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論文名稱(中文) 影響科技業併購後價值創造之因素
論文名稱(英文) Judgement from the Sideline: Investors’ Perceptions of M&A Value Creation in High-Tech Industries
校院名稱 成功大學
系所名稱(中) 國際企業研究所
系所名稱(英) Institute of International Business
學年度 104
學期 2
出版年 105
研究生(中文) 吳秉翰
研究生(英文) Ping-Han Wu
學號 r66031072
學位類別 碩士
語文別 英文
論文頁數 54頁
口試委員 指導教授-曾瓊慧
口試委員-張紹基
口試委員-方世杰
中文關鍵字 科技業併購  市場價值  投資者認知 
英文關鍵字 Technological M&As  Market Value  Investors’ perceptions 
學科別分類
中文摘要 在以往對於科技業併購的文獻中,當提到管理者在衡量併購後績效時,主流的衡量方式為併購後的科技專利數量以及專利印用次數,也就是研究併購所能帶來的科技創新績效。有別於先前的主流,本研究提出以市場價值作為績效衡量時,確實能夠協助管理者更完善的去評估整個併購案所帶來的收益。此外,本研究也跳出以往文獻著重在併購方與被併購方之間的互動之框架,透過投資者的對於併購案的看法,帶來外部的角度,讓管理者在評估併購案時,能夠有更多元的考量依據。本篇研究以2007年至2015年所發生之378件科技業併購案作為實證研究之樣本。

本研究實證結果顯示出,併購雙方所屬科技類產業相關性越高以及兩方相對的公司規模越大時,在併購方發布併購消息後,短期內會帶給併購方正向的股價異常報酬,然而,本研究進一步發現,併購案發布四個月後開始,併購雙方相對公司規模大小對於市場價值的影響反而由正轉負,帶來負向的異常報酬,說明併購方管理者應謹慎評估本身長期下是否有能力去併購以及管理公司規模較大企業體。另外,本研究結果也顯示出,併購方若與被併購方在併購案發布前,已有合作關係以及被併購方較為老牌的企業,在併購案發布後,不論是在短期或是長期,對於併購方之市場價值皆無明顯的影響。

透過本論文的研究架構以及實證結果,希望能夠為管理者在評估科技業併購案績效時,更臻於全面,即為強調市場價值所反映出的投資者想法,讓管理者能夠有更多的衡量依據,並且能夠透過併購來達成更好的價值綜效。
英文摘要 Most of prior research on technological mergers and acquisitions (M&As) emphasized numbers and citations of patents as indicators for an acquirer’s innovation performance after the acquisition. Different from previous focus, this study argues that market value actually can better help managers evaluate post-acquisition outcomes. Specifically, this study sheds light on high-technology M&As and investigates investor’s reactions to the announcement of M&As. Empirical tests on 378 M&As undertaken during 2007-2015 in the high-technology industries find that business relatedness contributes to higher market value, and larger firm size of the target relevant to the acquirer affects market value positively right after acquisition announcement but negatively over a longer time period. This finding that the effects of firm size change over time suggests that acquirers should be cautious about whether they are capable of managing larger targets. However, previous cooperative experiences and the acquisition of older targets do not have significant influences on market value across different observation windows, indicating that these two factors do not give investors either positive or negative signals.

Overall, this study examines an important means of post-acquisition performance evaluation, i.e., market value, in the context of technological acquisitions, and provides the insights into those factors influential to investors’ perceptions. Therefore, managers ought to be aware of investors’ perspectives when assessing acquisition outcomes.
論文目次 Chapter 1 INTRODUCTION.....1
Chapter 2 LITERATURE REVIEW.....5
2.1 Patents to Assess Innovation Performances.....5
2.2 Investors’ Perceptions of Market Value.....8
Chapter 3 THEORY AND HYPOTHESES.....11
3.1 Business Relatedness.....11
3.2 Cooperative Experiences.....13
3.3 Relative Firm Age.....15
3.4 Relative Firm Size.....17
Chapter 4 METHODOLOGY.....19
4.1 Sample and Data Collection.....19
4.2 Variable and Measures.....21
4.2.1 Dependent Variable.....21
4.2.2 Independent Variable.....22
4.2.3 Control Variable.....23
4.3 Statistical Technique.....25
Chapter 5 ANALYSES AND RESULTS.....27
5.1 Descriptive Statistics.....27
5.2 Results of Hypothesis Testing.....27
5.3 Robustness Check.....29
Chapter 6 DISCUSSION.....38
6.1 Theoretical Implications.....39
6.2 Managerial Implications.....41
6.3 Limitations and Future Research.....42
REFERENCE.....45
APPENDIX.....52
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