技術併購、家族企業與公司治理對併購後創新績效之影響

Abstract

本研究旨在觀察臺灣2003年至2017年上市上櫃公司之併購活動，並以專利權核准數與專利權被引用數作為公司創新數量績效與創新品質績效的代理變數，探討主併公司從事技術併購、家族企業與否、公司治理程度對於併購後創新績效的影響。實證結果發現：(1) 技術併購與併購後的創新數量與品質為顯著正相關；(2) 家族企業與併購後創新績效無顯著相關；(3) CEO雙重性負向顯著影響併購後創新數量與品質，同時機構投資人持股比例正向顯著影響併購後創新數量，顯示內部與外部的公司治理機制提供的監督功能，有助於提升創新績效，符合代理理論；(4) 獨立董事比例與併購後創新績效呈現顯著負向關係，本研究推論在研發創新場域中，相較於獨立董事的監督角色，企業更加倚賴內部董事的顧問角色。

Using the data of listed companies in Taiwan during the period of 2003-2017, this paper aims to investigate the effect of technological M&A, family firm and corporate governance on the post-acquisition innovation performance of acquiring firms. The empirical results show that: (1) technological M&A is significantly positively correlated with the innovation performance; (2) whether acquiring firms are family firms or not isn’t significantly correlated with the innovation performance; (3) CEO duality is significantly negatively correlated with the innovation performance while an increase in institutional ownership improves the innovation performance, supporting the agency theory; (4) there is a negative correlation between the ratio of independent directors and the innovation performance, which is consistent with the argument that with regard to R&D management, firms might more rely on advisory function of internal directors, rather than monitoring function of independent directors.