题名

併購與策略聯盟在公司理財文獻之回顧與展望：亞洲市場之研究

并列篇名

Review of M&A and Joint Ventures in the Field of Corporate Finance: Asia as the Case Study

DOI

10.6226/NTUMR.2017.NOV.25104-003

作者

翁鶯娟(Ying-Jiuan Wong)；張紹基(Shao-Chi Chang)

关键词

併購 ； 策略聯盟 ； 合資 ； 公司理財 ； M&A ； alliance ； joint venture ； corporate finance

期刊名称

臺大管理論叢

卷期/出版年月

27卷3期（2017 / 09 / 01）

页次

163 - 213

内容语文

繁體中文;英文
中文摘要

企業需藉由不同投資決策，以達成追求成長與永續經營等目的。當內部成長例如創新投資和資本投資等方式受限，無法達到成長目的時，併購、權益性策略聯盟如合資，或非權益性策略聯盟等外部成長方式遂成為組織達到擴張的重要方式。本文主要聚焦於公司外部成長之投資決策，回顧2000~2015 間以亞洲市場資料為樣本，並發表於TSSCI 或A 級SSCI 財務期刊中關於併購、合資與策略聯盟的文獻，依文獻之研究方向分為併購以及策略聯盟二個議題，系統性整理與分析各議題的發展與成果。此外，台灣市場具有家族企業普遍、網絡關係密切的產業供應鏈和集團企業等特性，這些特性提供台灣學者未來發展以台灣樣本為基礎之併購與策略聯盟研究的良好利基。本文希望透過系統性的整理分析，進而指出以台灣資料特性為樣本以及未來可能之研究方向，提供予後續研究者參考。
英文摘要

