1. NCCU Academic Hub
  2. Publications
  3. College of Commerce
  4. Theses
  5. Item

Publications-Theses

Article View/Open

Publication Export

Google ScholarTM

NCCU Library

Citation Infomation

Related Publications in TAIR

題名 購併市場活動對台灣企業研發投入之影響
The Influence of M&A marketactivity on Taiwan Firms’ R&D
作者 蔡伊菁
貢獻者 顏錫銘
蔡伊菁
關鍵詞 購併
研究發展
產業需求
產業競爭
規模效應
M&A
R&D
industry demand
industry competition
size effect
日期 2013
上傳時間 21-Jul-2014 15:37:28 (UTC+8)
摘要 本研究主要目的為探討產業過去之購併活動，對公司的研發投入的影響。產業的購併活動活躍與否，可視為此產業中資產的流動性衡量，根據Phillips and Zhdanov （2012）所使用之方式，利用產業過去的購併交易所計算出變數，可用以解釋公司的研發投入。本文有別於傳統之樣本分類法，而是採用不同的變數來衡量產業分類，藉以分析同業購併、異業購併以及產業整體購併對公司研發投入的影響。從實證結果發現，當過去的同業內購併活動越盛行時，公司的研發投入越高。而公司的研發投入，又與公司之規模大小有關，隨著公司規模大小不同，購併活動對研發投入的影響程度也隨之改變，隨著公司規模越大，受到的影響則越小，具有規模效應。本研究同時考量產業需求變動以及競爭程度對公司研發投入的影響，實證發現公司研發投入與產業需求及競爭程度為正向關係，且同樣具有規模效應。
The objective of this study is to analyze how an active acquisition market affects Taiwan firms’ incentives to conduct R&D. It follows Phillips and Zhdanov（2012）that using the value of past M&A activity in the firm’s industry to captures the historical liquidity of an industry’s assets. Different from other studies which usually split sample into different groups to examine inside- and outside-industry, this study use three variables to measure how M&A activity in inside-, outside- and whole-industry affect firms on conducting R&D in different ways. According to the empirical results of the regression analyses, we find that firms’ incentives to conduct R&D increase with inside industry M&A activity and the effect is stronger for small firms than large firms. We also find that firms’ R&D are positively correlated with industry demand and competition, and both of these effects are also stronger for small firms than for large firms.
參考文獻 [1] Acs, Z. J., & Audretsch, D. （1988）. Innovation in large and small firms: an empirical analysis.
[2] Acs, Z. J., Audretsch, D. B., & Feldman, M. P. （1994）. R&D spillovers and recipient firm size. The Review of Economics and Statistics, 76（2）, 336-340.
[3] Aghion, P., & Tirole, J. （1994）. The management of innovation. The Quarterly Journal of Economics, 109（4）, 1185-1209.
[4] Blonigen, B. A., & Taylor, C. T. （2000）. R&D Intensity and Acquisitions in High‐Technology Industries: Evidence from the US Electronic and Electrical Equipment Industries. The Journal of Industrial Economics, 48（1）, 47-70.
[5] Brusco, S., & Panunzi, F. （2005）. Reallocation of corporate resources and managerial incentives in internal capital markets. European Economic Review, 49（3）, 659-681.
[6] Chesbrough, H. W. （2003）. Open innovation: The new imperative for creating and profiting from technology: Harvard Business Press.
[7] Cohen, W. M., & Levinthal, D. A. （1989）. Innovation and learning: the two faces of R & D. The economic journal, 569-596.
[8] Dasgupta, P., & Stiglitz, J. （1981）. Entry, innovation, exit: Towards a dynamic theory of oligopolistic industrial structure. European Economic Review, 15（2）, 137-158. doi: http://dx.doi.org/10.1016/0014-2921（81）90084-2
[9] Gallini, N. T., & Winter, R. A. （1985）. Licensing in the theory of innovation. Rand Journal of Economics, 16（2）, 237-252.
[10] Gans, J. S., & Stern, S. （2000）. Incumbency and R&D incentives: Licensing the gale of creative destruction. Journal of Economics & Management Strategy, 9（4）, 485-511.
[11] Hall, B. H. （1988）. The effect of takeover activity on corporate research and development Corporate takeovers: Causes and consequences（pp. 69-100）: University of Chicago Press.
[12] Higgins, M. J., & Rodriguez, D. （2006）. The outsourcing of R&D through acquisitions in the pharmaceutical industry. Journal of Financial Economics, 80（2）, 351-383.
