併購組合多樣性對公司績效之影響－寬裕性資源與研究發展能力之調和效果

Abstract

隨著公司之成長，企業在擴張其企業版圖時，經常採用併購的方式進行。過去許多研究致力於單一併購案對於公司績效產生之影響，並運用不同理論之觀點進行闡述。然而較少文獻關注於當公司進行多次併購案後，其子公司的組合之特性對於併購績效之影響，因此本研究藉由資源基礎觀點以及交易成本理論來分析併購投資組合對公司績效之影響。 本篇研究將探究併購投資組合於產業、交易方式之分散程度對公司績效之影響，此外，加入寬裕性資源及研究發展能力為調和變數，探討其對於主要變數關係之影響。本篇研究以生技相關產業之上市公司為樣本，並利用COMPUSTAT所提供的次級資料進行迴歸分析，選取了175間主併公司，總樣本數有419筆。根據研究結果，併購投資組合之產業分散程度與公司績效的關係為倒U型，交易方式之分散程度則是與公司績效具有負向關係。本篇研究認為資源基礎理論與交易成本理論可用於解釋此研究結果，當併購組合產業之分散程度愈高，根據資源基礎觀點，主併公司可以利用併購組合內之公司的資源，提升其競爭優勢，然而當併購組合內的產業分散度越大，公司之間協調分配資源衍生之交易成本愈大，使得資源分配較無效率而降低了公司之營運績效。而當用併購組合內之交易方式分散程度愈大，整合及管理的過程中產生的成本也愈高，因而降低了公司之營運績效。此外，公司寬裕性資源及其研究發展能力在此關係中具有調和作用。 結論部分會提供本篇研究於實務上之管理意涵，並提供相關研究限制與未來研究方向等建議。

As the growth of firm, merge or acquisition has been a common strategy when firms expanding the business map. There are many research have focused on evaluating performance of single acquisition in different method. However, there are few researches focus on the characteristics of the M&A portfolio when the acquiring firm engaged in multiple merge or acquisition. Therefore, we introduced the Resource Based View and the Transaction Cost Theory to compare whether diversity of the M&A portfolio will impact on the firm performance. This study examines the relationship between the diversity of the industry and the trade term in the M&A portfolio how to impact firm operating performance. In addition, adding the moderating role of resource slack and the R&D capability. Comprehensive secondary data of the globally public biotechnology-related industries collected mainly from COMPUSTAT database supported the prediction. The overall sample size is 419 cases, including the 175 acquiring firms. From the research results, the relationship between the diversity of industry and the firm performance is inverse U-shaped. However, the trade term diversity is negatively associated with firm performance. This paper suggests the Resource Based View and the Transaction Cost Theory can provide explanations on the relationship between the diversity of M&A portfolio and firm performance. In addition, organizational slack resource as well as R&D capability plays a moderating role in the relationship of M&A portfolio and firm performance. This study also discusses the managerial implications and provides some future research limits and directions on the end.