敵意併購目標公司經營效率之研究

• Main Author: 林芊芊
• Other Authors: 林良楓
• Format: Others
• Language: zh-TW
• Published: 2008
• Online Access: http://ndltd.ncl.edu.tw/handle/66983385618595244773

碩士 === 國立政治大學 === 會計研究所 === 97 === Many scholars did researches on merger and acquisition (M&A) before, and the research scope involved motives, types, performance, strategies and laws of M&A; however, few of them mentioned hostile takeovers. Besides, most of hostile takeovers researches focus on anti-takeovers defenses of target companies, only a few researches discussed about post-takeover performance after hostile takeovers. This research attempts to measure the efficiency change of target companies after hostile takeovers, and discuss the motives of hostile takeovers in Taiwanese enterprises. The sample year includes Taiwan from 1986 to 2001. The research findings reveal that in the samples of friendly takeovers, there were no specific preference for choosing the targets companies. On the other hand, in the samples of hostile takeovers cases, the research findings denote that most of the target companies were underperformance, which triggers the takeover action. Moreover, the result demonstrates that hostile takeovers present better performance improvement than friendly takeovers do. The findings support hostile takeovers disciplinary motives implication in Taiwan.