[13] Hoberg, G., & Phillips, G. （2010）. Real and financial industry booms and busts. THE JOURNAL OF FINANCE, 65（1）, 45-86.
[14] James, A. D. （2002）. The strategic management of mergers and acquisitions in the pharmaceutical industry: developing a resource-based perspective. Technology Analysis & Strategic Management, 14（3）, 299-313.
[15] Jovanovic, B., & MacDonald, G. （1994）. Competitive Diffusion. National Bureau of Economic Research Working Paper Series, No. 4463.
[16] Kamien, & Schwartz. （1982）. Market structure and innovation, . Cambridge Surveys of Economic Literature.
[17] Katz, M. L., & Shapiro, C. （1986）. How to license intangible property. The Quarterly Journal of Economics, 101（3）, 567-589.
[18] Levin, R. C., Klevorick, A. K., Nelson, R. R., Winter, S. G., Gilbert, R., & Griliches, Z. （1987）. Appropriating the returns from industrial research and development. Brookings papers on economic activity, 783-831.
[19] Love, J. H., & Roper, S. （2002）. Internal versus external R&D: a study of R&D choice with sample selection. International Journal of the Economics of Business, 9（2）, 239-255.
[20] Mowery, D. C. （1983）. The relationship between intrafirm and contractual forms of industrial research in American manufacturing, 1900–1940. Explorations in Economic History, 20（4）, 351-374.
[21] Ortiz-Molina, & Phillips, G. M. （2010）. ASSET LIQUIDITY AND THE COST OF CAPITAL. NBER Working Paper.
[22] Parker, J. E., & John, E. S. P. （1978）. The economics of innovation: the national and multinational enterprise in technological change: Longman London.
[23] Phillips, G. M., & Zhdanov, A. （2012）. R&D and the Incentives from Merger and Acquisition Activity. Review of Financial Studies, 26（1）, 34-78. doi: 10.1093/rfs/hhs109
[24] Rajan, R., Servaes, H., & Zingales, L. （2000）. The cost of diversity: The diversification discount and inefficient investment. THE JOURNAL OF FINANCE, 55（1）, 35-80.
[25] Reinganum, J. F. （1985）. Innovation and industry evolution. The Quarterly Journal of Economics, 100（1）, 81-99.
[26] Rhodes–Kropf, M., Robinson, D. T., & Viswanathan, S. （2005）. Valuation waves and merger activity: The empirical evidence. Journal of Financial Economics, 77（3）, 561-603.
[27] Rotemberg, J. J., & Saloner, G. （1994）. Benefits of narrow business strategies. The American Economic Review, 1330-1349.
[28] Salant, S. W. （1984）. Preemptive patenting and the persistence of monopoly: comment. The American Economic Review, 247-250.
[29] Scharfstein, D. S., & Stein, J. C. （1990）. Herd behavior and investment. The American Economic Review, 465-479.
[30] Schlingemann, F. P., Stulz, R. M., & Walkling., R. A. （2002）. Divestitures and the liquidity of the market for corporate assets. Journal of Financial Economics.
[31] Schumpeter, J. A., & Bottomore, T. B. （1987）. Capitalism, socialism and democracy: Unwin Paperbacks London.
[32] Sevilir, M., & Tian, X. （2011）. Acquiring innovation. Unpublished working paper.
[33] Shleifer, A., & Vishny, R. W. （1992）. Liquidation Values and Debt Capacity: A Market Equilibrium Approach. THE JOURNAL OF FINANCE.
[34] Veugelers, R. （1997）. Internal R & D expenditures and external technology sourcing. Research policy, 26（3）, 303-315.
描述 碩士
國立政治大學
財務管理研究所
101357008
102
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0101357008
資料類型 thesis
dc.contributor.advisor 顏錫銘zh_TW
dc.contributor.author (Authors) 蔡伊菁zh_TW
dc.creator (作者) 蔡伊菁zh_TW
dc.date (日期) 2013en_US
dc.date.accessioned 21-Jul-2014 15:37:28 (UTC+8)-
dc.date.available 21-Jul-2014 15:37:28 (UTC+8)-
dc.date.issued (上傳時間) 21-Jul-2014 15:37:28 (UTC+8)-
dc.identifier (Other Identifiers) G0101357008en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/67592-
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) 101357008zh_TW
