The effect of acquirer's resource characteristics and industrial similarities on the post-acquisition performance.

• Main Authors: Lin, Tzu-Hsiang, 林子翔
• Other Authors: Huang, Yen-Tsung
• Format: Others
• Language: zh-TW
• Published: 2012
• Online Access: http://ndltd.ncl.edu.tw/handle/69278493860732410828

碩士 === 東海大學 === 企業管理學系碩士班 === 101 === Merge and acquisition is one of strategic tool for companies as one of main way to pursue competition advantage recent years, for this reason, merge and acquisition become one of main field for strategic research, scholar take more concern on this topic and discuss how this strategic activity can bring the synergy for companies. Although it still have no certain conclusion on academic for which key factor influence the post-acquisition performance, this issue still get high attention on pratical field. This research aim to discuss how some of key factors can contribute the synergy of post-acquisition, also offer an advice for managers when the execute M&A strategy. This research aim for acquirer’s view point, discuss inner resource of acquire can make different influence for post-acquisition performance when M&A as a main strategic tool for extending competitive advantage. In this research, we use industrial similarities, capital intensity, debt intensity, R&D intensity and marketing intensity as measurement index. The Return of Sales (ROA) as the measurement index for post-acquisition performance, to realize the synergy for acquirer. The research sample of this essay are companies which have been use M&A as strategic tool in 2000 to 2008, the total sample we get is 88 companies. According to the analysis result, industrial similarities can bring the positive effect to acquirer’s performance, it implied that choose similar industry as targt, will benefit the competitive advantage for acquirer. On the other head, the capital intensity, R&D intensity and marketing intensity makes significant influence for post-acquisition performance, however the debt intensity is not.