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系統識別號 U0026-0907201302505400
論文名稱(中文) 企業併購對象之選擇決策
論文名稱(英文) Target choice: start-up versus mature firm as prospective acquisition targets
校院名稱 成功大學
系所名稱(中) 國際企業研究所碩博士班
系所名稱(英) Institute of International Business
學年度 101
學期 2
出版年 102
研究生(中文) 艾文塔
研究生(英文) Elizaveta Boldyreva
電子信箱 mei2hua1@gmail.com
學號 R66007023
學位類別 碩士
語文別 英文
論文頁數 64頁
口試委員 指導教授-曾瓊慧
口試委員-杜富燕
召集委員-方世杰
中文關鍵字 製藥產業  併購對象  經驗  財務資源 
英文關鍵字 pharmaceutical industry  target choice  experience  financial resources 
學科別分類
中文摘要 在知識密集產業中,特別是在競爭很激烈並高度仰賴研發活動以及無形資產的製藥產業裡收購行為往往被視為獲取自身無法創造的專有技術或知識之策略之一。為了確保企業併購的成功併購方必須選擇適合公司長期發展以及可以滿足併購方的研發需求之收購對象。
本論文旨在探討企業過去的收購經驗如何影響初創目標公司與成熟目標公司之間的抉擇。藉著分別不同收購經驗之類型,亦即收購初創公司之經驗以及收購成熟公司之經驗,本論文尋求了解不同收購經驗之效應。
假設檢驗使用在製藥產業從1994年至2010年間所蒐集到的併購事件469筆之樣本。
具體來說,實證結果顯示較有收購經驗者傾向於選擇成熟公司為併購對象,反之只對特定的收購目標公司熟悉的企業則偏向重複進行一種收購模式。此外本研究發現過去收購對象的平均值偏高時併購方則選擇初創公司。這種現象是由兩種因素造成的:代理問題以及製藥產業本身的特殊的性質。
英文摘要 Acquisition is a common strategy used by firms in knowledge-intensive industries, particularly pharmaceutical industry, that is characterized by high competition and reliance on R&D activities and intangible assets. Firms in pharmaceutical industry often use acquisitions to access proprietary knowledge, that is difficult to develop. In order to insure successful acquisition, an acquiring firm needs to choose the right target, which suits its strategy and R&D needs.
This study aims to investigate how acquirer’s prior acquisition experience influences the target choice between a start-up and a mature firm. By distinguishing the effect of different types of acquisition experience, namely experience with mature firm and experience with start-up, this study also seeks to understand, the different impacts made by distinct types of acquisition experience.
Using a sample of 469 acquisition events in pharmaceutical industry, taking place between 1994 and 2010, hypotheses are empirically tested.
Specifically, this study found that more experienced acquirers tend to choose a mature firm as their prospective target, while companies that mostly implemented acquisitions of one particular type of target, start-up or mature firm, are more likely to replicate their target choices. Moreover, it was found that acquirers with higher average size of previously implemented acquisitions tend to choose start-ups, which can be explained by principal-agent problems and specific nature of pharmaceutical business.
論文目次 Contents
List of Tables............................................V
List of Contents..........................................VI
Chapter 1 Introduction....................................1
1.1 Research Background and motives ..................... 1
1.2 Research Process .................................... 5
Chapter 2 Literature Review ............................. 6
2.1 Technology Related Acquisitions ..................... 6
2.1.1 Target Relative Size .............................. 11
2.1.2 Industry Relatedness and Affiliated Degree of Information Asymmetry ................................... 12
2.1.3 Target’s Intangible Assets ........................ 12
2.1.4 Similarity & Complementarity ........ ............ .14
2.1.5 Acquisition Experience ............................ 16
2.1.6 Advantages and Disadvantages of Each Type of Target.18
2.2 Background Theories...................................19
2.2.1 Organizational Learning.............................19
2.2.2 Target Resistance to Knowledge Transfer.............21
2.2.3 Dynamic Capabilities............................... 23
Chapter 3 Hypothesis Development .........................26
3.1 Knowledge transfer Impediments Effect on Acquisition Choice .................................................. 27
3.2 Acquisition Experience Effect on Acquisition Choice ......................................................... 31
3.3 Slack Resources Effect on Acquisition Choice ......................................................... 33
Chapter 4 Research Method ............................... 36
4.1 Data Sources and Sampling Process ................... 37
4.2 Data Collection Process ............................. 37
4.3 Variables and Measures .............................. 39
Chapter 5 Research Results................................44
5.1 Descriptive Analysis..................................44
5.2 Hypothesis Testing....................................49
Chapter 6 Discussion......................................53
6.1 Results Discussion....................................53
6.2 Research Contribution.................................56
6.3 Managerial Implications...............................57
6.4 Limitations and Future Research.......................58
6.5 Conclusion............................................60
Reference............................................... .61
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