以資源基礎及實質選擇權觀點探討異業投資行為

A Study of Diversified Investment: A Synthesis of Resource-based View and Real Options Perspective

陳冠羽(Kuan-Yu Chen)

指導教授 ： 趙義隆

國立臺灣大學/管理學院/國際企業學研究所/碩士(2014年)

https://doi.org/10.6342/NTU.2014.01105

摘要

企業藉由異業的策略聯盟、合資、併購等整合研發資源與擴增產品線的策略來提升產業競爭實力與獲利能力，然而面對交易對手的不確定性與資訊不對稱的風險時，企業在衡量掌握資源的程度後，可以考慮採用漸進的方式來進行企業併購，故本篇論文將以資源基礎觀點與實質選擇權的角度來探討企業進行異業跨界投資的動機與不同併購行為下背後可能的邏輯思考。
在全球生技產業的併購風潮上，台灣近年亦出現異業跨入生技產業進行投資的趨勢，故此篇研究選取四組由核心業務並非生技產業的企業，最後選擇生技產業進行投資的個案作分析，發現異業投資的原因可歸納為主併者看好產業未來的發展或想要藉由併購擴增產品線；而對於交易對手了解程度較高者，則傾向於進行一次性併購或直接投資，以有效掌握併購對象較多的資源；而資訊不對稱問題較為嚴重的企業，則可能採用階段性併購的方式來投入新的事業。

關鍵字

多角化 ； 資源基礎觀點 ； 實質選擇權 ； 階段性併購

並列摘要

Through different cooperation strategies, companies diversify to enhance their competitiveness and profitability by integrating resources of research and development (R&D) and enlarging their product lines. However, when facing the uncertainty and risk of asymmetric information, firms can take sequential mode of M&As to invest in the target firms after considering the utilization of gained resources. Therefore, we not only discuss the motives of diversified investment, but also the rationale behind the different investment behavior from resource-based view and real options theory.
On the trend of global mergers and acquisitions in biotechnology industry, Taiwan enterprises also have been diversified into this industry. Consequently, we apply case study method that the diversifiers’ core business are not in biotechnology industry. In conclusion, we attribute the diversification motives to the emphasis of acquirers on the prosperous future development of the target firms and improvement of their product lines. In addition, if the acquiring firm has a clear understanding of the targets, it can have a high propensity to take one-time M&A or invest directly to utilize the resources more effectively. Nevertheless, if there exists the asymmetric information problem severely, the acquirer can take sequential mode of M&A to diversify into the new business field.

並列關鍵字

Diversified Investment ； Resource-based View ； Real Options Theory ； Sequential Merger and Acquisition

參考文獻

Reference in Chinese

Reference in English

Argyres, N. 1996. Capabilities, Technological Diversification and Divisionalization. Strategic Management Journal 17. 395–410.

Balakrishnan, S., and Koza, M. P. 1993. Information asymmetry, adverse selection and joint-ventures: Theory and evidence. Journal of Economic Behavior and Organization, 20, 99-117.

Barney, J.B., 1991. Firm Resources and Sustained Competitive Advantage. Journal of Management, 17: 99-120.