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題名 開發中國家購併已開發國家企業後創新能力變化之分析
How Do Cross-Border Acquisitions Affect the Innovation Performance of Emerging Market Firms?
作者 李浩維
Lee, Hao-Wei
貢獻者 譚丹琪
李浩維
Lee, Hao-Wei
關鍵詞 購併
創新
專利
開發中國家
日期 2021
上傳時間 4-Aug-2021 16:41:18 (UTC+8)
摘要 本研究目的為探討購併對於開發中國家的企業創新能力的影響，著眼於近十年來開發中國家企業快速成長，作為國際市場的參與者嶄露頭角，觀察開發中國家企業國外直接投資(Foreign direct investment, FDI)數據，購併在其中非常大的比例，顯示購併在這些開發中國家企業的成長中有濃厚的成分，特別是對象為已開發國家企業的購併，對這些開發中國家公司來說是取得技術資源的手段之一，能夠快速、大規模的累積創新能力，因此本文將利用專利數據作為指標，觀察這些開發中國家企業購併前後創新能力的變化，以檢視購併是否有達到提升創新能力的效果。為達到研究目的，本文開發一支爬蟲程式檢索 Google Patents 搜尋引擎，建立有效率的、易更新的專利統計工具以便進行研究。在分析 199 件來自 SDC(Securities Data Company) 購併資料庫，開發中國家製造業公司購併已開發國家製造業公司的數據後，本文發現創新能力中代表創新產出的專利申請數沒有顯著變化，但代表創新品質的專利被引用數在購併後有顯著的下降，另一方面，主併公司的研發經費有顯著的提升。本文認為吸收來自目標公司的知識與原本公司創新所需的資源是相同的，因此資源相互排擠的結果才導致資源增加但創新品質仍然下降的現象。
參考文獻 1. Allred, B. B., & Park, W. G. (2007). Patent rights and innovative activity: evidence from national and firm-level data. Journal of International Business Studies, 38(6), 878-900.
2. Ahuja, G., & Curba, M. L. (2001). Entreprenuership in the large corporation: A longitudinal study of how established firms create breakthrough inventions. Strategic Management Journal, 22(6), 521-543.
3. Ahuja, G., & Katila, R. (2001). Technological acquisitions and the innovation performance of acquiring firms: A longitudinal study. Strategic Management Journal, 22(3), 197-220.
4. Akdoğu, E. (2009). Gaining a competitive edge through acquisitions: Evidence from the telecommunications industry. Journal of Corporate Finance, 15(1), 99-112.
5. Amit, R., & Schoemaker, P. (1993). Strategic assets and organizational rent. Strategic Management Journal, 14(1): 33–46.
6. Arora, A., Belenzon, S., & Rios, L. A. (2014). Make, buy, organize: The interplay between research, external knowledge, and firm structure. Strategic Management Journal, 35(3), 317. R
7. Arora, A., Fosfuri, A., & Gambardella, A. (2001). Specialized technology suppliers, international spillovers and investment: Evidence from the chemical industry. Journal of Development Economics, 65(1), 31-54.
8. Arrow, K. (1962) ‘Economic Welfare and the Allocation of Resources for Invention’, in R. Nelson (ed.) The Rate and Direction of Inventive Activity, Princeton University Press: Princeton, NJ, pp: 610–614.
9. Awate, S., Larsen, M. M., & Mudambi, R. (2012). EMNE catch‐up strategies in the wind turbine industry: Is there a trade‐off between output and innovation capabilities? Global Strategy Journal, 2(3), 205-223.
10. Aybar, B., & Ficici, A. (2009). Cross-border acquisitions and firm value: An analysis of emerging-market multinationals. Journal of International Business Studies, 40(8), 1317-1338.
11. Barkema, H. G., Bell, J. H., & Pennings, J. M. (1996). Foreign entry, cultural barriers, and learning. Strategic management journal, 17(2), 151-166.
12. Bartlett, C. A., & Ghoshal, S. (2000). Going global: lessons from late movers. Reading, 1(3), 75-84.
13. Blundell, R., Griffith, R., & Van Reenen, J. (1999). Market share, market value and innovation in a panel of British manufacturing firms. The review of economic studies, 66(3), 529-554.
14. Brandl, K., Darendeli, I., & Mudambi, R. (2019). Foreign actors and intellectual property protection regulations in developing countries. Journal of International Business Studies, 50(5), 826-846.
15. Cantwell, J., Glac, K. and Harding, R. (2004) ‘The internationalization of R&D: the Swiss case’, Management International Review 44(Special Issue 3): 57–82.