A firm needs to engage in various corporate investments in order to grow and ensure sustainable operations. When opportunities for internal growth (innovation investment or capital investment) are limited and financial goals are not achieved, a firm may then turn to external growth methods (M&A, equity-based alliances such as joint ventures, and non-equity- based alliances) to achieve its growth objective. This study focuses on external growth strategies by revisiting the relevant literature that sampled data from the Asian market, and was published in TSSCI or A Tier SSCI financial journals from 2000 to 2015. Journals that touched upon M&A, joint ventures and strategic alliances were targeted. Following the research format within these journal articles, topics were then divided into two categories: M&A and alliances. Additionally, Taiwanese companies have a prevalence of family businesses, supply chains with closed networks and business groups. These unique characteristics of Taiwanese companies give scholars an opportunity to develop research focused on M&A and alliances. Taiwanese companies provide good data on niche acquisitions and alliances for researchers to examine. This study, through a systematic analysis, sheds light on potential future research topics and studies related to M&A and alliances based on data collected in Taiwan.
主题分类 基礎與應用科學 > 資訊科學
基礎與應用科學 > 統計
社會科學 > 經濟學
社會科學 > 財金及會計學
社會科學 > 管理學
参考文献
  1. 王祝三、周德瑋、陳弘榮(2006)。企業併購支付方式決定因素與股價反應之探討。證券市場發展季刊，18(3)，1-46。
    連結：
  2. 王淑芬、黃昭華(2010)。白衣武士、敵意併購與股東利益。臺大管理論叢，21(1)，113-136。
    連結：
  3. 吳菊華、胡聯國(2009)。垂直整合下合資與併購之策略選擇。財務金融學刊，17(3)，103-125。
    連結：
  4. 李國榮、廖四郎、徐守德(2006)。不確定下之最適購併決策分析。財務金融學刊，14(3)，111-140。
    連結：
  5. 林孝倫、卓佳慶(2014)。中國會計師事務所經營效率分析：合併的影響。臺大管理論叢，22(2S)，1-27。
    連結：
  6. 林孝倫、卓佳慶(2014)。中國會計師事務所經營效率分析：合併的影響。臺大管理論叢，22(2S)，1-27。
    連結：
  7. 林欣美(2007)。跨組織策略聯盟之統治機制：交易成本與網路鑲嵌之觀點。管理評論，26(3)，25-46。
    連結：
  8. 林財源、程運瑤(2012)。策略聯盟研究主題近三十年來之變遷。管理評論，31(4)，67-97。
    連結：
  9. 邱奕嘉、曾為國(2014)。技術相關程度對技術併購影響之研究。管理與系統，21(2)，187-222。
    連結：
  10. 張美玲、孫瑞霙、王國樑(2002)。策略聯盟理論基礎再探討─以台灣電子廠商為例。管理評論，21(2)，1-26。
    連結：
  11. 許培基、葉銀華、邱琦倫、王宛婷(2013)。管理者過度自信、完成購併機率與購併後績效。證券市場發展季刊，25(2)，129-160。
    連結：
  12. 陳一如(2010)。企業組織型式與董事會結構對策略聯盟財富效果之影響。管理評論，29(3)，79-102。
    連結：
  13. 陳一如(2010)。企業組織型式與董事會結構對策略聯盟財富效果之影響。管理評論，29(3)，79-102。
    連結：
  14. 陳世傑、李文瑞、洪廣朋、陳律睿、蔡明叡(2006)。網際網路之運用與溝通對技術移轉及聯盟績效影響之研究。交大管理學報，26(2)，215-242。
    連結：
  15. 陳永琦(2006)。不完全競爭市場下本國多產出銀行業合併之成本效益分析。臺大管理論叢，17(1)，137-165。
    連結：
  16. 陳玉麟(2011)。外部創新多元性、吸收能力，與創新產出：以台灣2000 年到2004 年上市公司為例。臺大管理論叢，22(1)，199-237。
    連結：
  17. 陳安琳、湯惠雯、許銘峻(2000)。企業購併對主併公司股東財富的影響。亞太管理評論，5(2)，171-182。
    連結：
  18. 陳妙玲、陳欣瑜(2010)。金融控股公司購併後業務多角化對財務績效之影響：以成本與市場相關表現為中介變數。臺大管理論叢，20(2)，251-272。
    連結：
  19. 陳振遠、王健聰、洪世偉(2013)。公司治理可以減輕併購宣告之資訊洩漏嗎？。管理學報，30(3)，191-213。
    連結：
  20. 陳曉蓉(2010)。影響銀行分行活動之決定因素：台灣銀行業之實證。管理評論，29(4)，89-116。
    連結：
  21. 陳燕錫、陳瓊燕(2014)。會計師事務所與管理顧問公司聯盟之經營績效探討。會計評論，59，73-105。
    連結：
  22. 曾真真(2010)。範疇擴張、區位擴張與創新績效：以高科技公司之併購活動為例。管理與系統，17(3)，449-466。
    連結：
  23. 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。
    連結：
  24. 曾真真(2008)。M&A 與R&D：研發存量、技術相似性與併購績效之關係。管理評論，27(4)，29-56。
    連結：
  25. 曾真真、何雍慶(2005)。以資源基礎觀點及動態能力觀點檢視併購決策及併購績效─以金融整合為例。管理評論，24(3)，95-116。
    連結：
  26. 黃志仁、溫宜豪(2008)。合併子公司之綜效與市場反應。交大管理學報，28(1)，105-130。
    連結：
  27. 賴蓉禾(2011)。公司治理、夥伴選擇與策略聯盟績效─台灣與美國企業之比較。組織與管理，4(2)，1-38。
    連結：
  28. 賴蓉禾、陳一如、陳麗宇(2014)。董事會特徵與企業合資投資之財富效果。臺大管理論叢，24(S1)，233-272。
    連結：
  29. 賴蓉禾、陳一如、陳麗宇(2014)。董事會特徵與企業合資投資之財富效果。臺大管理論叢，24(S1)，233-272。
    連結：
  30. Lam, B. 2015. A merger bonanza. http://www.theatlantic.com/business/archive/2016/01/2015-mergers-acquisitions/423096. Accessed Jan. 9, 2016.
