Post-Merger Performance: Does Size Matter?
|關鍵字:||併購;併購後表現;企業相對規模;Mergers and Acquisitions;Post-Merger Performance;Relative Size|
Mergers and acquisitions have been one of the most pronounced activities at the global level in the past two decades, but the overall empirical post-merger performance is still controversial. Researchers have been trying to explain various performances from different viewpoints. In this dissertation, the investigation aimed to analyze the performance in post-merger integration stages from the viewpoints of relative size of combining firms, discussing how various relative sizes between combining firms influence post-merger performance in the short-term and long-term. The data of this dissertation was collected from SDC platinum and COMPUSTAT, where the data were M&A deals of high-tech public companies announced between 2000 and 2001 in the U.S.A. The post-merger performance was assessed by using share returns as market performance and ROA and ROE as operating performance As for short-term analysis, the event study analysis showed post-merger performance under both market assessments and operating performance assessments were significantly negative. The regression analysis results showed that percentage change in stock returns was significantly positively associated to the target sizes comparing to acquirers in M&A deals. Similarly, the event study analysis for the long-term showed that post-merger performance under both market assessments and operating performance assessments were significantly negative. Moreover, it could be observed that as the size of the target companies comparing to the acquirers become larger, the shareholders earned less comparing to which before mergers. Overall, it can be concluded that relative size between combining firms do result in different post-merger performance.
|Appears in Collections:||Thesis|
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