16. Choi, S., & McNamara, G. (2018). Repeating a familiar pattern in a new way: The effect of exploitation and exploration on knowledge leverage behaviors in technology acquisitions. Strategic Management Journal, 39(2), 356-378.
17. Cohen, W. M., & Levinthal, D. A. (1990). Absorptive capacity: A new perspective on learning and innovation. Administrative Science Quarterly, 35(1), 128.
18. Coriat, B., & Weinstein, O. (2002). Organizations, firms and institutions in the generation of innovation. Research Policy, 31(2), 273-290.
19. Cui, J., & Jiang, F. (2012). State ownership effect on firms` FDI ownership decisions under institutional pressure: A study of Chinese outward-investing firms. Journal of International Business Studies , 43 (3): 264-284.
20. Devos, E., Kadapakkam, & Krishnamurthy, S. (2009). How do mergers create value? A comparison of taxes, market power, and efficiency improvements as explanations for Synergies. The Review of Financial Studies, 22(3), 1179-1211.
21. Deng, P. (2009). Why do chinese firms tend to acquire strategic assets in international expansion? Journal of World Business, 44(1), 74. Retrieved from
22. Dunning, J. H. (1977). Trade, location of economic activity and the MNE: A search for an eclectic approach. In The international allocation of economic activity (pp. 395-418). Palgrave Macmillan, London.
23. Eden, L., & Miller, S. R. (2004). Distance matters: Liability of foreignness, institutional distance and ownership strategy. In " Theories of the Multinational Enterprise: Diversity, Complexity and Relevance". Emerald Group Publishing Limited.
24. Frost, T.S. (2001) ‘The geographic sources of foreign subsidiaries’innovations’, Strategic Management Journal 22(2): 101–123.
25. Furman, J. L., Porter, M. E., & Stern, S. (2002). The determinants of national innovative capacity. Research policy, 31(6), 899-933.
26. Graebner, M. E., Eisenhardt, K. M., & Roundy, P. T. (2010). Success and failure in technology acquisitions: Lessons for buyers and sellers. The Academy of Management Perspectives, 24(3), 73.
27. Grant, R. M. (1996). Toward a knowledge-based theory of the firm.Strategic Management Journal, 17(Special Issue): 109–122.
28. Haleblian, J., Devers, C. E., McNamara, G., Carpenter, M. A., & Davison, R. B. (2009). Taking stock of what we know about mergers and acquisitions: A review and research agenda. Journal of Management, 35(3), 469-502.
29. Henderson, R. M., & Clark, K. B. (1990). Architectural innovation: The reconfiguration of existing product technologies and the failure of established firms. Administrative science quarterly, 9-30.
30. Henderson, R., & Cockburn, I. (1994). Measuring competence? Exploring firm effects in pharmaceutical research. Strategic management journal (1986-1998), 15, 63.
31. Hitt, M. A., Hoskisson, R. E., Ireland, R. D., & Harrison, J. S. (1991). Are acquisitions a poison pill for innovation? The Executive, 5(4), 22.
32. Hitt, M. A., Hoskisson, R. E., Johnson, R. A., & Moesel, D. D. (1996). The market for corporate control and firm innovation. Academy of Management Journal, 39(5), 1084-1119.
33. Hitt, M. A., Dacin, M. T., Levitas, E., Arregle, J. L., & Borza, A. (2000). Partner selection in emerging and developed market contexts: Resource-based and organizational learning perspectives. Academy of Management journal, 43(3), 449-467.
34. Hoskisson, R., Wright, M., Filatotchev, I., & Peng, M. (2013).Emerging multinationals from mid-range economies: The influence of institutions and factor markets. Journal of Management Studies, 50(7): 1295–1321.
35. Jacobsen, K. (2006). Institutions, institutional change, and economic performance. Business History Review, 80(1), 151-155.
36. Meyer, K. E., Wright, M., & Pruthi, S. (2009). Managing knowledge in foreign entry strategies: a resource‐based analysis. Strategic management journal, 30(5), 557-574.
37. Kim, J., Lee, S. J., & Marschke, G. (2009). Relation of firm size to R&D productivity. International Journal of Business and Economics, 8(1), 7-19.
38. Lu, J., Liu, X., Wright, M., & Filatotchev, I. (2014). International experience and FDI location choices of chinese firms: The moderating effects of home country government support and host country institutions. Journal of International Business Studies, 45(4), 428-449.
39. Luo, Y., & Tung, R. L. (2007). International expansion of emerging market enterprises: A springboard perspective. Journal of International Business Studies. 38 (4): 481-498.
