题名

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

并列篇名

The Impact of Brand Value of Buyers on Transaction Prices on M&A-The Moderating Effect of the Match of Nationality of Buyers and Sellers

DOI

10.3966/199553922020031401002

作者

周建亨(Chien-Heng Chou)；孔憲禮(Hsieh-Li Kung)

关键词

企業併購 ； 併購交易價格 ； 品牌價值 ； SDC資料庫 ； Interbrand網站 ； M&A ； M&A transaction price ； brand value ； SDC database ； Interbrand website

期刊名称

多國籍企業管理評論

卷期/出版年月

14卷1期（2020 / 03 / 01）

页次

21 - 40

内容语文

繁體中文
中文摘要

併購交易價格是估算賣方有形、無形資產，再加上賣方商譽所形成的，過往有關企業併購研究多是從賣方資產切入，較少探究買方資產，而在價格歧視理論中，以買方價值性、需求性及市場性來決定交易價格高低，故本研究是以價格歧視理論為基礎，探究買方品牌價值與併購交易價格關係，及買賣雙方國籍對買方品牌價值及併購交易價格的干擾關係。經過數據分析後，發現買方品牌價值對併購交易價格影響具有顯著性，國籍一致性在買方品牌價值與併購交易價格間並無顯著干擾關係，因此本研究的假說獲得部分支持，根據研究結果，提出理論與實務意涵。
英文摘要

