技術領域與地理環境對併購後財務績效影響 ─ 研發能力與寬裕資源之調和效果

The Effect of Technological Space and Geographic Origin on Post-Acquisition Financial Performance - The Moderating Role of R&D capability and Organizational Slack

王哲偉(Che-Wei Wang)

指導教授 ： 郭瑞祥

共同指導教授 ： 陳忠仁

國立臺灣大學/管理學院/商學研究所/碩士(2012年)

https://doi.org/10.6342/NTU.2012.00332

摘要

企業在擴張其事業版圖時，經常透過併購的方式進行。過去許多研究致力於透過不同的理論闡述併購對公司績效的影響。本研究則藉由組織學習理論及資源基礎觀點來比較不同型態的併購組合差異是否會影響企業的財務績效。
本研究在資料蒐集方面，以2003年至2007年在全球半導體產業上市公司發生的併購事件為主，以SDC和Compustat資料庫為主要資料來源進行研究，共分析了488間企業。透過分析驗證當企業進行不同型態的業外併購，對績效之關係做深入探討，同時考量公司的研發能力強弱與內部資源的多寡。研究結果顯示，企業採取國家型業外併購會對財務績效產生不良的影響。此外，當公司的研發能力越強（即在研發的投入越高），對於併購後財務績效反而有負項的調和效果。相反地，當企業擁有充裕的內部資源可供運用時，對於併購後財務績效有正項的調和效果。
本研究最後提供了實務上的策略意涵，即當企業考慮透過業外併購方式加以擴張時，應詳加考慮自身的研發能力與內部資源彈性以做出決策，藉此提昇併購後的綜效，使公司績效能有所提昇，帶動企業的成長。

關鍵字

業外併購 ； 組織學習理論 ； 探索與利用 ； 研發能力 ； 組織寬裕資源

並列摘要

Acquisitions have been a common strategy when organizations want to expand their operations. In previous research, many studies have widely discussed acquisitions in various aspects. This research introduced the organizational learning theory and resource-based view. We focused on the financial performance due to different acquisition combinations.
Our data contains 488 sample firms in semiconductor industry from 2003 to 2007, which were collected from SDC and Compustat database. Through empirical analyses, the relationship between inter-industry acquisition, R&D capability, organizational slack, and performance have been examined. The result implies that the negative relationship between technologically distant knowledge of national origin and financial performance. In addition, R&D capability makes a negatively moderating effect to the relationship between inter-industry acquisitions and financial performance. In contrast, the relationship between inter-industry acquisition and financial performance will strengthen with higher organizational slack. We finally come to realize the decision of management on inter-industry acquisition could have an impact on the synergy after acquisitions, and we tired to provide the strategic insight for management that they may refer to when facing acquisition decisions.

並列關鍵字

Inter-industry acquisition ； Organizational learning ； Exploration and exploitation ； R&D capabilities ； Organizational slack

參考文獻

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