管理學院: 財務金融學研究所指導教授: 林姿婷彭新勻Peng, Hsin-YunHsin-YunPeng2017-03-032018-07-092017-03-032018-07-092015http://ntur.lib.ntu.edu.tw//handle/246246/274212本研究以1993至2013年間的資料，探討距離和組織型態對美國產險業併購績效的影響。實證結果發現，當併購公司和其併購標的間距離越近時，併購後的ROE表現越好，意味著近距離有利於軟資訊之取得和資源之整合，以達到資訊優勢實現更好的綜效。又當併購公司為相互保險組織型態時，與ROE變動表現呈負相關，隱含相互保險公司經營效率較股份有限公司低落的可能，但並未在距離和組織型態的交互項發現顯著關聯。本研究亦發現資產規模大小與併購績效呈正相關，槓桿比率和集團化變數則與併購績效呈負相關。This paper examines the relationship between physical distance, organizational form and M&A performance in the U.S. property-liability insurance industry from 1993 to 2013. There are three main findings. First, M&A that occurs within shorter distances between the acquirer and its target, performs better on ROE, indicating the relevance of distance and information advantage and synergy. Second, mutual acquirers have negative post-acquisition ROE, suggesting that mutuals are less efficient than stock companies. However, the interaction effect between distance and organizational form is not significant. Finally, this paper finds a positive relationship between insurer size and post-M&A performance, while the level of leverage and whether an insurer is affiliated with a group share negative relationship with post-M&A performance.論文使用權限: 不同意授權併購距離產險業軟資訊組織型態Mergers and AcquisitionsDistanceProperty-Liability InsuranceSoft InformationOrganizational Formthesis