dc.description (描述) 102zh_TW
dc.description.abstract (摘要) 本研究主要目的為探討產業過去之購併活動，對公司的研發投入的影響。產業的購併活動活躍與否，可視為此產業中資產的流動性衡量，根據Phillips and Zhdanov （2012）所使用之方式，利用產業過去的購併交易所計算出變數，可用以解釋公司的研發投入。本文有別於傳統之樣本分類法，而是採用不同的變數來衡量產業分類，藉以分析同業購併、異業購併以及產業整體購併對公司研發投入的影響。從實證結果發現，當過去的同業內購併活動越盛行時，公司的研發投入越高。而公司的研發投入，又與公司之規模大小有關，隨著公司規模大小不同，購併活動對研發投入的影響程度也隨之改變，隨著公司規模越大，受到的影響則越小，具有規模效應。本研究同時考量產業需求變動以及競爭程度對公司研發投入的影響，實證發現公司研發投入與產業需求及競爭程度為正向關係，且同樣具有規模效應。zh_TW
dc.description.abstract (摘要) The objective of this study is to analyze how an active acquisition market affects Taiwan firms’ incentives to conduct R&D. It follows Phillips and Zhdanov（2012）that using the value of past M&A activity in the firm’s industry to captures the historical liquidity of an industry’s assets. Different from other studies which usually split sample into different groups to examine inside- and outside-industry, this study use three variables to measure how M&A activity in inside-, outside- and whole-industry affect firms on conducting R&D in different ways. According to the empirical results of the regression analyses, we find that firms’ incentives to conduct R&D increase with inside industry M&A activity and the effect is stronger for small firms than large firms. We also find that firms’ R&D are positively correlated with industry demand and competition, and both of these effects are also stronger for small firms than for large firms.en_US
dc.description.tableofcontents 第一章緒論 1
第一節研究背景與動機 1
第二節研究架構 4
第二章文獻回顧 5
第一節研究發展與資產收購 5
第二節研究發展與公司規模 7
第三節市場購併活動對公司研究發展投入影響 9
第三章研究設計 11
第一節研究假說 11
第二節研究方法 13
第三節變數說明 15
第四節資料期間與來源 21
第四章實證結果 23
第一節樣本敘述統計 23
第二節產業整體購併活動 25
第三節相同產業內購併活動 31
第四節主併方所屬產業異同之綜合分析 38
第五章結論與建議 43
第一節研究結論 43
第二節研究限制與建議 44
參考文獻 45		zh_TW
dc.format.extent 762364 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/#G0101357008en_US
dc.subject (關鍵詞) 購併zh_TW
dc.subject (關鍵詞) 研究發展zh_TW
dc.subject (關鍵詞) 產業需求zh_TW
dc.subject (關鍵詞) 產業競爭zh_TW
dc.subject (關鍵詞) 規模效應zh_TW
dc.subject (關鍵詞) M&Aen_US
dc.subject (關鍵詞) R&Den_US
dc.subject (關鍵詞) industry demanden_US
dc.subject (關鍵詞) industry competitionen_US
dc.subject (關鍵詞) size effecten_US
dc.title (題名) 購併市場活動對台灣企業研發投入之影響zh_TW
dc.title (題名) The Influence of M&A marketactivity on Taiwan Firms’ R&Den_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) [1] Acs, Z. J., & Audretsch, D. （1988）. Innovation in large and small firms: an empirical analysis.
[2] Acs, Z. J., Audretsch, D. B., & Feldman, M. P. （1994）. R&D spillovers and recipient firm size. The Review of Economics and Statistics, 76（2）, 336-340.
[3] Aghion, P., & Tirole, J. （1994）. The management of innovation. The Quarterly Journal of Economics, 109（4）, 1185-1209.
[4] Blonigen, B. A., & Taylor, C. T. （2000）. R&D Intensity and Acquisitions in High‐Technology Industries: Evidence from the US Electronic and Electrical Equipment Industries. The Journal of Industrial Economics, 48（1）, 47-70.
[5] Brusco, S., & Panunzi, F. （2005）. Reallocation of corporate resources and managerial incentives in internal capital markets. European Economic Review, 49（3）, 659-681.
[6] Chesbrough, H. W. （2003）. Open innovation: The new imperative for creating and profiting from technology: Harvard Business Press.
[7] Cohen, W. M., & Levinthal, D. A. （1989）. Innovation and learning: the two faces of R & D. The economic journal, 569-596.
[8] Dasgupta, P., & Stiglitz, J. （1981）. Entry, innovation, exit: Towards a dynamic theory of oligopolistic industrial structure. European Economic Review, 15（2）, 137-158. doi: http://dx.doi.org/10.1016/0014-2921（81）90084-2
[9] Gallini, N. T., & Winter, R. A. （1985）. Licensing in the theory of innovation. Rand Journal of Economics, 16（2）, 237-252.
