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標題: | 科技與財務因子對併購影響力之實證研究 Empirical Research of Technology and Financial Factors in Merger and Acquisitions |
作者: | Ping-Yuan Chen 陳炳元 |
指導教授: | 邱顯比(Shean-Bii Chiu) |
關鍵字: | 專利,研發費用,併購,實證研究,條件羅吉斯迴歸,差異中的差異法, Asset complementarities,Innovation,Mergers and Acquisitions,Synergies,Technological overlaps, |
出版年 : | 2017 |
學位: | 碩士 |
摘要: | 經歷隨著 2008 年金融海嘯,許多的公司走下神壇,也有許多公司藉此機會互相合併整合再創榮耀。國外的文獻已指出,在併購中,雙方公司的技術能力理當扮演除了財務數據之外的重要影響因素,成功的技術整合能使合併後的公司專利產出與技術研究上升一個台階,進而創造出更大的獲利基礎。
研究主要分成兩個部分,第一部份為事前選擇效果,透過條件羅吉斯迴歸找出收購方與目標公司在專利研發與公司財務上的誘發併購顯著因子,進一步區分何者較容易成為收購方,而何者較容易成為目標公司。第二部分為併購後提升效果,透過準時驗進行差異中之差異法找出併購後存續公司在產出上的提升結果。 本篇論文的主要發現是透過2001 至2010 共10 年橫跨2008 金融海嘯的專利併購資料來分析說明收購方多為較多專利與較少研發費用的大型公司。反之目標公司往往多是低專利而高研發費用的新創或小規模公司。且發現不同角色的投資人有不同的考量。此外,在同一領域上的技術重疊度越高且產品重疊度越低,能誘發併購的產生,反之亦然。 Experienced with the 2008 financial crisis, many companies had disappeared in history. However, many other companies also took the opportunity to merge into a greater one and earned more market shares. Foreign literature has pointed out that company’s current patents portfolio and research capabilities also played an important role besides financial data in the merger and acquisition. Well technology integration can bring better output to the company and higher technology improvement, then create a greater profit base. The main findings of this paper verify that the acquirers are usually the companies with more patents, fewer R&D expenses, and better financial basis through 10 years patent data from 2001 to 2010. On the contrary, the target companies are usually companies with low-tech, high R&D costs and weak financial statement. I also found that different investors have different considerations in merger and acquisitions when they played as acquirers or target firms. In addition, the higher degree of technology overlap in the same field can lead to the emergence of mergers and acquisitions, and vice versa. However, the degree of product overlap can reduce the probability of M&A happened. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/59297 |
DOI: | 10.6342/NTU201701261 |
全文授權: | 有償授權 |
顯示於系所單位: | 財務金融學系 |
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