The Relationship between Intangible Assets Gained from M&;A and Firm’s Business Performance

• Main Authors: Chen, Yi-An, 陳奕安
• Other Authors: Cheng, Li-Ping
• Format: Others
• Language: zh-TW
• Published: 2014
• Online Access: http://ndltd.ncl.edu.tw/handle/04393515360620639315

碩士 === 國立交通大學 === 經營管理研究所 === 102 === The world has come to the knowledge-based economy era, the value of intangible assets become one of the incentives for M&;A. The value creation by intangible assets through merger and acquisition is acknowledged as a standard of whether the firm is operating functionally. This study is based on Acquirer’s' merger and acquisition announcement during the period of 2007 to 2012 as study scope. The study justifies intangible assets acquired in merger and acquisitions are positive related to firm’s business performance. The empirical results are as follows. Human capital and relational capital are positively associated with corporate performance. Human capital is significantly positive effect on relational capital. However, the structural capital is negatively associated with firm’s business performance as timing effect might occur. The implication of this study suggests that firms concentrate on the intangible asset as for creating firm’s short and long-term value. The study shows human capital and relational capital reflect values at current period. The value creation by the intangible assets will be the focal point for M&;A activities. Through business management and well operating methods, the intangible assets would be profitable and cost-effective that bring the potential value into fully play.