40. Madhok, A., & Keyhani, M. (2012). Acquisitions as entrepreneurship: Asymmetries, opportunities, and the internationalization of multinationals from emerging economies. Global Strategy Journal, 2(1), 26-40.
41. Martin, X., & Salomon, R. (2003). Tacitness, learning, and international expansion: A study of foreign direct investment in a knowledge-intensive industry. Organization Science, 14(3):297–311.
42. Mathews, J., Zander, I. (2007). The international entrepreneurial dynamics of accelerated internationalisation. J Int Bus Stud 38, 387–403 (2007).
43. McNamara, G. M., Haleblian, J., & Dykes, B. J. (2008). The performance implications of Implications of participating in an acquisition wave: early mover advantages, bandwagon effects, and the moderating influence of industry characteristics and acquirer tactics. Academy of Management Journal, 51(1), 113.
44. Meyer, K. E.,Wright, M., & Pruthi, S. 2009. Managing knowledge in foreign entry strategies: A resource-based analysis. Strategic Management Journal, 30(5): 557–574.
45. Nordhaus, W.D. (1969) Invention Growth, and Welfare: A Theoretical Treatment of Technological Change, MIT Press: Cambridge, MA.
46. Porter, M.E. (1990) The Competitive Advantage of Nations, Free Press: New York.
47. North, D. C. (1990). Institutions, institutional change and economic performance. Cambridge university press.
48. Paruchuri, S., Nerkar, A., & Hambrick, D. C. (2006). Acquisition integration and productivity losses in the technical core: Disruption of inventors in acquired companies. Organization science, 17(5), 545-562.
49. Phelps, C., Heidl, R., & Wadhwa, A. (2012). Knowledge, Networks, and Knowledge Networks: A Review and Research Agenda. Journal of Management, 38(4), 1115–1166.
50. Puranam, P., & Srikanth, K. (2007). What they know vs. what they do: How acquirers leverage technology acquisitions. Strategic Management Journal, 28(8), 805.
51. Puranam, P., Singh, H., & Zollo, M. (2006). Organizing for innovation: managing the coordination-autonomy dilemma in technology acquisitions. Academy of Management Journal, 49(2), 263-280.
52. Rabbiosi, L., Elia, S., & Bertoni, F. (2012). Acquisitions by EMNCs in developed markets. Management International Review, 52(2), 193-212.
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60. Wright, P., Kroll, M., & Elenkov, D. (2002). Acquisition returns, increase in firm size, and chief executive officer compensation: The moderating role of monitoring. Academy of Management Journal, 45(3), 599-608.
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描述 碩士
國立政治大學
企業管理研究所(MBA學位學程)
109363053
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0109363053
資料類型 thesis
dc.contributor.advisor 譚丹琪zh_TW
dc.contributor.author (Authors) 李浩維zh_TW
dc.contributor.author (Authors) Lee, Hao-Weien_US
dc.creator (作者) 李浩維zh_TW
dc.creator (作者) Lee, Hao-Weien_US
dc.date (日期) 2021en_US
dc.date.accessioned 4-Aug-2021 16:41:18 (UTC+8)-
dc.date.available 4-Aug-2021 16:41:18 (UTC+8)-
dc.date.issued (上傳時間) 4-Aug-2021 16:41:18 (UTC+8)-
dc.identifier (Other Identifiers) G0109363053en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/136746-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 企業管理研究所(MBA學位學程)zh_TW
dc.description (描述) 109363053zh_TW
dc.description.abstract (摘要) 本研究目的為探討購併對於開發中國家的企業創新能力的影響，著眼於近十年來開發中國家企業快速成長，作為國際市場的參與者嶄露頭角，觀察開發中國家企業國外直接投資(Foreign direct investment, FDI)數據，購併在其中非常大的比例，顯示購併在這些開發中國家企業的成長中有濃厚的成分，特別是對象為已開發國家企業的購併，對這些開發中國家公司來說是取得技術資源的手段之一，能夠快速、大規模的累積創新能力，因此本文將利用專利數據作為指標，觀察這些開發中國家企業購併前後創新能力的變化，以檢視購併是否有達到提升創新能力的效果。為達到研究目的，本文開發一支爬蟲程式檢索 Google Patents 搜尋引擎，建立有效率的、易更新的專利統計工具以便進行研究。在分析 199 件來自 SDC(Securities Data Company) 購併資料庫，開發中國家製造業公司購併已開發國家製造業公司的數據後，本文發現創新能力中代表創新產出的專利申請數沒有顯著變化，但代表創新品質的專利被引用數在購併後有顯著的下降，另一方面，主併公司的研發經費有顯著的提升。本文認為吸收來自目標公司的知識與原本公司創新所需的資源是相同的，因此資源相互排擠的結果才導致資源增加但創新品質仍然下降的現象。zh_TW