  31. Ahern, K. A.,Daminelli, D.,Fracassi, C.(2015).Lost in translation? The effect of cultural values on mergers around the world.Journal of Financial Economics,117(1),165-189.
  32. Ahern, K. R.,Sosyura, D.(2014).Who writes the news? Corporate press releases during merger negotiations.The Journal of Finance,69(1),241-291.
  33. Ahuja, G.,Katila, R.(2001).Technological acquisitions and the innovation performance of acquiring firms: A longitudinal study.Strategic Management Journal,22(3),197-220.
  34. Akbulut, M. E.(2013).Do overvaluation-driven stock acquisitions really benefit acquirer shareholders?.Journal of Financial and Quantitative Analysis,48(4),1025-1055.
  35. Allen, J.,Phillips, G.(2000).Corporate equity ownership, strategic alliances, and product market relationships.The Journal of Finance,55(6),2791-2815.
  36. Ang, J. S.,Cheng, Y.,Wu, C.(2015).Trust, investment, and business contracting.Journal of Financial and Quantitative Analysis,50(3),569-595.
  37. Argote, L.,Miron-Spektor, E.(2011).Organizational learning: From experience to knowledge.Organization Science,22(5),1123-1137.
  38. Bae, K. H.,Kang, J. K.,Kim, J. M.(2002).Tunneling or value added? Evidence from mergers by Korean business groups.The Journal of Finance,57(6),2695-2740.
  39. Bae, S. C.,Kwon, T. H.,Lee, J. W.(2011).Does corporate diversification by business groups create value? Evidence from Korean chaebols.Pacific-Basin Finance Journal,19(5),535-553.
  40. Beckman, C. M.,Haunschild, P. R.(2002).Network learning: The effects of partners' heterogeneity of experience on corporate acquisitions.Administrative Science Quarterly,47(1),92-124.
  41. Bena, J.,Li, K.(2014).Corporate innovations and mergers and acquisitions.The Journal of Finance,69(5),1923-1960.
  42. Berger, A. N.(2003).The efficiency effects of a single market for financial services in Europe.European Journal of Operational Research,150(3),466-481.
  43. Bertrand, O.,Zuniga, P.(2006).R&D and M&A: Are cross-border M&A different? An investigation on OECD countries.International Journal of Industrial Organization,24(2),401-423.
  44. Bris, A.,Brisley, N.,Cabolis, C.(2008).Adopting better corporate governance: Evidence from cross-border mergers.Journal of Corporate Finance,14(3),224-240.
  45. Bris, A.,Cabolis, C.(2008).The value of investor protection: Firm evidence from crossborder mergers.Review of Financial Studies,21(2),605-648.
  46. Brusoni, S.,Prencipe, A.,Pavitt, K.(2001).Knowledge specialization, organizational coupling, and the boundaries of the firm: Why do firms know more than they make?.Administrative Science Quarterly,46(4),597-621.
  47. Burns, N. A.,Francis, B. B.,Hasan, I.(2007).Cross-listing and legal bonding: Evidence from mergers and acquisitions.Journal of Banking & Finance,31(4),1003-1031.
  48. Butler, F. C.,Perryman, A. A.,Ranft, A. L.(2012).Examining the effects of acquired top management team turnover on firm performance post-acquisition: A meta-analysis.Journal of Managerial Issues,24(1),47-60.
  49. Cai, Y.,Sevilir, M.(2012).Board connections and M&A transactions.Journal of Financial Economics,103(2),327-349.
  50. Capron, L.,Pistre, N.(2002).When do acquirers earn abnormal returns?.Strategic Management Journal,23(9),781-794.
  51. Chan, S.,Kensinger, J.,Keown, A.,Martin, J.(1997).Do strategic alliances create value?.Journal of Financial Economics,46(2),199-221.
  52. Chang, S. C.,Chen, S. S.,Lai, J. H.(2008).The wealth effect of Japanese US strategic alliances.Financial Management,37(2),271-301.
  53. Chang, S.,Chen, S.(2002).The wealth effect of domestic joint ventures: Evidence from Taiwan.Journal of Business Finance & Accounting,29(1),201-222.
  54. Chari, A.,Ouimet, P.,Tesar, L.(2010).The value of control in emerging markets.Review of Financial Studies,23(4),1741-1770.
