頁籤選單縮合
題名 | 臺灣高科技及非高科技企業跨國購併對財務績效影響之研究=The Effect of Financial Performance for Taiwan High-Tech and Non-High-Tech Transnational M & As |
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作者 | 陳若暉; 林任達; Chen, Jo-hui; Lin, Jen-ta; |
期刊 | 中原學報 |
出版日期 | 20050600 |
卷期 | 33:2 2005.06[民94.06] |
頁次 | 頁133-148 |
分類號 | 555.77 |
語文 | chi |
關鍵詞 | 購併; 自由現金流量; 市場附加價值; Merger & Acquisition; High-tech; MVA; |
中文摘要 | 本研究以台灣高科技及非高科技企業跨國購併之財務績效影響為主軸,在主併公司財務績效方面則以市場附加價值 (MVA) 為衡量指標,並採用不平衡 (Unbalanced) Panel Data之二向固定和隨機效果進行分析。實證顯示,總資產週轉率對於高科技產業之財務績效的貢獻普遍具有正向效果。企業擁有高成長的市價帳面值比,將可產生顯著成長的財務績效。另高科技產業與非高科技產業的每股盈餘,皆呈現明顯正向效果。 |
英文摘要 | This study attempts to examine the effect of financial performance for mergers and acquisitions in both high-tech and non-high-tech firms in Taiwan. By using the unbalanced Panel Data of two-way fixed and random effects models, we utilized Market Value-Added (MVA) to analyze the financial performances of acquiring firms. The empirical results indicated that the total asset turnover ratio has the significant and positive signs for the financial performance of the high-tech firms. In addition, the company with the high-growth of market/book ratio will experience better financial performance. The EPS has the significant and positive effect for both high-tech and non-high-tech firms. |
本系統之摘要資訊系依該期刊論文摘要之資訊為主。