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| Title: | 制度距離對開發中國家企業購併績效的影響
Cross-border acquisition performance of developing country multinationals: The effect of institutional distance |
| Authors: | 謝宜珍
Hsieh, Yi-Chen |
| Contributors: | 譚丹琪
Tan, Dan-Chi
謝宜珍
Hsieh, Yi-Chen |
| Keywords: | 制度距離
購併績效
事件研究法
Institutional distance
Event study
Acquisition performance |
| Date: | 2020 |
| Issue Date: | 2020-08-03 17:24:17 (UTC+8) |
| Abstract: | 本研究探討制度距離對企業併購績效的影響，並採用2006年至2018年間開發中國家的跨國購併資料共2210筆，其中被併國的制度距離六大面向平均分數皆高於主併國的制度距離六大面向平均分數，被併國的制度環境平均而言是優於主併國，顯示樣本中的開發中國家企業多朝制度環境較健全穩定的國家進行收購。本研究採用事件研究法進行驗證，根據資料分析結果，制度距離對開發中國家企業購併績效有顯著的正U型曲線關係。本研究認為制度距離對購併績效同時存在正面影響與負面影響，雖然制度環境不同使企業需要適應新環境、承擔違約或貪污風險進而產生額外成本降低購併績效，但開發中國家企業在較完善的制度環境中經營時，除了可以擁有較低的成本和風險進行更有效率的經濟活動外，購併所產生學習效果也會在比制度環境差的國家強，進而提升企業的價值，此正面的效果會隨著被併國的制度環境越好而增加。因此當兩國制度距離差異高於某個程度時，良好健全的制度環境所產生的正面效果會大於制度環境差異所產生的負面效果，制度距離反而對企業的購併績效產生正向影響進而提升企業的價值，導致制度距離對購併績效的影響呈現正U型曲線。
This study analyzes the impact of institutional distance on developing country company’s acquisition performance. The sample comprises 2210 cross-broader acquisitions by developing country companies from 2006 to 2018. To measure institutional distance, I used World Bank’s The Worldwide Governance Indicators, which comprise six dimensions that evaluate the governance environment and law system of each country. In my sample, the average scores of the indicators of target countries are higher than those of the acquirer’s countries. This means that developing country companies mostly take over targets in countries with more stable institutional environments. According to the results by event study, institutional distance has a significant U-shaped relationship with the acquisition performance. This result represents that institutional distance has both positive and negative effects on developing country company’s acquisition performance. When companies take time to adapt to the institutionally different environments, and may incur additional costs that would reduce their value. However, when they operate in more stable institutional environment, they will have lower costs and risks, and be more efficient in engaging in economic activities. And the learning effects will also be strong when companies acquire targets in stable institutional environment. Taking both negative and positive effects of institutional distances together, my empirical finding shows that when the institutional distance is lower than a certain level, the negative effect will surpass the positive effect. However, when the institutional distance reaches to a certain level, the positive effect will outweigh the negative effect. |
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| Description: | 碩士
國立政治大學
國際經營與貿易學系
107351026 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0107351026 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU202000673 |
| Appears in Collections: | [國際經營與貿易學系 ] 學位論文
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