高科技產業購併綜效之研究－以平衡計分卡四大構面評估

Acquisition Synergies in the High-Tech Industry-A Multi-Perspective Evaluation

劉育秀(Yu-Hsiu Liu)

《國立臺中技術學院學報》 14期 (2010/01) Pp. 75-94

https://doi.org/10.29427/JNTIT.201001_14.0006

摘要

高科技產業從事購併活動之動機往往是研發專利與技術之獲取，進而達致企業價值極大化之成長策略。由於評估高科技產業技術購併綜效將廣泛涉及非財務性層面之考量，若採用單一財務性指標衡量，將無法有效地衡量購併績效。因此本文選取台灣電子資訊產業，於民國86年至94年期間曾從事購併活動之主併公司的資料，以平衡計分卡(Balanced Scorecard, BSC)方法之分析架構，結合財務性與非財務性之績效衡量指標共計四大構面，分別為財務、顧客、企業內部流程和學習與成長，進行實證研究。本研究目的係假設主併公司之市值將決定於購併前後各項財務性與非財務性因素之影響，因此以主併公司購併前後市值之變動，與BSC各項衡量指標購併前後之變動進行迴歸分析，以期找出影響公司市值的最大關鍵變數，並檢視技術購併是否達成預期之購併綜效。本研究實證結果最重要之發現為非財務性因素中多項衡量變數，對於主併公司市值變動之解釋更具關鍵影響力。其中各項具顯著性之衡量指標分別佈於財務性構面（營業收入淨額和每股稅前淨利），企業內部流程構面（權利金及技術、研究發展費用與專利權數目）和學習與成長構面（每人配備率、離職人數及員工流動率）。本文證實高科技產業之主併公司可採行技術購併策略，達到影響公司市值之目的，對於實務界預期採用技術購併的公司，可以提供實質的參考。同時，此一研究結果可提供後續研究者對於不同購併動機之綜效衡量，尤其針對企業整體價值之評估與無形資產層面之考量，提供不同的思考方向。

關鍵字

高科技產業 ； 購併 ； 平衡計分卡

並列摘要

Acquisitions in the high-tech industry are often motivated by a desire to obtain the research and development (R&D), patents and technology of acquired firms, as part of growth strategies that maximize shareholders' wealth. Since evaluation of synergy in high-tech acquisitions requires extensive assessment of the non-financial performance measures of the acquiring company, traditional methods which focus on financial indicators alone are inadequate in establishing an effective performance evaluation. Therefore, this study utilizes four separate perspectives of balanced scorecard (BSC) indicators-financial, customer, internal business process and learning and growth-to empirically examine the impact of acquisitions on the subsequent performance of acquiring firms in the Taiwanese electronics industry, between the years 1997 and 2005. Drawing on the hypothesis that the market value of acquiring firms are primarily determined by its financial and non-financial performance measures, regression analysis is performed on the changes in these variables before and after a merger, in order to establish the most relevant variables affecting the market value of acquiring firms and to investigate whether technological acquisitions achieve their expected M&A synergies. This study finds that the financial BSC indicators which affect market value changes in the acquiring firm are limited to net sales and pretax income per share, while expected synergies in terms of reduced operating expenses and improved shareholder returns were not realized. Regression analysis results also reveal that non-financial performance variables have far greater impact on changes in the acquiring firm's market value than financial ones, with patent royalty, R&D costs, patent count, fixed assets per employee, number of employee resignations and employee retention being the most significant indicators. Empirical results in this study support the conclusion that technological acquisition is a viable strategy for firms seeking to elevate their market values, and also provides a framework for the application of BSC in the valuation of intangibles and their relationship to merger and acquisition synergy.

並列關鍵字

High-Tech Industries ； Mergers and Acquisitions M&A ； Balanced Scorecard