研究與發展費用對企業自身被併購機率的影響

Research and Development Expenditure and Takeover Probability

陳均汎(Chun-Fan Chen)

指導教授 ： 廖咸興

國立臺灣大學/管理學院/財務金融學研究所/碩士(2015年)

https://doi.org/10.6342/NTU.2015.10024

摘要

企業會透過內部資源以及外部資源作為提升企業的生產技術，進而提升企業未來的成長動能。內部資源為透過企業內部的研究與發展相關活動(Research and Development Activity)帶動企業長期價值(Samuel H. Szewczyk, George P. Tsetsekos, and Zaher Zantout, 1996)；外部資源則是透過併購增加自身的生產技術進而捕捉公司未來成長的機會(Higgins and Rodriquez, 2006)。然而Duqi, Jaafar和Giuseppe (2015)認為企業投入研究與發展費用會造成資訊不對稱的情形發生，因為外部投資人無法了解企業研究與發展活動的成果，而對企業的研究與發展做出錯誤定價。而根據Rhodes, Robinson和Viswanathan (2005)的研究，錯誤定價在併購活動中佔了很重要的因素。因此本研究分析了研究與發展強度(Research and Development Intensity)對於被併購機率的影響。實證分析的結果發現，研究與發展費用的強度對於企業自身被併購機率的影響呈現正向顯著的關係。而對於生產技術較為依賴的高科技產業來說，研究與發展強度(Research and Development Intensity)對於被併購機率的影響更為顯著。

關鍵字

併購活動 ； 研究與發展費用 ； 資訊不對稱

並列摘要

For increasing growth opportunity, firm will improve the its production technology by internal resources or external resources. Through internal resources, firm inject a lot of resource in research and development activities for raising long-term business value (Samuel H. Szewczyk, George P. Tsetsekos, and Zaher Zantout, 1996); external resources is using mergers and acquisitions way to enhence its technology and then capture the company's future growth opportunities (Higgins and Rodriquez, 2006). However Duqi, Jaafar and Giuseppe (2015) demonstrated that investment in research and development will result in information asymmetry which occurs between outside investors and manager, because research and development activities could not be understood by investor. Thus, investors would make research and development investment undervalued. According to Rhodes, Robinson and Viswanathan (2005), mispricing plays an important factor in M & A activity. Therefore, this study analyzed the relation between research and development intensity and takeover probability. The empirical analysis found that the research and development intensity has positive effect on takeover probability. As for the production of high-tech industry, the effect of research and development intensity on takeover probability is more significant.

並列關鍵字

Takeover ； Research and Development ； Information Asymmetry

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