技術併購對企業績效的影響——以中國創業板為例

The Impact Of Technology M&A On The Performance Of Acquiring Firms: Empirical Evidence From Chinese Growth Enterprise Market

張穎(Ying Zhang)

指導教授 ： 邱顯比

國立臺灣大學/管理學院/財務金融學研究所/碩士(2017年)

https://doi.org/10.6342/NTU201700131

摘要

近年中國的併購市場顯得日益活躍，除了經濟轉型的背景以外，國家政策的支持不同程度上促進了上市公司的併購行為。而根據相關數據顯示，在創業板的併購案件中，技術併購成為高新技術企業獲取外部尖端技術促進企業快速成長的方法之一，因此技術併購在併購領域的比例越來越大。可以說，研究技術併購對企業績效的影響具有現實的意義。
文本以中國創業板企業技術併購事件為樣本，根據國泰安數據庫提供的併購數據以及相關財務資料，探索技術併購是否對企業的績效產生影響，包括財務能力和技術能力。在影響因素方面，為了深入探討對技術併購績效產生影響的因素，進一步分析行業相關性，企業絕對知識規模，企業自由現金流及研發支出等各因素的影響程度。
根據回歸的結果顯示，企業技術併購對企業來說是綜合性的影響，不僅能夠帶來經濟效益，而且能夠提高企業的技術能力。在影響因素方面，併購企業和目標企業具有領域相關性，併購企業的絕對知識基礎，企業自由現金流及高新技術產業等因素都對技術併購績效產生顯著影響。

關鍵字

技術併購 ； 企業績效 ； 財務能力 ； 技術能力 ； 影響因素

並列摘要

In recent years, China's M&A market has become active, in addition to the background of economic restructuring, national policies also support the M&A behavior of listed companies. According to some data, technology M&A has become one of the ways for high-tech enterprises to obtain external advanced technology to promote themselves in Chinese Growth Enterprise Market. It can be said that study the impact of technology M&A on corporate performance is practical significance. Based on the technology M&A cases of Chinese Growth Enterprise Market, this paper explores whether M&A influences corporate performance, including financial capability and technical ability.
In order to explore the influencing factors of technology M&A performance, this paper further analyzes the factors such as the relatedness of knowledge base, absolute size of acquired knowledge base, free cash flow and R&D expenditure.
According to the results of the regression analysis, technology M&A not only can bring economic benefits, but also improve the technical capacity of enterprises. In the aspect of influencing factors, the relatedness of knowledge base, absolute size of acquired knowledge base and the free cash flow have a significant influence on technology M&A performance.

並列關鍵字

Technology Acquisition ； Performance ； Financial Capability ； Technical Ability ； Factor

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