Operating efficiency and profitability on the post-cross-border M&A -- Taiwan case

• Main Authors: Shih-Hao Fang, 方仕豪
• Other Authors: Tsan-Liang Liu
• Format: Others
• Language: zh-TW
• Published: 1999
• Online Access: http://ndltd.ncl.edu.tw/handle/72213210055726134585

碩士 === 淡江大學 === 國際貿易學系 === 87 === According to the prior studies about M&A in Taiwan almost discuss the subjects like the choose of targets,evaluating, strategies, motivation, and procedure…etc. But there is no study to discuss the operating efficiency and profitability on thepost-cross-border M&A. We hope to analysis the change of operating efficiency and profitability of acquiring firms in Taiwan after proceeding the post-cross-border M&A to be a reference if the firms proceed the cross- border M&A. We adopted 33 acquiring firms in Taiwan during from 1987 to 1996.By the way, according to the types of M&A, we classify whole samples to be three kinds of cross-border M&A, ex: horizontal cross-border M&A, vertical cross-border M&A, conglomerate cross-border M&A, each one is including 11 sample companies. We adopted the financial statements of the sample companies and used Kolmogorov-Smirnov test (K-S test) to test whether the data is normal distribution then the results show that the samples all are normal distribution, so that we used paired-sample t test to test the change of operating efficiency and profitability of acquiring firms of cross-border M&A in Taiwan and in different kind of cross-border M&A types. For the empirical analysis are: 1. For fair and suitable, we adopt the Securities and Futures Commission''s stipulated financial ratios about operating efficiency and profitability of financial statements of the stock listed company in Taiwan to be the measured variables of this paper. 2. To test all samples on 12 financial ratios of the both aspects of operating efficiency and profitability. Whether the individual average between before and post acquisition that are significant different and discuss whether is positive or negative effect. For understanding operating efficiency and profitability are improved or declined. 3. To test behind different types of cross-border M&A, the samples on 12 financial ratios of both aspects of operating efficiency and profitability. For the empirical results, the main findings are: 1. The operating efficiency between before and post acquisition. In all samples, the result of test indicate that acquiring firms in Taiwan after cross-border M&A. The results of test are significant different between before and post acquisition, and they are declined. In horizontal cross-border M&A samples, the results of test id not significant different; in vertical cross-border M&A samples, the results of the test are significant different, and they are declined; in conglomerate cross-border M&A samples, the results of test are not significant different. 2. The profitability between before and post acquisition. In all samples, the result of test indicate that acquiring firms in Taiwan after cross-border M&A. The results of test are significant different between before and post acquisition, and they are declined. In horizontal cross-border M&A samples, the results of test id not significant different; in vertical cross-border M&A samples, the results of the test are significant different, and they are declined; in conglomerate cross-border M&A