| Summary: | 碩士 === 國立屏東科技大學 === 財務金融研究所 === 96 === In recent years, the word “M&A”is a very important issue. A firm has channels to expand. One is the internal expansion and the other is external expansion. However, M&A, the most popular way of the external expansion is the fastest one. In past, the most literature about M&A, such as, Kitching (1967)and Lubatkin (1983) focus on the general industry or financial industry in monopolistic competition market. The relative research focuses on the M&A in oligopoly market are few. Telecommunication industry revenue reached 317.6 billion in 2006 and belongs to the strategic industry in Taiwan. This study focuses on Telecommunication industry to study the impact of merger and acquisitions to synergy and performance for enterprise. I expect that the result can provide some implications to investor and enterprise.
This study employs Mann-Whitney U to study the synergy and performance of M&A and use OLS to estimate coefficient of the impact factors. Then, ARCH-LM and VIF are used to measure heteroskedasticity and collinearity. Empirical results operating synergy and marking synergy are appearing show that in negative direction. Only financial synergy appears synergy. Financial structure has improved after M&A. Liquidity and growth worsen. Operating capacity and profitability exhibit inconsistency. In terms of factor of impacting, Financial Structure and Profitability are important factors in operating synergy, Growth is important factor in marking synergy and Financial Structure, Profitability and Growth are important factors in financial synergy.
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