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題名 企業創新於併購上的價值分析
Do Mergers for Innovation Create Value for Investors?作者 陳韋丞
Chen, Wei Cheng貢獻者 湛可南
陳韋丞
Chen, Wei Cheng關鍵詞 併購
創新
事件研究法
mergers and acquisitions
innovation
event study
Calendar time portfolio日期 2013 上傳時間 2-十二月-2013 17:50:34 (UTC+8) 摘要 Through overviewing the merger waves during the last century, we know the latest two waves result mainly from technological innovation. With the presence of M&A market, acquirers are able to gain innovation capacities by taking over innovative targets. Innovation is considered to be a source of synergies and a major motive for M&A decision. Therefore, my research focuses on whether acquisitions for innovation create value for investors in short-term and long-term perspective. By using various innovation measures, I employ event study and calendar time portfolio to examine the significance of abnormal returns. I find the abnormal returns of bidding innovative targets do not show significant difference from the peers in short-term market reaction. However, in the long-run, the group with innovative targets reports significant abnormal returns. Under multiple regression analysis, I find patent counts, total citations, and citation-weighted patent counts have positive relation with abnormal returns under WLS procedure, while only average citation yields the most consistent result under both OLS and WLS. Lastly, I confirm the relation between abnormal return and average citation measure by employing calendar time portfolio approach. 參考文獻 1. Agrawal, Anup, and Jeffrey F. Jaffe, 2003, Do takeover targets underperform? Evidence from operating and stock returns. Journal of Financial and Quantitative Analysis 38, 721-746. 2. Barber, Brad M., John D. Lyon, 1997, Detecting long-run abnormal stock returns: The empirical power and specification of test statistics. Journal of Financial Economics 43, 341-372.3. Bena, Jan, and Kai Li, 2011, Corporate innovations and mergers and acquisitions, Working paper, University of British Columbia.4. Brown, Stephen J., and Jerold B. Warner, 1980, Measuring security price performance, Journal of Financial Economics 8, 205-258.5. Chesbrough, Henry W., 2003, Open innovation: The new imperative for creating and profiting from technology, Harvard Business School Press, Boston.6. Devos, Erik, Palani-Rajan Kadapakkam, and Srinivasan Krishnamurthy, 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, 1179-1211.7. Fama, Eugene F., 1997, Market efficiency, long-term returns, and behavioral Finance. Journal of Financial Economics 49, 283-306.8. Hagedoorn, John, and Geert Duysters, 2002, External sources of innovative capabilities: The preferences for strategic alliances or mergers and acquisitions, Journal of Management Studies 39, 167-188.9. Hagedoorn, John, and Geert Duysters, 2002, The effect of mergers and acquisitions on the technological performance of companies in a high-tech environment, Technology Analysis & Strategic Management 15, 67-85. 10. Hall, Bronwyn H., Raffael Oriani, 2006, Does the market value R&D investment by European firms? Evidence from a panel of manufacturing firms in France, Germany, and Italy, International Journal of Industrial Organization 24, 971-993.11. Higgins, Matthew J., and Daniel Rodriguez, 2006, The outsourcing of R&D through acquisitions in the pharmaceutical industry, Journal of Financial Economics 80, 351-383.12. Hitt, Michael A., Roberte E. Hoskisson, R. Duane Ireland, and Jeffrey S. Harrison, 1991, Effects of acquisitions on R&D inputs and outputs, Academy of Management Journal 34, 693-706.13. Loughran, Tim, and Anand M. Vijh, 1997, Do long-term shareholders benefit from corporate acquisitions? The Journal of Finance 52, 1765-1790.14. Martynova, Marina, and Luc Renneboog, 2008, A century of corporate takeovers: What have we learned and where do we stand? Journal of Banking & Finance 32, 2148-2177.15. Mitchell, Mark L., and Erik Stafford, 2000, Managerial decisions and long-term stock price performance, The Journal of Business 73, 287-329.16. Myers, Stewart C., and Nicholas S. Majluf, 1984, Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics 13, 187-221.17. Rhodes-Kropf, Matthew, and David T. Robinson, 2008, The market for mergers and the boundaries of the firm, The Journal of Finance 63, 1169-1211.18. Seru, Amit, 2010, Firm boundaries matter: Evidence from conglomerates and R&D activity, Working paper, University of Chicago.19. Zhao, Xinlei, 2009, Technological innovation and acquisitions, Management Science 55, 1170-1183. 描述 碩士
國立政治大學
財務管理研究所
100357003
102資料來源 http://thesis.lib.nccu.edu.tw/record/#G0100357003 資料類型 thesis dc.contributor.advisor 湛可南 zh_TW dc.contributor.author (作者) 陳韋丞 zh_TW dc.contributor.author (作者) Chen, Wei Cheng en_US dc.creator (作者) 陳韋丞 zh_TW dc.creator (作者) Chen, Wei Cheng en_US dc.date (日期) 2013 en_US dc.date.accessioned 2-十二月-2013 17:50:34 (UTC+8) - dc.date.available 2-十二月-2013 17:50:34 (UTC+8) - dc.date.issued (上傳時間) 2-十二月-2013 17:50:34 (UTC+8) - dc.identifier (其他 識別碼) G0100357003 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/62017 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 財務管理研究所 zh_TW dc.description (描述) 100357003 zh_TW dc.description (描述) 102 zh_TW dc.description.abstract (摘要) Through overviewing the merger waves during the last century, we know the latest two waves result mainly from technological innovation. With the presence of M&A