dc.description.tableofcontents 第一章 緒論 6
第一節 研究背景與動機 6
第二節 研究問題與目的 8
第二章 文獻探討 10
第一節 購併的動機與好處 10
第二節 購併與創新間的關聯 10
第三節 開發中國家的購併 12
第四節 創新能力指標 14
小結 17
第三章 研究假說 18
第四章 研究方法 21
第一節 資料來源與研究對象 21
第二節 檢定方法 24
第五章 結果分析 25
第一節 樣本特性 25
第二節 創新能力變化分析 29
第三節 穩健度測試 32
第六章 結論與建議 33
第一節 研究結論 33
第二節 管理意涵 36
第三節 研究限制與未來方向 37
引用文獻 39
附錄 45
1. Google Patents 搜尋引擎及爬蟲介紹 45
2. 程式內容說明 48
3. 數據處理 51
4. 程式原始碼 52		zh_TW
dc.format.extent 2030729 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0109363053en_US
dc.subject (關鍵詞) 購併zh_TW
dc.subject (關鍵詞) 創新zh_TW
dc.subject (關鍵詞) 專利zh_TW
dc.subject (關鍵詞) 開發中國家zh_TW
dc.title (題名) 開發中國家購併已開發國家企業後創新能力變化之分析zh_TW
dc.title (題名) How Do Cross-Border Acquisitions Affect the Innovation Performance of Emerging Market Firms?en_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 1. Allred, B. B., & Park, W. G. (2007). Patent rights and innovative activity: evidence from national and firm-level data. Journal of International Business Studies, 38(6), 878-900.
2. Ahuja, G., & Curba, M. L. (2001). Entreprenuership in the large corporation: A longitudinal study of how established firms create breakthrough inventions. Strategic Management Journal, 22(6), 521-543.
3. Ahuja, G., & Katila, R. (2001). Technological acquisitions and the innovation performance of acquiring firms: A longitudinal study. Strategic Management Journal, 22(3), 197-220.
4. Akdoğu, E. (2009). Gaining a competitive edge through acquisitions: Evidence from the telecommunications industry. Journal of Corporate Finance, 15(1), 99-112.
5. Amit, R., & Schoemaker, P. (1993). Strategic assets and organizational rent. Strategic Management Journal, 14(1): 33–46.
6. Arora, A., Belenzon, S., & Rios, L. A. (2014). Make, buy, organize: The interplay between research, external knowledge, and firm structure. Strategic Management Journal, 35(3), 317. R
7. Arora, A., Fosfuri, A., & Gambardella, A. (2001). Specialized technology suppliers, international spillovers and investment: Evidence from the chemical industry. Journal of Development Economics, 65(1), 31-54.
8. Arrow, K. (1962) ‘Economic Welfare and the Allocation of Resources for Invention’, in R. Nelson (ed.) The Rate and Direction of Inventive Activity, Princeton University Press: Princeton, NJ, pp: 610–614.
9. Awate, S., Larsen, M. M., & Mudambi, R. (2012). EMNE catch‐up strategies in the wind turbine industry: Is there a trade‐off between output and innovation capabilities? Global Strategy Journal, 2(3), 205-223.
10. Aybar, B., & Ficici, A. (2009). Cross-border acquisitions and firm value: An analysis of emerging-market multinationals. Journal of International Business Studies, 40(8), 1317-1338.
11. Barkema, H. G., Bell, J. H., & Pennings, J. M. (1996). Foreign entry, cultural barriers, and learning. Strategic management journal, 17(2), 151-166.
12. Bartlett, C. A., & Ghoshal, S. (2000). Going global: lessons from late movers. Reading, 1(3), 75-84.
13. Blundell, R., Griffith, R., & Van Reenen, J. (1999). Market share, market value and innovation in a panel of British manufacturing firms. The review of economic studies, 66(3), 529-554.
14. Brandl, K., Darendeli, I., & Mudambi, R. (2019). Foreign actors and intellectual property protection regulations in developing countries. Journal of International Business Studies, 50(5), 826-846.
15. Cantwell, J., Glac, K. and Harding, R. (2004) ‘The internationalization of R&D: the Swiss case’, Management International Review 44(Special Issue 3): 57–82.
16. Choi, S., & McNamara, G. (2018). Repeating a familiar pattern in a new way: The effect of exploitation and exploration on knowledge leverage behaviors in technology acquisitions. Strategic Management Journal, 39(2), 356-378.
