企業併購之技術聚合與融合分析：以全球四家農化企業併購為例

Abstract

近年農化企業紛紛進行企業併購，產業內的技術集中於大型農化企業，Bayer在2018年收購Monsanto，目的在提升除草劑的市占率，Dow Chemical和DuPont在2017年合併則是為了促進作物育種技術的優勢。本研究針對兩組農化企業併購是否在技術研發上，獲得技術聚合與融合的優勢進行探討，本研究透過收集WIPS專利資料庫，檢索農業化學相關技術領域的美國專利資料近十年的專利，藉由Jaccard係數和餘弦相似函數的計算，找出有顯著較高聚合/融合特徵的技術領域/子領域。透過強度、廣度，以及程度探討不同領域/子領域兩兩之間聚合/融合樣態。研究結果發現，Bayer與Monsanto在合併前後的技術聚合融合集中在有機化學獲得除草劑技術發展的優勢、Dow Chemical與DuPontDuPont在合併前後的技術聚合融合集中在生物農藥和有機化學獲得作物育種技術發展的優勢，整體農化產業在前後期的技術聚合融合集中在生物農藥和有機化學，與兩組農化企業的聚合融合一致。

In recent years, agrochemical companies have carried out mergers and acquisitions, and the technologies in the industry are concentrated to large agrochemical companies. Bayer acquired Monsanto in 2018 in order to increase rate of the market share of herbicides. Dow Chemical and DuPont merged in 2017 to gain advantages in crop breeding technology. This study explores whether the mergers and acquisitions of the two groups of agrochemical companies are in terms of technology research and development, and have obtained the advantages of technology aggregation and integration. By collecting the WIPS patent database, searching the U.S. patent data related to agricultural chemistry for nearly ten years of patents, Calculated by the Jaccard coefficient and cosine similarity function to find out the technology fields/sub-fields with significantly higher convergence/fusion characteristics. Explore the convergence/fusion of different fields/sub-fields through intensity, coverage, and degree, the results of the study found that before and after the merger the technology convergence of Bayer and Monsanto focused on organic chemistry to gain advantages in the development of herbicide technology. Before and after the merger the technology convergence of Dow Chemical and DuPont focused on biopesticide and organic chemistry to obtain the advantages on crop breeding technology development. The technology convergence and integration of the overall agrochemical industry in the early and late stages focused on biological pesticides and organic chemistry, which is consistent with the convergence and integration of the two groups of agrochemical companies.