第五章 研究結論、限制與建議
第三節 建議
國
立 政 治 大 學
‧
N a tio na
l C h engchi U ni ve rs it y
53
第三節 建議
1. 樣本期間
未來之研究可將觀察期間內景氣循環、政府政策及產業環境等因素納入研 究範圍。
2. 目標公司之狀況
未來之研究可將目標公司之狀況納入考慮。
3. 金融產業
未來之研究可單獨針對金融產業進行併購績效的探討。
4. 併購類型
未來之研究可將不同併購方式對經營績效之影響納入研究範圍。
‧ 國
立 政 治 大 學
‧
N a tio na
l C h engchi U ni ve rs it y
54
參考文獻
方仕豪,1999,企業進行跨國購併後對經營效率與獲利能力之影響─以台灣主併 公司為例,私立淡江大學國際貿易研究所未出版碩士論文。
伍忠賢,2002,企業併購理論與實務,台北:新陸書局股份有限公司。
吳安妮,1991,企業合併及購併之特質、特性、策略及合購併後績效之研究,行 政院國家科學委員會專題研究計劃成果報告。
吳安妮,1992,台灣企業併購動機之實證研究,管理評論,第 11 卷:1-27。
吳美麗,1994,台灣製造業購併前後績效購併綜效與經營績效之實證研究,私立 淡江大學管理科學研究所未出版碩士論文。
吳雅章,1982,營利事業合併經營之財務管理研究,國立政治大學企業管理研究 所碩士論文。
李淑芬,2005,企業購併前後之經營績效研究 ,國立成功大/高階管理碩士在職 專班碩士論文。
林永隆,1998,企業購併在財務上之探討,國立中興大學企業管理研究所未出版 碩士論文。
林嬋娟、吳安妮,1992,台灣企業併購綜效及績效之實證研究,會計評論,第 26 期(4 月):1-23。
林聰哲,1989,財務績效對企業合併經營決策影響之研究,私立東吳大學管理學 研究所未出版碩士論文。
倪鈺茹,2007,企業併購與經營績效之研究,私立中原大學會計學系研究所未出 版碩士論文。
孫梅瑞,2002,國內上市公司從事公司購併活動對經營績效的影響,國立政治大 學企業管理研究所博士論文。
‧
顏銘志,2000,以 MVA、FCF 等新型指標衡量企業購併之財務績效,國立中正大 學企業管理研究所碩士論文。
Asquith, P., R. Bruner and D. Mullin. 1983. The gains to bidding firms from merger.
Journal of Financial Economics 11(1-4): 121-140.
Barney, J. 1991. Firm resources and sustained competitive advantage. Journal of
management 17(1): 99-120.
Conn, R. C., C. A., G. P., and A. Hughes. 2001. Long-run share performance of UK firms engaging in cross-border acquisitions. Working paper 214. University of Cambridge.
‧
Demsetz, H. 1973. The market concentration doctrine. Washington: American Enterprise Institute for Public Policy Research.
Doukas, J., and N. G. Travlos. 1988. The effect of corporate multinationalism on
shareholders' wealth: Evidence from international acquisitions. Journal of Finance 43: 401-417.
Franks, J., Harris, R., and Titman, S. 1991. The postmerger share-price performance of acquiring firms. Journal of Financial Economics 29(1): 81-96.
Fowler, Karen L., and Dennis R. Schmidt. 1989. Determinants of tender offer post‐
acquisition financial performance. Strategic Management Journal 10.4: 339-350.
Ghoshal, S. 1987. Global strategy: An organizing framework. Strategic management
journal 8(5): 425-440.
Ghosh, A. 2001. Does operating performance really improve following corporate acquisitions?. Journal of Corporate Finance 7(2): 151-178.
Harris, R., and Robinson, C. 2002. The effect of foreign acquisitions on total factor productivity: plant-level evidence from UK manufacturing, 1987–1992. Review of
Economics and Statistics 84(3): 562-568.
Healy, P. M., Palepu, K. G., and Ruback, R, S. 1992. Does corporate performance improve after mergers? Journal of Financial Economics 31: 135-175.
Higson, C., and Briginshaw, J. 2000. Valuing internet business. Business Strategy Review 11(1): 10-20.
Hitt, M., Harrison, J., Ireland, R. D., and Best, A. 1998. Attributes of successful and unsuccessful acquisitions of US firms. British Journal of Management 9(2): 91-114.
Jensen, M. C and W. Meckling. 1976. Theory of the Firm: Management Behavior, Agency Costs, and Ownership Structure. Journal of Financial Economics 3: 305-360.
‧
Kim, E.H., and J. McConnell. 1977. Coporate mergers and the co-insurance of coporate debt. The Journal of Finance 32: 394-365.
Kitching, J. 1967. Why do merger miscarry? Harvard Business Review 45: 84-101.
Kumar, S. and Bansal, L. K. 2008. The impact of mergers and acquisitions on corporate performance in India. Management Decision 48(10): 1531-1543.
Kusewitt, J. B. 1985. An exploratory study of strategic acquisition factors relating to performance. Strategic Management Journal 6(2): 151-169.
Lehn, K., and Poulsen, A. 1989. Free cash flow and stockholder gains in going private transactions. The Journal of Finance 44(3): 771-787.
Levitt, B., and March, J. G. 1988. Organizational learning. Annual review of sociology 14(1): 319-338.
Léger, P. M., and Quach, L. 2009. Post-merger performance in the software industry:
The impact of characteristics of the software product portfolio.Technovation 29(10): 704-713.
Loughran, T., and A. M. Vijh. 1997. Do long-term shareholders benefit from coporate acquisitions? Journal of Finance 52: 1765-1790.
Markides, C., and Oyon, D. 1998. International acquisitions: Do they create value for shareholders?. European Management Journal 16(2): 125-135.
McGuckin, R., S. Nguyen, and A. Reznek. 1995. Theimpact of ownership change on employment, wagesand labour productivity in US manufacturing 1977-87.Center
for Economic Studies, US Bureau of Census: 95-8.
McGuckin, R., S. Nguyen. 1995. On productivity and plant ownweship change: New evidence from Longitudinal Reaserch Database. Rand Journal of Economics 26:
257-276.
Mead, J. E. 1968. Is the new industrial state inevitable?. Economic Journal 78: 372-392.
‧ 國
立 政 治 大 學
‧
N a tio na
l C h engchi U ni ve rs it y
58
Ooghe, H and Balcaen S. 2000. De financie le toestand van de Belgische ondernemingen: sleutelratio’s en risicoindicatoren 1991-1999. Diegem:
Khrwer/Ced.Samson.
Richard Roll. 1986. The Hubris Hypothesis of Corporate Takeovers. Journal of
Business 59(2): 197-216
Ramaswamy, K. P., and Waegelein, J. F. 2003. Firm financial performance following mergers. Review of Quantitative Finance and Accounting 20(2): 115-126.
Sara, B. M.,and F. P. Schlingemann. 2005. Global diversification and bidder gains: A comparison between cross-border and domestic acquisitions. Journal of Banking
& Finance 29 (Mar): 533-564.
Sorensen, D. E. 2000. Characteristics of merging firms. Journal of Economics and
Business 52(5): 423-433.
Weston, J.F., and K.S. Chung. 1983. Do Mergers Make Money?. Mergers and
Acquisitions 18(3): 40-48.
Woo, C.Y. and Willard, G. 1983. Performance representation in business policy research: Discussion and recommendation. Proceedings of 23rd Annual National Meetings of the Academy of Management, 1983.