M&A transaction prices are formed by estimating the seller's tangible and intangible assets, coupled with the seller's goodwill. In the past, most research on corporate mergers and acquisitions focused on the seller's assets, and seldom explored the buyer's assets. In the theory of price discrimination, the buyer's value, demand and marketability determine transaction prices. Therefore, this study is based on price discrimination theory to explore the relationship between buyer's brand value and M&A transaction prices, and the interference relationship between buyer's brand value and M&A transaction prices caused by the nationality of buyers and sellers. After data analysis, it is found that the buyer's brand value has a significant impact on the M&A transaction price, and nationality consistency has no significant interference relationship between the buyer's brand value and the M&A transaction price. Therefore, the hypothesis of this research is partially supported. Based on the research results, it is proposed the implications of theory and practice.
主题分类 社會科學 > 管理學
参考文献
  1. 朱博湧,陳佳誼,陳俊廷(2009)。台灣企業品牌價值與股價報酬關係之實證研究。管理學報，26(6)，637-651。
    連結：
  2. 翁鶯娟,張紹基(2017)。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。臺大管理論叢，27(3)，1-52。
    連結：
  3. 翁鶯娟,張紹基(2017)。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。臺大管理論叢，27(3)，1-52。
    連結：
  4. Aaker, D. A.,Joachimsthaler, E.(2000).The brand relationship spectrum: The key to the brand architecture challenge.California Management Review,42(4),8-23.
  5. Agarwal, N.,Kwan, P.,Paul, D.(2018).Merger and acquisition pricing using agent based modelling.Economics, Management, and Financial Markets,13(1),84-99.
  6. Bannister, J. P.,Saunders, J. A.(1978).UK Consumers’ Attitudes Towards Imports: The Measurement of National Stereotype Image.European Journal of Marketing,12(8),562-570.
  7. Barkema, H. G.,Schijven, M.(2007).How Do Firms Learn to Make Acquisitions ? A Review of Past Research and an Agenda for the Future.Journal of Management,34(3),594-634.
  8. Barney, J.(1991).Firm resources and sustained competitive advantage.Journal of Management,17(1),99-120.
  9. Barth, M. E.,Clement, M. B.,Foster, G.,Kasznik, R.(1998).Brand Values and Capital Market Valuation.Review of Accounting Studies,68,41-68.
  10. Bergemann, B. D.,Brooks, B.,Morris, S.(2015).The Limits of Price Discrimination.American Economic Review,105(3),921-957.
  11. Berger, P. G.,Ofek, E.(1995).Diversification's effect on firm value.Journal of financial economics,37(1),39-65.
  12. Bharadwaj, S. G.,Varadarajan, P. R.,Fahy, J.(1993).Sustainable Competitive Advantage in Service Industries: A Conceptual Model and Research Propositions.Journal of Marketing,57(4),83-99.
  13. Bianconi, M.,Tan, C. M.(2018).Evaluating the instantaneous and medium-run impact of mergers and acquisitions on firm values.International Review of Economics and Finance,59,71-87.
  14. Bilkey, W. J.,Nes, E.(1982).Country-of-origin effects on product evaluations.Journal of International Business Studies,13(1),89-100.
  15. Borenstein, S.(1985).Price discrimination in free-entry markets.The RAND Journal of Economics,380-397.
  16. Caiazza, R.,Hsieh, W.,Tiwari, M.,Topf, D.(2013).M&A between giants: The fastest way to dominate the world economy.Foresight,15(3),228-239.
  17. Caiazza, R.,Volpe, T.(2015).M&A process: A literature review and research agenda.Business Process Management Journal,21(1),205-220.
  18. Chen, Y.,Hu, M.(2019).Pricing and matching with forward-looking buyers and sellers.Manufacturing & Service Operations Management,22(4),717-734.
  19. Cole, R. A., Ferris, K. R., & Melnik, A. (2016). The Direct Cost of Advice in M&A Transactions in the Financial Sector. Available at SSRN 1458465.
  20. Collins, J. D.,Holcomb, T. R.,Certo, S. T.,Hitt, M. A.,Lester, R. H.(2009).Learning by doing: Cross-border mergers and acquisitions.Journal of Business Research,62(12),1329-1334.
  21. Croci, E.,Petmezas, D.(2015).Do risk-taking incentives induce CEOs to invest ? Evidence from acquisitions.Journal of Corporate Finance,32,1-23.
  22. DeChernatony, L.,McWilliam, G.(1989).The strategic implications of clarifying how marketers interpret.Journal of Marketing Management,5(2),152-171.
  23. DePamphilis, D.(2010).Mergers and acquisitions basics: negotiation and deal structuring.Academic Press.
  24. Equity, M. C. B.,Lane, K.,Keller, K. L.(1993).Conceptualizing, Measuring, and Managing Customer-Based Brand Equity.Journal of Marketing,57(1),1-22.
  25. Faccio, M.,Masulis, R. W.(2005).The choice of payment method in European mergers and acquisitions.The Journal of Finance,60(3),1345-1388.
  26. Fich, E. M.,Nguyen, T.,Officer, M.(2018).Large wealth creation in mergers and acquisitions.Financial Management,47(4),953-991.
  27. Gort, M.(1969).An Economic Disturbance Theory of Mergers.The Quarterly Journal of Economics,83(4),624-642.
  28. Grinstein, Y.,Hribar, P.(2004).CEO compensation and incentives: Evidence from M & A bonuses.Journal of Financial Economics,73,119-143.
  29. Günther, T.,Kriegbaum-Kling, C.(2001).Brand Valuation And Control: An Empirical Study.Schmalenbach Business Review,53(4),263-294.
  30. Gurhan-canli, Z.,Maheswaran, D.(2000).Cultural Variations in Country of Origin Effects.Journal of Marketing Research,37(3),309-317.
  31. Haleblian, J.,Finkelstein, S.(1999).The influence of organizational acquisition experience on acquisition performance: A behavioral learning perspective.Administrative Science Quarterly,44(1),29-56.
  32. Hampton, G. M.(1977).Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.Journal of the Academy of Marketing Science,5(1_suppl),45-48.
  33. Han, B.,Park, E.,Kang, T.(2016).Determinants of Global Merger and Acquisition ( M & A ) Deals Completion: Focus on the Role of the Firms’ M & A Experience.Journal of International Trade & Commerce,12,23-44.
  34. Hayward, M. L.(2002).When do firms learn from their acquisition experience? Evidence from 1990 to 1995.Strategic Management Journal,23(1),21-39.
  35. Hitt, M.,Harrison, J.,Ireland, R. D.,Best, A.(1998).Attributes of Successful and Unsuccessful Acquisitions of US Firms.British Journal of Management,9,91-114.
