Please use this identifier to cite or link to this item: http://hdl.handle.net/11455/20688
標題: 企業購併對技術取得影響之研究
The Impacts of M&A on Technology Acquisition
作者: 曾為國
Tseng, Wei-Kuo
關鍵字: Merger & Acquisition
購併
Technology-Related
Market-Related
Technology Acquisition
技術相關
市場相關
技術取得
出版社: 企業管理學系所
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摘要: The topic of my research is about the impacts of M&A on technology acquisition. Recently, while technology and environment unceasing change, it make technology life cycle shorten. Now if business investment in research and development by self-resources and capability, it may not feedback the demand of market quickly. Then result in the developed product or technology was not on demand. Therefore, many businesses obtain technology by acquisition, it mainly based on some reasons consideration which include speed up the new product goes on the market, acquire the essential technology resources and patents limit. Because of the economy in region happens structural transformation and the global financial crisis by subprime mortgage. Then the leadership of acquisition on European and American countries is transfer to Asia countries gradually. Furthermore, recent years the acquisitions of domestic business were trend to rise. If discussion from industry angle, the acquisition is mainly occur in electronics industry. Therefore, the acquisition of high tech industry is the mainly sample of my research and researching the impacts of M&A on business technology acquisition. The topics of my research have three. Respectively is the impact of M&A on post-merger R&D, the impacts of different M&A types on post-merger R&D and the impacts of Technology-Related and Market-Related of acquires on post-merger R&D. According to diagnosis analysis of my research, the results include 1. The impact of M&A on post-merger R&D is reduction of R&D input, but rise in R&D output and R&D efficiency respectively. 2. The impacts of different M&A types on post-merger R&D output and R&D efficiency is obvious different, but not obvious different in R&D input. Among the result of the R&D output of horizontal merger and conglomerate merger are small than vertical merger. Moreover, the R&D efficiency of horizontal merger is more than vertical merger. 3. In the aspect of Technology-Related, when Technology-Related is higher which makes the rise of R&D input、R&D output and R&D efficiency. Moreover, the Market-Related between acquires is not obvious different in R&D input、R&D output and R&D efficiency.
本研究主要在探討企業透過購併的方式對於其購後技術取得影響之研究,近年來隨著科技及環境的演進,使得技術發展的生命週期不斷的縮短,此時若企業僅透過本身的資源及能量來進行研發的活動,則可能無法快速反應市場上需求的改變,進而使得開發的產品或技術已不敷市場上新一波的需求。準此,國內許多企業基於某些因素的考量,包括加速新產品上市時間、取得關鍵的技術資源及專利權限制等因素的考量之下,逐透過購併的方式來取得外部的技術能量。 隨著區域內經濟發生結構性的轉變以及次貸所引發的全球性金融危機,過去由歐美國家所主導的購併案開始轉為由亞洲國家所主導。再者,觀察近來國內企業購併案也呈現逐年升溫的態勢,其中若以產業別來觀察,以電子業所主導的購併案居多;故而本研究將以國內之高科技產業的購併案做為本研究之樣本,並進一步探討企業購併對於其技術取得之影響;本研究之目的主要有三,1.廠商進行購併活動後,對於研發績效的影響。2.廠商是否會因為採用不同的購併型態而對於購併後之研發績效有不同的影響。3.購併雙方之技術相關性程度及市場相關性程度對於廠商購併後之研發績效的影響。 根據本研究實證分析後發現,1.廠商在進行購併後,於研發投入方面有顯著減少的現象、研發產出方面有顯著提升的現象,另外在研發效率上也有顯著的提升。2.廠商採行不同的購併型態與購併後之研發投入間並無顯著之差異存在,然而在研發產出及研發效率間則有顯著的差異存在;其中水平購併後的研發產出小於垂直購併後的研發產出,且多角化購併後的研發產出小於垂直購併後的研發產出;此外水平購併後的研發效率大於垂直購併後的研發效率。3.在技術相關性程度方面,當技術相關性程度較高時,會使得購併後之研發投入增加、研發產出增加以及研發效率提升;另外在市場相關性程度方面,本研究發現購併雙方之市場相關性程度與研發投入、研發產出及研發效率間並無顯著的關係存在。
URI: http://hdl.handle.net/11455/20688
其他識別: U0005-0207200815514800
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