  55. Chatterjee, R.,Kuenzi, A.(2001).Mergers and acquisitions: The influence of methods of payment on bidder's share price.Cambridge, UK:Judge Institute of Management Studies.
  56. Chen, S. S.,Ho, K. W.,Lee, C. F.,Yeo, G. H.(2000).Investment opportunities, free cash flow and market reaction to international joint ventures.Journal of Banking & Finance,24(11),1747-1765.
  57. Chen, Y. R.,Huang, Y. L.,Chen, C. N.(2009).Financing constraints, ownership control, and cross border M&As: Evidence from nine East Asian economies.Corporate Governance: An International Review,17(6),665-680.
  58. Chiou, I.,White, L. J.(2005).Measuring the value of strategic alliances in the wake of a financial implosion: Evidence from Japan's financial services sector.Journal of Banking & Finance,29(10),2455-2473.
  59. Chong, B. S.,Liu, M. H.,Tan, K. H.(2006).The wealth effect of forced bank mergers and cronyism.Journal of Banking & Finance,30(11),3215-3233.
  60. Claessens, S.,Djankov, S.,Fan, J. P.,Lang, L. H.(2003).When does corporate diversification matter to productivity and performance? Evidence from East Asia.Pacific-Basin Finance Journal,11(3),365-392.
  61. Cloodt, M.,Hagedoorn, J.,Van Kranenburg, H.(2006).Mergers and acquisitions: Their effect on the innovative performance of companies in high-tech industries.Research Policy,35(5),642-654.
  62. Custódio, C.,Metzger, D.(2013).How do CEOs matter? The effect of industry expertise on acquisition returns.Review of Financial Studies,26(8),2008-2047.
  63. Danbolt, J.,Siganos, A.,Vagenas-Nanos, E.(2015).Investor sentiment and bidder announcement abnormal returns.Journal of Corporate Finance,33,164-179.
  64. Danzon, P. M.,Epstein, A.,Nicholson, S.(2007).Mergers and acquisitions in the pharmaceutical and biotech industries.Managerial and Decision Economics,28(4-5),307-328.
  65. Das, S.,Sen, P.,Sengupta, S.(1998).Impact of strategic alliances on firm valuation.Academy of Management Journal,41(1),27-41.
  66. Deng, P.(2007).Investing for strategic resources and its rationale: The case of outward FDI from Chinese companies.Business Horizons,50(1),71-81.
  67. Deng, X.,Kang, J. K.,Low, B. S.(2013).Corporate social responsibility and stakeholder value maximization: Evidence from mergers.Journal of Financial Economics,110(1),87-109.
  68. Devos, E.,Elliott, W. B.,Karim, M. A.(2013).Product market advertising effects on the method of payment in M&A.Managerial Finance,39(4),362-383.
  69. Dimopoulos, T.,Sacchetto, S.(2014).Preemptive bidding, target resistance, and takeover premiums.Journal of Financial Economics,114(3),444-470.
  70. Dong, M.,Hirshleifer, D.,Richardson, S.,Teoh, S. H.(2005).Does investor misevaluation drive the takeover market?.The Journal of Finance,61(2),725-762.
  71. Duchin, R.,Schmidt, B.(2013).Riding the merger wave: Uncertainty, reduced monitoring, and bad acquisitions.Journal of Financial Economics,107(1),69-88.
  72. El-Khatib, R.,Fogel, K.,Jandik, T.(2015).CEO network centrality and merger performance.Journal of Financial Economics,116(2),349-382.
  73. Ernst, H.,Vitt, J.(2000).The influence of corporate acquisitions on the behaviour of key inventors.R&D Management,30(2),105-120.
  74. Fee, C. E.,Hadlock, C. J.,Pierce, J. R.(2013).Managers with and without style: Evidence using exogenous variation.Review of Financial Studies,26(3),567-601.
  75. Ferreira, M. A.,Massa, M.,Matos, P. P.(2010).Marshall School of Business Working PaperMarshall School of Business Working Paper,未出版
  76. Ferris, S. P.,Jayaraman, N.,Sabherwal, S.(2013).CEO overconfidence and international merger and acquisition activity.Journal of Financial and Quantitative Analysis,48(1),137-164.
