, 119-139. Dutton, J. M., & Thomas, A. (1984). Treating progress functions as a managerial opportunity. The Academy of Management Review, 9(2), 235-247. Edwards, C. D. (1955). Conglomerate Bigness as a Source of Power. Business Concentration and Price Policy. Princeton, N.J.: Princeton University Press, 331-359. Ener, H. (2019). Do Prior Experiences of Top Executives Enables or Hinder Product Market Entry? Journal of Management Studies, 56(7), 1345-1376. doi:10.1111/joms.12401 Fowler, K. L., & Schmidt, D. R. (1989). Determinants of Tender Offer Post-Acquisition Financial Performance. Strategic Management Journal, 10, 339-350. Gong, Y., Zhang, Y., & Xia, J. (2019). Do Firms Learn More from Small or Big Successes and Failures? A Test of the Outcome-Based Feedback Learning Perspective, Journal of Management, 45(3), 1034-1056. doi:10.1177/0149206316687641 Hayward, M. L. A. (2002). When Do Firms Learn from their Acquisition Experience? Evidence from 1990-1995. Strategic Management Journal, 23, 21-39. doi:10.1002/smj.207 Hitt, M., Ireland, R. D., & Hoskisson, R.E. (2006). Strategic Management: Concepts and Cases. Kale, P., Dyer, J. H., & Singh, H. (2002). Alliance Capability, Stock Market Response, and Long-term Alliance Success: The Role of the Alliance Function. Strategic Management Journal, 23, 747-767. doi:10.1002/smj.248 Levy, H., & Sarnat, M. (1970). International Diversification of Investment Portfolios. The American Economic Review, 60(4), 668-675. Nadolska, A., & Barkema, H. G. (2007). Learning to Internationalise: The Pace and Success of Foreign Acquisitions. Journal of International Business Studies, 38, 1170-1186. Nadolska, A., & Barkema, H. G. (2014). Good Learners: How Top Management Teams Affect the Success and Frequency of Acquisitions. Strategic Management Journal, 35, 1483-1507. doi:10.1002/smj.2172 Porrini, P. (2004). Can a Previous Alliance Between an Acquirer and a Target Affect Acquisition Performance? Journal of Management, 30(4), 545-562. Rumelt, R. P. (1974). Strategy, Structure and Economic Performance. Harvard University Press, Cambridge, MA. Reus, T. H., & Lamont, B. T. (2009). The Double-Edged Sword of Cultural Distance in International Acquisitions. Journal of International Business Studies, 40, 1298-1316. Ronen, S., & Shenkar, O. (2013). Mapping World Cultures: Cluster Formation, Sources and Implications. Journal of International Business Studies, 44, 867-897. Rabbiosi, L., Elia, S., & Bertoni, F. (2012). Acquisitions by EMNCs in Developed Markets: An Organizational Learning Perspective. Management International Review, 52, 193-212. doi:10.1007/s11575-012-0134-3 Seth, A. (1990). Value Creation in Acquisitions: A Re-Examination of Performance Issues. Strategic Management Journal, 11, 99-115. Tsang, E. W. K., & Yip, P. S. L. (2007). Economic Distance and the Survival of Foreign Direct Investments. Academy of Management Journal, 50(5), 1156-1168. Vermeulen, F., & Barkema, H. (2001). Learning Through Acquisition. Academy of Management Journal, 44(3), 457-476. Wright, P., Kroll, M., Lado, A., & Vanness, B. (2002). The Structure of Ownership and Corporate Acquisition Strategies. Strategic Management Journal, 23, 41-53. doi:10.1002/smj.208 Zeng, Y., Shenkar, O., Lee, S., & Song, S. (2013a). Cultural Differences, MNE Learning Abilities, and the Effect of Experience on Subsidiary Mortality in a Dissimilar Culture: Evidence from Korean MNEs. Journal of International Business Studies, 44, 42-65. Zeng, Y., Shenkar, O., Song, S., & Lee, S. (2013b). FDI Experience Location and Subsidiary Mortality: Differences in National Culture and the Expansion of Korean MNEs. Management International Review, 53, 477-509. doi:10.1007/s11575-013-0169-0
Description:	碩士國立政治大學國際經營與貿易學系 107351025
Source URI:	http://thesis.lib.nccu.edu.tw/record/#G0107351025
Data Type:	thesis
DOI:	10.6814/NCCU202000672
Appears in Collections:	[Department of International Business] Theses

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