併購對競爭者研發表現之影響

Abstract

過去許多學者研究併購對併購方或被併購者之影響，卻很少提及併購對併購 方競爭者之影響。併購對競爭者影響之面向較廣，故本論文想對併購方企業競爭 者的創新研發做研究，針對台灣上市上櫃電子工業併購方之競爭者做深入探討。 Giovanni Valentini (2015) 強調，著手併購之企業可能會在併購期間減少對創新的 投入，更重視短期併購操作和財務考慮;相反的競爭企業可利用拓展研究超越對 手，產生更多有影響力的創新。而台灣上市上櫃電子工業企業數據顯示雖然正在 著手併購交易之公司將影響其競爭對手研發策略，但有進行併購企業非常重視創 新，其研發費用遠高於無併購企業之研發費用。Bena and Li (2014) 發現研發費 用高較容易成為被併購目標及 Lin and Wang (2016) 所提研發能力強的企業若被 併購常擁有比市價更高之估值與台灣電子工業企業觀察結果並不一致。

In the past, many scholars have devoted great efforts to examine the effects of M&A generally focusing on the firms directly involved in deals, and says little about the effect of M&A on competitors. Hence, this study investigates the effect of M&A on competitor’s innovation performance, focusing on the electronics industry in Taiwan. Giovanni Valentini (2014) commented: merging firms may reduce their commitment to innovation in the period following the deal because of an increased focus on short-term M&A implementation and financial considerations, rival firms can on the contrary exploit this moment of inertia to broaden their research and outperform rivals, producing more impactful innovations. According to the data on electronics industry in Taiwan, although merging firms may affect the innovation strategy of their rivals, however, we found that R&D expenses of merging firms is far higher than non-merging firms. Merging firms place a great deal of importance on R&D proven by their R&D expenses is far higher. Bena & Li (2014) found that firms with higher R&D expenses are more likely to become M&A targets. Lin & Wang (2016) commented premium is associated with large R&D expenses. However, these two findings are not founded in electronics industry in Taiwan.