請用此 Handle URI 來引用此文件：
http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/18090完整後設資料紀錄
| DC 欄位 | 值 | 語言 |
|---|---|---|
| dc.contributor.advisor | 廖咸興(HSIEN-HSING LIAO) | |
| dc.contributor.author | Chun-Fan Chen | en |
| dc.contributor.author | 陳均汎 | zh_TW |
| dc.date.accessioned | 2021-06-08T00:50:51Z | - |
| dc.date.copyright | 2015-07-20 | |
| dc.date.issued | 2015 | |
| dc.date.submitted | 2015-07-02 | |
| dc.identifier.citation | 1. Aboody, D., & Lev, B. (2000). Information asymmetry, R&D, and insider gains. The Journal of Finance, 55, 2747-2766.
2. Ahuja, G., & Katila, R. (2001). Technological acquisitions and the innovation performance of acquiring firms: A longitudinal study. Strategic Management Journal, 22, 197-220. 3. Bebchuk, L., Cohen, A., & Ferrell, A. (2009). What matters in corporate governance? Review of Financial Studies, 22, 783-827. 4. Bekaert, G., & Wu, G. (2000). Asymmetric volatility and risk in equity markets. Review of Financial Studies, 13, 1-42. 5. Bertrand, O. (2009). Effects of foreign acquisitions on R&D activity: Evidence from firm-level data for France. Research Policy, 38, 1021-1031. 6. Bertrand, O., & Zuniga, P. (2006). R&D and M&A: Are cross-border M&A different? An investigation on OECD countries. International journal of industrial organization, 24, 401-423. 7. Bhagat, S., & Welch, I. (1995). Corporate research & development investments international comparisons. Journal of Accounting and Economics, 19, 443-470. 8. Canace, T. G., & Mann, S. V. (2014). The impact of technology-motivated M&A and joint ventures on the value of IT and non-IT firms: a new examination. Review of Quantitative Finance and Accounting, 43, 333-366. 9. Cassiman, B., Colombo, M. G., Garrone, P., & Veugelers, R. (2005). The impact of M&A on the R&D process: An empirical analysis of the role of technological-and market-relatedness. Research Policy, 34, 195-220. 10. Chan, S. H., Martin, J. D., & Kensinger, J. W. (1990). Corporate research and development expenditures and share value. Journal of Financial Economics, 26, 255-276. 11. Choi, S., Francis, B. B., & Hasan, I. (2010). Cross‐Border Bank M&As and Risk: Evidence from the Bond Market. Journal of Money, Credit and Banking, 42, 615-645. 12. Clem, A., Cowan, A. R., & Jeffrey, C. (2004). Market Reaction to Proposed Changes in Accounting for Purchased Research and Development in R&D-Intensive Industries. Journal of Accounting, Auditing & Finance, 19, 405-428. 13. Cremers, K. M., Nair, V. B., & John, K. (2009). Takeovers and the cross-section of returns. Review of Financial Studies, 22, 1409-1445. 14. Desyllas, P., & Hughes, A. (2010). Do high technology acquirers become more innovative? Research Policy, 39, 1105-1121. 15. Duqi, A., Jaafar, A., & Torluccio, G. (2015). Mispricing and risk of R&D investment in European firms. The European Journal of Finance, 21, 444-465. 16. Gompers, P. A., Ishii, J. L., & Metrick, A. (2001). Corporate governance and equity prices. In: National bureau of economic research. 17. Higgins, M. J., & Rodriguez, D. (2006). The outsourcing of R&D through acquisitions in the pharmaceutical industry. Journal of Financial Economics, 80, 351-383. 18. Johnson, L. D., & Pazderka, B. (1993). Firm value and investment in R&D. Managerial and Decision Economics, 14, 15-24. 19. Jovanovic, B., & Rousseau, P. L. (2002). The Q-theory of mergers. In: National Bureau of Economic Research. 20. Kile, C. O., & Phillips, M. E. (2009). Using industry classification codes to sample high-technology firms: Analysis and recommendations. Journal of Accounting, Auditing & Finance, 24, 35-58. 21. Lin, J.-C., Stephens, C. P., & Wu, Y. (2014). Limited attention, share repurchases, and takeover risk. Journal of Banking & Finance, 42, 283-301. 22. McGee, J. E., & Dowling, M. J. (1994). Using R&D cooperative arrangements to leverage managerial experience: A study of technology-intensive new ventures. Journal of Business Venturing, 9, 33-48. 23. Officer, M. S., Poulsen, A. B., & Stegemoller, M. (2009). Target-firm information asymmetry and acquirer returns*. Review of Finance, 13, 467-493. 24. Phillips, G. M., & Zhdanov, A. (2012). R&D and the Incentives from Merger and Acquisition Activity. Review of Financial Studies, hhs109. 