17. Cohen, W. M., & Levinthal, D. A. (1990). Absorptive capacity: A new perspective on learning and innovation. Administrative Science Quarterly, 35(1), 128.
18. Coriat, B., & Weinstein, O. (2002). Organizations, firms and institutions in the generation of innovation. Research Policy, 31(2), 273-290.
19. Cui, J., & Jiang, F. (2012). State ownership effect on firms` FDI ownership decisions under institutional pressure: A study of Chinese outward-investing firms. Journal of International Business Studies , 43 (3): 264-284.
20. Devos, E., Kadapakkam, & Krishnamurthy, S. (2009). How do mergers create value? A comparison of taxes, market power, and efficiency improvements as explanations for Synergies. The Review of Financial Studies, 22(3), 1179-1211.
21. Deng, P. (2009). Why do chinese firms tend to acquire strategic assets in international expansion? Journal of World Business, 44(1), 74. Retrieved from
22. Dunning, J. H. (1977). Trade, location of economic activity and the MNE: A search for an eclectic approach. In The international allocation of economic activity (pp. 395-418). Palgrave Macmillan, London.
23. Eden, L., & Miller, S. R. (2004). Distance matters: Liability of foreignness, institutional distance and ownership strategy. In " Theories of the Multinational Enterprise: Diversity, Complexity and Relevance". Emerald Group Publishing Limited.
24. Frost, T.S. (2001) ‘The geographic sources of foreign subsidiaries’innovations’, Strategic Management Journal 22(2): 101–123.
25. Furman, J. L., Porter, M. E., & Stern, S. (2002). The determinants of national innovative capacity. Research policy, 31(6), 899-933.
26. Graebner, M. E., Eisenhardt, K. M., & Roundy, P. T. (2010). Success and failure in technology acquisitions: Lessons for buyers and sellers. The Academy of Management Perspectives, 24(3), 73.
27. Grant, R. M. (1996). Toward a knowledge-based theory of the firm.Strategic Management Journal, 17(Special Issue): 109–122.
28. Haleblian, J., Devers, C. E., McNamara, G., Carpenter, M. A., & Davison, R. B. (2009). Taking stock of what we know about mergers and acquisitions: A review and research agenda. Journal of Management, 35(3), 469-502.
29. Henderson, R. M., & Clark, K. B. (1990). Architectural innovation: The reconfiguration of existing product technologies and the failure of established firms. Administrative science quarterly, 9-30.
30. Henderson, R., & Cockburn, I. (1994). Measuring competence? Exploring firm effects in pharmaceutical research. Strategic management journal (1986-1998), 15, 63.
31. Hitt, M. A., Hoskisson, R. E., Ireland, R. D., & Harrison, J. S. (1991). Are acquisitions a poison pill for innovation? The Executive, 5(4), 22.
32. Hitt, M. A., Hoskisson, R. E., Johnson, R. A., & Moesel, D. D. (1996). The market for corporate control and firm innovation. Academy of Management Journal, 39(5), 1084-1119.
33. Hitt, M. A., Dacin, M. T., Levitas, E., Arregle, J. L., & Borza, A. (2000). Partner selection in emerging and developed market contexts: Resource-based and organizational learning perspectives. Academy of Management journal, 43(3), 449-467.
34. Hoskisson, R., Wright, M., Filatotchev, I., & Peng, M. (2013).Emerging multinationals from mid-range economies: The influence of institutions and factor markets. Journal of Management Studies, 50(7): 1295–1321.
35. Jacobsen, K. (2006). Institutions, institutional change, and economic performance. Business History Review, 80(1), 151-155.
36. Meyer, K. E., Wright, M., & Pruthi, S. (2009). Managing knowledge in foreign entry strategies: a resource‐based analysis. Strategic management journal, 30(5), 557-574.
37. Kim, J., Lee, S. J., & Marschke, G. (2009). Relation of firm size to R&D productivity. International Journal of Business and Economics, 8(1), 7-19.
38. Lu, J., Liu, X., Wright, M., & Filatotchev, I. (2014). International experience and FDI location choices of chinese firms: The moderating effects of home country government support and host country institutions. Journal of International Business Studies, 45(4), 428-449.
39. Luo, Y., & Tung, R. L. (2007). International expansion of emerging market enterprises: A springboard perspective. Journal of International Business Studies. 38 (4): 481-498.
40. Madhok, A., & Keyhani, M. (2012). Acquisitions as entrepreneurship: Asymmetries, opportunities, and the internationalization of multinationals from emerging economies. Global Strategy Journal, 2(1), 26-40.
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dc.identifier.doi (DOI) 10.6814/NCCU202100844en_US