| Summary: | 碩士 === 中國文化大學 === 會計學系 === 103 === The main purpose of this study is to investigate the company after the merger to generate synergies really have? And payment of related industry whether the takeover would affect the synergy?
Empirical results show that the use of paired t-test variance analysis found that free cash flow per share (FCF) showed a significant upward trend, on behalf of all listed companies engaged in mergers and acquisitions after the increase in volume can indeed increase the amount of free cash flow per share of the company, in other words, there will indeed generate synergies after the merger.
This article also further explore the synergies of the relevant factors, the empirical results show that on the surface in terms of operational efficiency, accounts receivable turnover ratio presented significant negative correlation, mainly because the company after the acquisition, the amount of revenues and receivables higher than before the merger, the Company's management, if not effectively control accounts receivable, the situation will flow to the occurrence of bad debt, so wish to highlight its operating performance after the acquisition, it should find ways to reduce its accounts receivable turnover rate.
On the solvency side, the cash flow ratio (CF) presented significant positive correlation, on behalf of the company's solvency more good, operating performance after the acquisition, the greater the degree of improvement. In terms of profitability side, return on assets was a significant negative correlation was mainly due to primary and company managers are often based on selfish motives, and to engage in inefficient investment behavior. In related industries is not significant, on behalf of the company would not have taken better synergies generated when the relevant industry mergers and acquisitions. Payment on the acquisition, the empirical results show that cash payments compared to other types of payment, produced no significant difference.
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