25. Piachaud, B., & Muresan, E. (2004). A study of shareholder reaction to technology motivated joint ventures and strategic alliances: strategic and financial perspectives. International Journal of Technology Management, 27, 343-356. 26. Rhodes–Kropf, M., Robinson, D. T., & Viswanathan, S. (2005). Valuation waves and merger activity: The empirical evidence. Journal of Financial Economics, 77, 561-603. 27. Shleifer, A., & Vishny, R. W. (2003). Stock market driven acquisitions. Journal of Financial Economics, 70, 295-311. 28. Szewczyk, S. H., Tsetsekos, G. P., & Zantout, Z. (1996). The valuation of corporate R&D expenditures: Evidence from investment opportunities and free cash flow. Financial Management, 105-110. 29. Zantout, Z. Z., & Tsetsekos, G. P. (1994). The wealth effects of announcements of R&D expenditure increases. Journal of Financial Research, 17, 205-216. | |
| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/18090 | - |
| dc.description.abstract | 企業會透過內部資源以及外部資源作為提升企業的生產技術，進而提升企業未來的成長動能。內部資源為透過企業內部的研究與發展相關活動(Research and Development Activity)帶動企業長期價值(Samuel H. Szewczyk, George P. Tsetsekos, and Zaher Zantout, 1996)；外部資源則是透過併購增加自身的生產技術進而捕捉公司未來成長的機會(Higgins and Rodriquez, 2006)。然而Duqi, Jaafar和Giuseppe (2015)認為企業投入研究與發展費用會造成資訊不對稱的情形發生，因為外部投資人無法了解企業研究與發展活動的成果，而對企業的研究與發展做出錯誤定價。而根據Rhodes, Robinson和Viswanathan (2005)的研究，錯誤定價在併購活動中佔了很重要的因素。因此本研究分析了研究與發展強度(Research and Development Intensity)對於被併購機率的影響。實證分析的結果發現，研究與發展費用的強度對於企業自身被併購機率的影響呈現正向顯著的關係。而對於生產技術較為依賴的高科技產業來說，研究與發展強度(Research and Development Intensity)對於被併購機率的影響更為顯著。 | zh_TW |
| dc.description.abstract | For increasing growth opportunity, firm will improve the its production technology by internal resources or external resources. Through internal resources, firm inject a lot of resource in research and development activities for raising long-term business value (Samuel H. Szewczyk, George P. Tsetsekos, and Zaher Zantout, 1996); external resources is using mergers and acquisitions way to enhence its technology and then capture the company's future growth opportunities (Higgins and Rodriquez, 2006). However Duqi, Jaafar and Giuseppe (2015) demonstrated that investment in research and development will result in information asymmetry which occurs between outside investors and manager, because research and development activities could not be understood by investor. Thus, investors would make research and development investment undervalued. According to Rhodes, Robinson and Viswanathan (2005), mispricing plays an important factor in M & A activity. Therefore, this study analyzed the relation between research and development intensity and takeover probability. The empirical analysis found that the research and development intensity has positive effect on takeover probability. As for the production of high-tech industry, the effect of research and development intensity on takeover probability is more significant. | en |
| dc.description.provenance | Made available in DSpace on 2021-06-08T00:50:51Z (GMT). No. of bitstreams: 1 ntu-104-R02723077-1.pdf: 1331449 bytes, checksum: 8940d0d72536755b0ea27e179e3d0d02 (MD5) Previous issue date: 2015 | en |
| dc.description.tableofcontents | 誌謝 I
中文摘要 II ABSTRACT III 目錄 IV 表目錄 V 第一章 概述 1 第二章 研究假說 5 第三章 資料來源、定義與研究方法 7 3.1 資料來源及樣本篩選 7 3.2 公司財務變數 7 3.2.1 邏輯迴歸模型選用變數 7 3.2.2 迴歸模型選用變數 9 3.2.3 迴歸模型控制變數 10 3.2.4 資料處理 11 3.2.5 敘述統計 12 3.3 研究方法 13 第四章 實證結果與分析 16 4.1 相關數值設定 16 4.2 Robustness分析 18 第五章 結論 19 參考文獻 20 | |
| dc.language.iso | zh-TW | |
| dc.title | 研究與發展費用對企業自身被併購機率的影響 | zh_TW |
| dc.title | Research and Development Expenditure and Takeover Probability | en |
| dc.type | Thesis | |
| dc.date.schoolyear | 103-2 | |
| dc.description.degree | 碩士 | |
| dc.contributor.oralexamcommittee | 李阿乙(A-YI LI),陳宗岡(TSUNG-KANG CHEN) | |
| dc.subject.keyword | 併購活動,研究與發展費用,資訊不對稱, | zh_TW |
| dc.subject.keyword | Takeover,Research and Development,Information Asymmetry, | en |
| dc.relation.page | 30 | |
| dc.rights.note | 未授權 | |
| dc.date.accepted | 2015-07-02 | |
| dc.contributor.author-college | 管理學院 | zh_TW |
| dc.contributor.author-dept | 財務金融學研究所 | zh_TW |
| 顯示於系所單位： | 財務金融學系 | |
文件中的檔案：
| 檔案 | 大小 | 格式 | |
|---|---|---|---|
| ntu-104-1.pdf 未授權公開取用 | 1.3 MB | Adobe PDF |
系統中的文件，除了特別指名其著作權條款之外，均受到著作權保護，並且保留所有的權利。