廠商合併行為與其生產力之研究──台灣製造業廠商之驗證

MERGERS AND PRODUCTIVITY: EVIDENCE FROM TAIWANESE MANUFACTURING FIRMS

本文利用民國86-90年間台灣製造業合併廠商與未合併廠商（共6,140家）的資料，實證研究廠商合併的決定因素，並以相對勞動生產力及相對總要素生產力來比較合併後與未合併廠商的績效。實證結果主要發現（1）廠商合併前的相對生產力愈大，規模愈大，愈有可能去合併廠商。（2）廠商的R&D活動與合併有正向關係，但市場力則對合併的影響較不確定。（3）合併活動與生產力成長率的關係為正，亦即合併廠商相對未合併廠商生產力成長率較大，此外，廠商進行水平合併後其生產力成長最快，其次為垂直合併，再其次為多角化合併。

In this paper, we provide evidence on merger from the standpoint of relative labor productivity and relative total factor productivity. Our empirical work examines the Taiwanese manufacturing firms’ motivation to merge and how the merger firms perform after merger. On the basis of a sample of 6, 140 manufacturing firms, we have found that (1) the firms with larger relative productivity and firm size have higher probability to merger other firms. (2) R&D has positive and significant impact on merger, but market power doesn’t have a significant effect on merger. (3) Firm productivity growth is positively related to merger. That is, merger firms experience higher improvement in productivity growth. Moreover, horizontal mergers are most effective in productivity growth, followed by vertical mergers and conglomerate mergers.