  77. Focarelli, D.,Pozzolo, A. F.(2001).The patterns of cross-border bank mergers and shareholdings in OECD countries.Journal of Banking & Finance,25(12),2305-2337.
  78. Francoeur, C.,Ben Amar, W.,Rakoto, P.(2012).Ownership structure, earnings management and acquiring firm post-merger market performance: Evidence from Canada.International Journal of Managerial Finance,8(2),100-119.
  79. Fu, F.,Lin, L.,Officer, M. S.(2013).Acquisitions driven by stock overvaluation: Are they good deals?.Journal of Financial Economics,109(1),24-39.
  80. Garfinkel, J. A.,Hankins, K. W.(2011).The role of risk management in mergers and merger waves.Journal of Financial Economics,101(3),515-532.
  81. Ghosh, C.,He, F.(2015).Investor protection, investment efficiency and value: The case of cross-listed firms.Financial Management,44(3),499-546.
  82. Gomez-Mejia, L. R.,Haynes, K.,Nunez-Nickel, M.,Jacobson, K.,Moyano-Fuentes, J.(2007).Socioemotional wealth and business risks in family controlled firms: Evidence from Spanish olive oil mills.Administrative Science Quarterly,52(1),106-137.
  83. Gormley, T. A.,Matsa, D. A.(2011).Growing out of trouble? Corporate responses to liability risk.Review of Financial Studies,24(8),2781-2821.
  84. Guo, E.,Keown, A. J.,Sen, N.(2001).The impact of firm diversification and focus: The Japanese experience.Pacific-Basin Finance Journal,9(3),165-193.
  85. Haleblian, J.,Devers, C.,McNamara, G.,Carpenter, M. A.,Davison, R. B.(2009).Taking stock of what we know about mergers and acquisitions: A review and research agenda.Journal of Management,35(3),469-502.
  86. Haleblian, J.,Kim, J.,Rajagopalan, N.(2006).The influence of acquisition experience and performance on acquisition behavior: Evidence from the U.S. commercial banking industry.Academy of Management Journal,36(4),357-370.
  87. Higgins, H. N.(2013).Conflicts of interest between banks and firms: Evidence from Japanese mergers.Pacific-Basin Finance Journal,24,156-178.
  88. Higgins, H. N.,Beckman, J.(2006).Abnormal returns of Japanese acquisition bidders-Impact of pro-M&A legislation in the 1990s.Pacific-Basin Finance Journal,14(3),250-268.
  89. Hitt, M. A.,Lee, H. U.,Yucel, E.(2002).The importance of social capital to the management of multinational enterprises: Relational networks among Asian and Western firms.Asia Pacific Journal of Management,19(2-3),353-372.
  90. Huang, J.,Kisgen, D. J.(2013).Gender and corporate finance: Are male executives overconfident relative to female executives?.Journal of Financial Economics,108(3),822-839.
  91. Huang, Q.,Jiang, F.,Lie, E.,Yang, K.(2014).The role of investment banker directors in M&A.Journal of Financial Economics,112(2),269-286.
  92. Humphery-Jenner, M.,Powell, R.(2014).Firm size, sovereign governance, and value creation: Evidence from the acquirer size effect.Journal of Corporate Finance,26,57-77.
  93. Hussinger, K.(2010).On the importance of technological relatedness: SMEs versus large acquisition targets.Technovation,30(1),57-64.
  94. Hwang, B. H.(2011).Country-specific sentiment and security prices.Journal of Financial Economics,100(2),382-401.
  95. Ishii, J.,Xuan, Y.(2014).Acquirer-target social ties and merger outcomes.Journal of Financial Economics,112(3),344-363.
  96. Ismail, T. H.,Abdou, A. A.,Annis, R. M.(2011).Review of literature linking corporate performance to mergers and acquisitions.The Review of Financial and Accounting Studies,1,89-104.
  97. Jensen, M.(1986).Agency costs of free cash flow, corporate finance, and takeovers.American Economic Review,76(2),323-329.
  98. Jeon, B. N.,Olivero, M. P.,Wu, J.(2011).Do foreign banks increase competition? Evidence from emerging Asian and Latin American banking markets.Journal of Banking & Finance,35(4),856-875.
