企業惡意併購關鍵因素之研究

The Study of Key Factors about Hostile Takeover

本文提出以公司治理觀點詮釋企業惡意併購的新理論。理論模型證明，若有接管行動且發生控制權爭奪時，則目標公司治理品質愈差，其被惡意接管機率愈高。本文結論，公司治理在企業惡意併購過程中，扮演著相當重要的角色，相關惡意併購現象，都可以由公司治理觀點加以合理解釋。

This paper presents a new theory of business hostile takeover under corporate governance perspective. The results show that when taking-over action and scramble of controlling right happen and the quality of corporate governance of the target is worse, the chance of maliciously taking-over is higher. The paper believes that corporate governance plays an important role in the process of hostile takeover, and the phenomenon of hostile takeover can be reasonably interpreted by the perspective of corporate governance.