[10] Gans, J. S., & Stern, S. （2000）. Incumbency and R&D incentives: Licensing the gale of creative destruction. Journal of Economics & Management Strategy, 9（4）, 485-511.
[11] Hall, B. H. （1988）. The effect of takeover activity on corporate research and development Corporate takeovers: Causes and consequences（pp. 69-100）: University of Chicago Press.
[12] Higgins, M. J., & Rodriguez, D. （2006）. The outsourcing of R&D through acquisitions in the pharmaceutical industry. Journal of Financial Economics, 80（2）, 351-383.
[13] Hoberg, G., & Phillips, G. （2010）. Real and financial industry booms and busts. THE JOURNAL OF FINANCE, 65（1）, 45-86.
[14] James, A. D. （2002）. The strategic management of mergers and acquisitions in the pharmaceutical industry: developing a resource-based perspective. Technology Analysis & Strategic Management, 14（3）, 299-313.
[15] Jovanovic, B., & MacDonald, G. （1994）. Competitive Diffusion. National Bureau of Economic Research Working Paper Series, No. 4463.
[16] Kamien, & Schwartz. （1982）. Market structure and innovation, . Cambridge Surveys of Economic Literature.
[17] Katz, M. L., & Shapiro, C. （1986）. How to license intangible property. The Quarterly Journal of Economics, 101（3）, 567-589.
[18] Levin, R. C., Klevorick, A. K., Nelson, R. R., Winter, S. G., Gilbert, R., & Griliches, Z. （1987）. Appropriating the returns from industrial research and development. Brookings papers on economic activity, 783-831.
[19] Love, J. H., & Roper, S. （2002）. Internal versus external R&D: a study of R&D choice with sample selection. International Journal of the Economics of Business, 9（2）, 239-255.
[20] Mowery, D. C. （1983）. The relationship between intrafirm and contractual forms of industrial research in American manufacturing, 1900–1940. Explorations in Economic History, 20（4）, 351-374.
[21] Ortiz-Molina, & Phillips, G. M. （2010）. ASSET LIQUIDITY AND THE COST OF CAPITAL. NBER Working Paper.
[22] Parker, J. E., & John, E. S. P. （1978）. The economics of innovation: the national and multinational enterprise in technological change: Longman London.
[23] Phillips, G. M., & Zhdanov, A. （2012）. R&D and the Incentives from Merger and Acquisition Activity. Review of Financial Studies, 26（1）, 34-78. doi: 10.1093/rfs/hhs109
[24] Rajan, R., Servaes, H., & Zingales, L. （2000）. The cost of diversity: The diversification discount and inefficient investment. THE JOURNAL OF FINANCE, 55（1）, 35-80.
[25] Reinganum, J. F. （1985）. Innovation and industry evolution. The Quarterly Journal of Economics, 100（1）, 81-99.
[26] Rhodes–Kropf, M., Robinson, D. T., & Viswanathan, S. （2005）. Valuation waves and merger activity: The empirical evidence. Journal of Financial Economics, 77（3）, 561-603.
[27] Rotemberg, J. J., & Saloner, G. （1994）. Benefits of narrow business strategies. The American Economic Review, 1330-1349.
[28] Salant, S. W. （1984）. Preemptive patenting and the persistence of monopoly: comment. The American Economic Review, 247-250.
[29] Scharfstein, D. S., & Stein, J. C. （1990）. Herd behavior and investment. The American Economic Review, 465-479.
[30] Schlingemann, F. P., Stulz, R. M., & Walkling., R. A. （2002）. Divestitures and the liquidity of the market for corporate assets. Journal of Financial Economics.
[31] Schumpeter, J. A., & Bottomore, T. B. （1987）. Capitalism, socialism and democracy: Unwin Paperbacks London.
[32] Sevilir, M., & Tian, X. （2011）. Acquiring innovation. Unpublished working paper.
[33] Shleifer, A., & Vishny, R. W. （1992）. Liquidation Values and Debt Capacity: A Market Equilibrium Approach. THE JOURNAL OF FINANCE.
[34] Veugelers, R. （1997）. Internal R & D expenditures and external technology sourcing. Research policy, 26（3）, 303-315.		zh_TW