  99. Karolyi, G. A.,Taboada, A. G.(2015).Regulatory arbitrage and cross-border bank acquisitions.The Journal of Finance,70(6),2395-2450.
  100. Kedia, S.,Zhou, X.(2014).Informed trading around acquisitions: Evidence from corporate bonds.Journal of Financial Markets,18,182-205.
  101. Kim, E. H.,Lu, Y.(2013).Corporate governance reforms around the world and crossborder acquisitions.Journal of Corporate Finance,22,236-253.
  102. Kim, J. Y. J.,Miner, A. S.(2007).Vicarious learning from the failures and near-failures of others: Evidence from the US commercial banking industry.Academy of Management Journal,50(3),687-714.
  103. Kim, W.(2012).Investor protection and the mode of acquisition: Implications for ownership dilution and formation of pyramids.Financial Management,41(1),55-93.
  104. King, D. R.,Dalton, D. R.,Daily, C. M.,Covin, J. G.(2004).Meta-analyses of postacquisition performance: Indications of unidentified moderators.Strategic Management Journal,25(2),187-200.
  105. Klein, A.,Zur, E.(2011).The impact of hedge fund activism on the target firm's existing bondholders.Review of Financial Studies,24(5),1735-1771.
  106. Kolasinski, A. C.,Li, X.(2013).Can strong boards and trading their own firm's stock help CEOs make better decisions? Evidence from acquisitions by overconfident CEOs.Journal of Financial and Quantitative Analysis,48(4),1173-1206.
  107. Kot, H. W.(2011).Corporate name changes: Price reactions and long-run performance.Pacific-Basin Finance Journal,19(2),230-244.
  108. Krug, J. A.,Wright, P.,Kroll, M. J.(2014).Top management turnover following mergers and acquisitions: Solid research to date but still much to be learned.The Academy of Management Perspectives,28(2),147-163.
  109. Landier, A.,Sauvagnat, J.,Sraer, D.,Thesmar, D.(2012).Bottom-up corporate governance.Review of Finance,17(1),161-201.
  110. Lavie, D.(2007).Alliance portfolios and firm performance: A study of value creation and appropriation in the US software industry.Strategic Management Journal,28(12),1187-1212.
  111. Le, S.,Park, J.,Kroll, M.(2014).Differential effects of pre- and post-acquisition R&D expenditures on post-acquisition performance.Journal of Business Research,67(2),92-99.
  112. Lee, H.,Cho, E.,Cheong, C.,Kim, J.(2013).Do strategic alliances in a developing country create firm value? Evidence from Korean firms.Journal of Empirical Finance,20,30-41.
  113. Levi, M.,Li, K.,Zhang, F.(2014).Director gender and mergers and acquisitions.Journal of Corporate Finance,28,185-200.
  114. Lin, B. X.,Michayluk, D.,Oppenheimer, H. R.,Reid, S. F.(2008).Hubris amongst Japanese bidders.Pacific-Basin Finance Journal,16(1),121-159.
  115. Lin, C.,Su, D.(2008).Industrial diversification, partial privatization and firm valuation: Evidence from publicly listed firms in China.Journal of Corporate Finance,14(4),405-417.
  116. Lubatkin, M. H.,Schulze, W. S.,Ling, Y.,Dino, R. N.(2005).The effects of parental altruism on the governance of family-managed firms.Journal of Organizational Behavior,26(3),313-330.
  117. Luo, X.,Chung, C. N.(2005).Keeping it all in the family: The role of particularistic relationships in business group performance during institutional transition.Administrative Science Quarterly,50(3),404-439.
  118. Majchrzak, A.,Jarvenpaa, S. L.,Bagherzadeh, M.(2015).A review of interorganizational collaboration dynamics.Journal of Management,41(5),1338-1360.
  119. Malmendier, U.,Tate, G.(2008).Who makes acquisitions? CEO overconfidence and the market's reaction.Journal of Financial Economics,89(1),20-43.
  120. Mantecon, T.,Chatfield, R. E.(2007).An analysis of the disposition of assets in a joint venture.Journal of Banking & Finance,31(9),2591-2611.