market, acquirers are able to gain innovation capacities by taking over innovative targets. Innovation is considered to be a source of synergies and a major motive for M&A decision. Therefore, my research focuses on whether acquisitions for innovation create value for investors in short-term and long-term perspective. By using various innovation measures, I employ event study and calendar time portfolio to examine the significance of abnormal returns. I find the abnormal returns of bidding innovative targets do not show significant difference from the peers in short-term market reaction. However, in the long-run, the group with innovative targets reports significant abnormal returns. Under multiple regression analysis, I find patent counts, total citations, and citation-weighted patent counts have positive relation with abnormal returns under WLS procedure, while only average citation yields the most consistent result under both OLS and WLS. Lastly, I confirm the relation between abnormal return and average citation measure by employing calendar time portfolio approach. zh_TW dc.description.tableofcontents ContentsAbstract 2List of Tables 3Chapter 1. Introduction 4 1.1. Motivation and Objective 4 1.2. Procedure of the Study 6Chapter 2. Literature Review 7 2.1. M&A Return Performance 7 2.2. Outsourcing Innovation 9Chapter 3. Methodology and the Data 14 3.1. Construction of Data 14 3.1.1. Sample Formation 14 3.1.2. Innovation Variables 15 3.1.3. Controlling Variables 18 3.2. Methodology 22 3.2.1. Event Study 22 3.2.2. Multiple Regression Analysis 25 3.2.3. Calendar Time Portfolio 26Chapter 4. Empirical Result 27 4.1. Descriptive Statistics 27 4.2. Short-term Perspective 30 4.3. Long-term Perspective 34 4.4. Calendar Time Portfolio 46Chapter 5. Conclusion 50 5.1. Summary of the Study 50 5.2. Suggestions for Further Studies 52References 54 zh_TW dc.format.extent 7268834 bytes - dc.format.mimetype application/pdf - dc.language.iso en_US - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0100357003 en_US dc.subject (關鍵詞) 併購 zh_TW dc.subject (關鍵詞) 創新 zh_TW dc.subject (關鍵詞) 事件研究法 zh_TW dc.subject (關鍵詞) mergers and acquisitions en_US dc.subject (關鍵詞) innovation en_US dc.subject (關鍵詞) event study en_US dc.subject (關鍵詞) Calendar time portfolio en_US dc.title (題名) 企業創新於併購上的價值分析 zh_TW dc.title (題名) Do Mergers for Innovation Create Value for Investors? en_US dc.type (資料類型) thesis en dc.relation.reference (參考文獻) 1. Agrawal, Anup, and Jeffrey F. Jaffe, 2003, Do takeover targets underperform? Evidence from operating and stock returns. Journal of Financial and Quantitative Analysis 38, 721-746. 2. Barber, Brad M., John D. Lyon, 1997, Detecting long-run abnormal stock returns: The empirical power and specification of test statistics. Journal of Financial Economics 43, 341-372.3. Bena, Jan, and Kai Li, 2011, Corporate innovations and mergers and acquisitions, Working paper, University of British Columbia.4. Brown, Stephen J., and Jerold B. Warner, 1980, Measuring security price performance, Journal of Financial Economics 8, 205-258.5. Chesbrough, Henry W., 2003, Open innovation: The new imperative for creating and profiting from technology, Harvard Business School Press, Boston.6. Devos, Erik, Palani-Rajan Kadapakkam, and Srinivasan Krishnamurthy, 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, 1179-1211.7. Fama, Eugene F., 1997, Market efficiency, long-term returns, and behavioral Finance. Journal of Financial Economics 49, 283-306.8. Hagedoorn, John, and Geert Duysters, 2002, External sources of innovative capabilities: The preferences for strategic alliances or mergers and acquisitions, Journal of Management Studies 39, 167-188.9. Hagedoorn, John, and Geert Duysters, 2002, The effect of mergers and acquisitions on the technological performance of companies in a high-tech environment, Technology Analysis & Strategic Management 15, 67-85. 10. Hall, Bronwyn H., Raffael Oriani, 2006, Does the market value R&D investment by European firms? Evidence from a panel of manufacturing firms in France, Germany, and Italy, International Journal of Industrial Organization 24, 971-993.11. Higgins, Matthew J., and Daniel Rodriguez, 2006, The outsourcing of R&D through acquisitions in the pharmaceutical industry, Journal of Financial Economics 80, 351-383.12. Hitt, Michael A., Roberte E. Hoskisson, R. Duane Ireland, and Jeffrey S. Harrison, 1991, Effects of acquisitions on R&D inputs and outputs, Academy of Management Journal 34, 693-706.13. Loughran, Tim, and Anand M. Vijh, 1997, Do long-term shareholders benefit from corporate acquisitions? The Journal of Finance 52, 1765-1790.14. Martynova, Marina, and Luc Renneboog, 2008, A century of corporate takeovers: What have we learned and where do we stand? Journal of Banking & Finance 32, 2148-2177.15. Mitchell, Mark L., and Erik Stafford, 2000, Managerial decisions and long-term stock price performance, The Journal of Business 73, 287-329.16. Myers, Stewart C., and Nicholas S. Majluf, 1984, Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics 13, 187-221.17. Rhodes-Kropf, Matthew, and David T. Robinson, 2008, The market for mergers and the boundaries of the firm, The Journal of Finance 63, 1169-1211.18. Seru, Amit, 2010, Firm boundaries matter: Evidence from conglomerates and R&D activity, Working paper, University of Chicago.19. Zhao, Xinlei, 2009, Technological innovation and acquisitions, Management Science 55, 1170-1183. zh_TW