  36. Hofstede, G.,Neuijen, B.,Ohayv, D. D.,Sanders, G.(1990).Measuring organizational cultures: A qualitative and quantitative study across twenty cases.Administrative Science Quarterly,286-316.
  37. Ikeda, T.,Toshimitsu, T.(2010).Third-degree price discrimination, quality choice, and welfare.Economics Letters,106(1),54-56.
  38. Jaccard, J.,Wan, C. K.,Turrisi, R.(1990).Multivariate Behavioral The Detection and Interpretation of Interaction Effects Between Continuous Variables in Multiple Regression.Multivariate Behavioral Research,25(4),467-478.
  39. Jalloul, H. I.(2015).Arts in Financial Economics to the Department of Economics of the Faculty of Arts and Sciences, of American University of Beirut.
  40. Kallapur, S.,Kwan, S. Y.(2004).The Value Relevance and Reliability of Brand Assets Recognized by U . K . Firms.The Accounting Review,79(1),151-172.
  41. Kamakura, W. A.,Russell, G.(1993).Measuring brand value with scanner data.International Journal of Research in Marketing,10(1),9-22.
  42. Karampatsas, N.,Petmezas, D.,Travlos, N. G.(2014).Credit ratings and the choice of payment method in mergers and acquisitions.Journal of Corporate Finance,25,474-493.
  43. Kelley, K.,Preacher, K. J.(2012).On Effect Size.Psychological Methods,17(2),137-152.
  44. King, D. R.,Dalton, D. R.,Daily, C. M.,Covin, J. G.(2004).Metaanalyses of post-acquisition performance: Indications of unidentified moderators.Strategic Management Journal,25(2),187-200.
  45. Kumara, P. S.,Canhua, K.(2009).Perceptions of country of An Perceptions of country of origin: An approach to identifying expectations of foreign products.Journal of Brand Management,17,343-353.
  46. Lubatkin, M. H.,Srinivasan, N.(1997).Merger Strategies and Shareholder Value During Times of Relaxed Antitrust Enforcement: The Case of Large Mergers During the 1980s.Journal of Management,23(1),59-81.
  47. Narasimhan, C.(1984).A price discrimination theory of coupons.Marketing Science,3(2),128-147.
  48. Nguyen, X.(2014).Monopolistic third-degree price discrimination under vertical product differentiation.Economics Letters,125(2),153-155.
  49. Pan, A.,Wang, X.(2019).Managerial overcon fi dence, debt capacity and merger & acquisition premium.Nankai Business Review International,10(4),570-590.
  50. Pigou, A. (1920). The Economics of Welfare. London, Macmillan.
  51. Porrini, P.(2004).Can a previous alliance between an acquirer and a target affect acquisition performance?.Journal of Management,30(4),545-562.
  52. Raggio, R. D.,Leone, R. P.(2007).The theoretical separation of brand equity and brand value: Managerial implications for strategic planning.Journal of Brand Management,14(5),380-395.
  53. Roth, K. P.,Diamantopoulos, A.(2009).Advancing the country image construct.Journal of Business Research,62(7),726-740.
  54. Ryoo, J.,Jeon, J. Q.,Lee, C.(2015).Do marketing activities enhance firm value ? Evidence from M & A transactions.European Management Journal,34(3),243-257.
  55. Samiee, S.(2010).Advancing the country image construct -A commentary essay.Journal of Business Research,63(4),442-445.
  56. Schneider, S. C.(1988).National vs. corporate culture: Implications for human resource management.Human Resource Management,27(2),231-246.
  57. Seetharaman, A.,Nadzir, Z. A. B. M.,Gunalan, S.(2001).A conceptual study on brand valuation.Journal of Product & Brand Management,10(4),243-256.
  58. Seth, A.,Song, K. P.,Pettit, R. R.(2002).Value creation and destruction in cross-border acquisitions: An empirical analysis of foreign acquisitions of US firms.Strategic Management Journal,23(10),921-940.
  59. Shugan, S. M.(2005).Brand loyalty programs: Are they shams?.Marketing Science,24(2),185-193.
  60. Sinclair, R.,Keller, K. L.(2017).Brand value, accounting standards, and mergers and acquisitions: “The Moribund Effect”.Journal of Brand Management,24(2),178-192.
  61. Slotegraaf, R. J.,Pauwels, K.(2008).The Impact of Brand Equity and Innovation on the Long-Term Effectiveness of Promotions.Journal of Marketing Research,45(3),293-306.
  62. Srivastava, R. K.,Shervani, T. A.,Fahey, L.(1998).Market-Based Assets and Shareholder Value: A Framework for Analysis.Journal of Marketing,62(1),2-18.
  63. Tehranian, H.,Travlos, N. G.,Waegelein, J. F.(1987).Management compensation contracts and merger-induced abnormal returns.Journal of Accounting Research,25,51-76.
  64. Travlos, N. G.(1987).Corporate takeover bids, methods of payment, and bidding firms' stock returns.The Journal of Finance,42(4),943-963.
  65. Trichterborn, A.,Zu Knyphausen-Aufseß, D.,Schweizer, L.(2016).How to improve acquisition performance: The role of a dedicated M&A function, M&A learning process, and M&A capability.Strategic Management Journal,37(4),763-773.
  66. Walker, J. N.,Walker, M. G.(2000).Response to “managing after the merger” case analysis.Management Communication Quarterly,13(4),685-694.
  67. Walker, M. M.(2000).Corporate takeovers, strategic objectives, and acquiring-firm shareholder wealth.Financial Management,29(1),53-66.
  68. Weber, Y.,Fried, Y.(2011).Guest editors’ note: The dynamic of employees’ reac- tions during postmerger integration process.Human Resource Management,50(6),777-781.
  69. Wei, S.-J.(2000).How Taxing is Corruption on International Investors?.Review of Economics and Statistics,82(1),1-11.
  70. Wong, H. Y.,Merrilees, B.(2008).The performance benefits of being brand-orientated.Journal of Product & Brand Management,17,372-383.
  71. Yoo, B.,Donthu, N.,Lee, S.(2000).An Examination of Selected Marketing Mix Elements and Brand Equity.Journal of the Academy of Marketing Science,28(2),195-211.
  72. Zhou, C.,Xie, J.(2020).Failure to Complete Cross-Border M & As: "To " vs . " From " Emerging Markets.Journal of International Business Studies,47(9),1077-1105.
  73. Zhu, K.,Yu, W.(2010).Nature of controlling interest, tax shield of debts and equity financing preference in China.Journal of Finance and Economics,12,116-127.
  74. 肖培耻(2007)。淺議上市公司併購價格的形成機制。商業現代化，519，352。
  75. 林冠伶(2011)。台南，成功大學國際企業研究所。
  76. 張閔婷(2008)。臺北大學會計學系。
  77. 謝寶煖（2006），決定樣本大小，圖資電子報，No.33.2006.6.633 網址：http://www.lis.ntu.edu.tw/~pnhsieh/epapers/no33.htm。
print cancel