  121. Markides, C. C.,Ittner, C. D.(1994).Shareholder benefits from corporate international diversification: Evidence from U.S. international acquisitions.Journal of International Business Studies,25(2),343-367.
  122. Martynova, M.,Renneboog, L.(2008).A century of corporate takeovers: What have we learned and where do we stand?.Journal of Banking & Finance,32(10),2148-2177.
  123. Masulis, R. W.,Wang, C.,Xie, F.(2007).Corporate governance and acquirer returns.The Journal of Finance,62(4),1851-1889.
  124. McNamara, G. M.,Haleblian, J. J.,Dykes, B. J.(2008).The performance implications of participating in an acquisition wave: Early mover advantages, bandwagon effects, and the moderating influence of industry characteristics and acquirer tactics.Academy of Management Journal,51(1),113-130.
  125. Meglio, O.,Risberg, A.(2011).The (mis)measurement of M&A performance-A systematic narrative literature review.Scandinavian Journal of Management,27(4),418-433.
  126. Mody, A.(1993).Learning through alliances.Journal of Economic Behavior and Organization,20,151-170.
  127. Mody, A.,Negishi, S.(2001).Cross-border mergers and acquisitions in East Asia: Trends and implications.Finance & Development,38(1)
  128. Morck, R.,Yeung, B.(1992).Internalization: An event study test.Journal of International Economics,33(1),41-56.
  129. Netter, J.,Stegemoller, M.,Wintoki, M. B.(2011).Implications of data screens on merger and acquisition analysis: A large sample study of mergers and acquisitions from 1992 to 2009.Review of Financial Studies,24(7),2316-2357.
  130. Offenberg, D.,Pirinsky, C.(2015).How do acquirers choose between mergers and tender offers?.Journal of Financial Economics,116(2),331-348.
  131. Ogura, Y.,Uchida, H.(2014).Bank consolidation and soft information acquisition in small business lending.Journal of Financial Services Research,45(2),173-200.
  132. Owen, S.,Yawson, A.(2010).Human development and cross-border acquisitions.Joural of Empirical Finance,17(4),689-701.
  133. Owen, S.,Yawson, A.(2013).Information asymmetry and international strategic alliances.Journal of Banking & Finance,37(10),3890-3903.
  134. Phan, H. V.(2014).Inside debt and mergers and acquisitions.Journal of Financial and Quantitative Analysis,49(5-6),1365-1401.
  135. Phillips, G. M.,Zhdanov, A.(2013).R&D and the incentives from merger and acquisition activity.Review of Financial Studies,26(1),34-78.
  136. Poon, J. P.,MacPherson, A.(2005).Technology acquisition among Korean and Taiwanese firms in the United States.International Business Review,14(5),559-575.
  137. Preece, S. B.(1995).Incorporating international strategic alliances into overall firm strategy: A typology of six managerial objectives.Thunderbird International Business Review,37(3),261-277.
  138. Puranam, P.,Singh, H.,Zollo, M.(2006).Organizing for innovation: Managing the coordination-autonomy dilemma in technology acquisitions.Academy of Management Journal,49(2),263-280.
  139. Puranam, P.,Srikanth, K.(2007).What they know vs. what they do: How acquirers leverage technology acquisitions.Strategic Management Journal,28(8),805-825.
  140. Rau, P. R.,Stouraitis, A.(2011).Patterns in the timing of corporate event waves.Journal of Financial and Quantitative Analysis,46(1),209-246.
  141. Renneboog, L.,Zhao, Y.(2014).Director networks and takeovers.Journal of Corporate Finance,28,218-234.
  142. Rossi, S.,Volpin, P. F.(2004).Cross-country determinants of mergers and acquisitions.Journal of Financial Economics,74(2),277-304.
  143. Schmalensee, R.(Ed.),Willig, R.(Ed.)(1989).Handbook of Industrial Organization.Amsterdam, Nederland:Elsevier Science.
  144. Schmidt, B.(2015).Costs and benefits of friendly boards during mergers and acquisitions.Journal of Financial Economics,117(2),424-447.
