| Summary: | 碩士 === 國立臺灣大學 === 經濟學研究所 === 105 === From firms’ perspective, mergers may improve firms’ performance through economics of scale or economics of scope. However, mergers may cause the centralization of market structure and have an impact on social welfare. In view of this, any merger that crosses specific threshold should be submitted to the fair trade commissions. These facts show that mergers have been a noticeable activity, and have been a crucial subject in Industrial Economy.
This study use the research sample of mergers not prohibited by FTC between 2002 and 2011, examining the post-merger operating performances. The results show：(1)After a year of merger, the effect of merger is not significant. After 1 to 4 years of merger, mergers have a negative impact on firms’ gross rate. (2)Vertical integration has a positive effect on firms’ performance, showing that the existence of economic of scope. Horizontal integration has a positive effect on gross rate, showing that firms can reduce their operating costs. (3) Asset size has a significantly positive effect on firms’ performances, proving the existence of economic of scale. Moreover, small firms have better improvement on performances after mergers than large firm. (4)Industry-type plays an important role in firms’ performances. In semiconductor and optoelectronics industry, the post-merger performances have a descending trend. It may be caused by the characteristic of technology centralized characteristics and emergence of competitors. On the other hand, the gross rate of financial industry improve after mergers. In conclusion, overall, there are no significant trend in the operating performance after mergers; however, after considering other explanatory variables like industry-type and macroeconomic environment, these variables have evident influence on performance, moreover, the results of some explanatory variables show that the longer sample period is considerable.
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