M&A與R&D：研發存量、技術相似性與併購績效之關係

M&A and R&D: The Relationship between R&D Stock, Technological Similarity and M&A Performance

本研究旨在探討併購與研發之關係，主要之研究焦點有三項議題。首先，本研究想探討併購活動是否真能改善企業的研發投入及創新績效。其次，本研究將檢驗主併與目標公司之研發存量及技術相似性對併購績效之影響，用以說明企業採行併購創新策略時，如何創造較佳的績效。最後，本研究比較市場績效與創新績效之建模關係，以發掘較適合衡量高科技產業併購活動效益的績效指標。實證時，採 1993 至 2007 年台灣高科技公司併購事件下之主併公司為研究對象。先以成對樣本t 檢定檢視併前與併後研發投入、研發密度及創新績效之消長，分析結果發現合併後主併公司之研發投入及創新績效確實顯著增加；此外，本研究同時採事件研究法求得併購宣告之累積異常報酬及併後之增量創新績效作為應變數，分別建立市場績效模型及創新績效績效模型。透過所建立的實證模型可發現主併公司之研發存量對併購績效存在正向的影響，而目標公司的研發存量與併購績效之關係不顯著；主併公司與目標公司之技術相似性對其研發存量與併購績效間存在負向的調節效果。此外，針對高科技之併購事件採創新績效作為併購績效指標之建模效果優於市場績效指標。 This paper expects to investigate the relation between M&A and R&D, and it formulates three main research issues. First, this paper will answer the question as to whether the M&A activities will improve the efficiency of a firm’s R&D activity (i.e., R&D input and innovation performance). Second, this paper will resolve that a firm adopted innovation-through-acquisition strategy how to create better performance. Hence, this paper will examine the influence of R&D stocks of acquirer and target firms and technological similarity on post-merger R&D outcome of the merging company. Third, this paper will compare the market performance model with the innovation performance model, in order to look for an appropriate indicator of M&A performance in high-tech industries. This paper adopts the acquirer’s M&A events of Taiwanese high-tech industry as the sample, and the sample period from 1993 to 2007. Both paired-samples T test and multiple regression techniques have been used to examine the relationship between M&A and R&D. The results of paired-samples T test showed that post-merger R&D input and innovation performance is more than prior to the M&A. In addition, this paper used an event study method to estimate the cumulative abnormal return of M&A announcements in order to establish market-based performance model. And the change in innovation performance was measured as a proxy indicator of post-merger performance in order to constitute an innovation performance model. The results of both models found that the R&D stocks of acquirer firm will contribute to the post-merger performance. However, the relationship between R&D stocks of target firm and M&A performance is non-significance. The paper also found that the technological similarity negatively moderated the relationship between R&D stocks of acquirer and M&A performance. In addition, the results of this paper suggest that the innovation performance as a proxy of M&A performance is better than market-based performance.