  145. Serdar, D. I.,Erel, I.(2013).Economic nationalism in mergers and acquisitions.The Journal of Finance,68(6),2471-2514.
  146. Shera, P. J.,Yang, P. Y.(2005).The effects of innovative capabilities and R&D clustering on firm performance: The evidence of Taiwan's semiconductor industry.Technovation,25(1),33-43.
  147. Shimizu, K.,Hitt, M. A.,Vaidyanath, D.,Pisano, V.(2004).Theoretical foundations of cross-border mergers and acquisitions: A review of current research and recommendations for the future.Journal of International Management,10(3),307-353.
  148. Shleifer, A.,Vishny, R. W.(2003).Stock market driven acquisitions.Journal of Financial Economics,70(3),295-311.
  149. Siegel, J. I.,Licht, A. N.,Schwartz, S. H.(2011).Egalitarianism and international investment.Journal of Financial Economics,102(3),621-642.
  150. Slywotzky, A. J.,Wise, R.(2002).The growth crisis-and how to escape it.Harvard Business Review,80(7),72-82.
  151. Ström, P.,Nakamura, H. R.(2004).Chinese acquiring Japanese: Motives and patterns of Chinese outward M&A to Japan.Asia Pacific Management Review,19(3),299-320.
  152. Teece, D. J.,Pisano, G.,Shuen, A.(1997).Dynamic capabilities and strategic management.Strategic Management Journal,18(7),509-533.
  153. Tuch, C.,O'Sullivan, N.(2007).The impact of acquisitions on firm performance: A review of the evidence.International Journal of Management Reviews,9(2),141-170.
  154. Ushijima, T.(2010).Understanding partial mergers in Japan.Journal of Banking & Finance,34(14),2941-2953.
  155. Uysal, V. B.(2011).Deviation from the target capital structure and acquisition choices.Journal of Financial Economics,102(3),602-620.
  156. Valentini, G.(2015).The impact of M&A on rivals' innovation strategy.Long Range Planning,49(2),241-249.
  157. Vanhaverbeke, W.,Duysters, G.,Noorderhaven, N.(2002).External technology sourcing through alliances or acquisitions: An analysis of the application-specific integrated circuits industry.Organization Science,13(6),714-733.
  158. Wang, L.,Wang, S.(2012).Economic freedom and cross-border venture capital performance.Journal of Empirical Finance,19(1),26-50.
  159. Wassmer, U.(2010).Alliance portfolios: A review and research agenda.Journal of Management,36(1),141-171.
  160. Williamson, O. E.(1975).Markets and Hierarchies: Analysis and Antitrust Implications.New York, NY:St. Martin's Press.
  161. Williamson, O. E.(1979).Transaction cost economics: The governance of contractual relations.Journal of Law and Economics,22(2),233-261.
  162. Wong, S. L.(1985).The Chinese family firm: A model.British Journal of Sociology,36(1),58-72.
  163. Wright, M.,Filatotchev, I.,Hoskisson, R. E.,Peng, M. W.(2005).Strategy research in emerging economies: Challenging the conventional wisdom.Journal of Management Studies,42(1),1-33.
  164. Yeh, Y. H.,Woidtke, T.(2005).Commitment or entrenchment?: Controlling shareholders and board composition.Journal of Banking & Finance,29(7),1857-1885.
  165. Yim, S.(2013).The acquisitiveness of youth: CEO age and acquisition behavior.Journal of Financial Economics,108(1),250-273.
  166. Yin, X.,Shanley, M.(2008).Industry determinants of the "merger versus alliance" decision.Academy of Management Review,33(2),473-491.
  167. Zhou, B.,Guo, J. M.,Hua, J.,Doukas, A. J.(2015).Does state ownership drive M&A performance? Evidence from China.European Financial Management,21(1),79-105.
  168. Zhou, Y. M.,Li, X.,Svejnar, J.(2011).Subsidiary divestiture and acquisition in a financial crisis: Operational focus, financial constraints, and ownership.Journal of Corporate Finance,17(2),272-287.
被引用次数
  1. 周建亨,孔憲禮(2020)。企業併購買方品牌價值對交易價格之影響－買方與賣方國籍一致性之干擾關係。多國籍企業管理評論，14(1)，21-40。
print cancel