English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 113451/144438 (79%)
Visitors : 51282738      Online Users : 859
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
  • Adv. Search
    HomeLoginUploadHelpAboutAdminister Goto mobile version
    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/67592
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/67592


    Title: 購併市場活動對台灣企業研發投入之影響
    The Influence of M&A marketactivity on Taiwan Firms’ R&D
    Authors: 蔡伊菁
    Contributors: 顏錫銘
    蔡伊菁
    Keywords: 購併
    研究發展
    產業需求
    產業競爭
    規模效應
    M&A
    R&D
    industry demand
    industry competition
    size effect
    Date: 2013
    Issue Date: 2014-07-21 15:37:28 (UTC+8)
    Abstract: 本研究主要目的為探討產業過去之購併活動,對公司的研發投入的影響。產業的購併活動活躍與否,可視為此產業中資產的流動性衡量,根據Phillips and Zhdanov (2012)所使用之方式,利用產業過去的購併交易所計算出變數,可用以解釋公司的研發投入。本文有別於傳統之樣本分類法,而是採用不同的變數來衡量產業分類,藉以分析同業購併、異業購併以及產業整體購併對公司研發投入的影響。從實證結果發現,當過去的同業內購併活動越盛行時,公司的研發投入越高。而公司的研發投入,又與公司之規模大小有關,隨著公司規模大小不同,購併活動對研發投入的影響程度也隨之改變,隨著公司規模越大,受到的影響則越小,具有規模效應。本研究同時考量產業需求變動以及競爭程度對公司研發投入的影響,實證發現公司研發投入與產業需求及競爭程度為正向關係,且同樣具有規模效應。
    The objective of this study is to analyze how an active acquisition market affects Taiwan firms’ incentives to conduct R&D. It follows Phillips and Zhdanov(2012)that using the value of past M&A activity in the firm’s industry to captures the historical liquidity of an industry’s assets. Different from other studies which usually split sample into different groups to examine inside- and outside-industry, this study use three variables to measure how M&A activity in inside-, outside- and whole-industry affect firms on conducting R&D in different ways. According to the empirical results of the regression analyses, we find that firms’ incentives to conduct R&D increase with inside industry M&A activity and the effect is stronger for small firms than large firms. We also find that firms’ R&D are positively correlated with industry demand and competition, and both of these effects are also stronger for small firms than for large firms.
    Reference: [1] Acs, Z. J., & Audretsch, D. (1988). Innovation in large and small firms: an empirical analysis.
    [2] Acs, Z. J., Audretsch, D. B., & Feldman, M. P. (1994). R&D spillovers and recipient firm size. The Review of Economics and Statistics, 76(2), 336-340.
    [3] Aghion, P., & Tirole, J. (1994). The management of innovation. The Quarterly Journal of Economics, 109(4), 1185-1209.
    [4] Blonigen, B. A., & Taylor, C. T. (2000). R&D Intensity and Acquisitions in High‐Technology Industries: Evidence from the US Electronic and Electrical Equipment Industries. The Journal of Industrial Economics, 48(1), 47-70.
    [5] Brusco, S., & Panunzi, F. (2005). Reallocation of corporate resources and managerial incentives in internal capital markets. European Economic Review, 49(3), 659-681.
    [6] Chesbrough, H. W. (2003). Open innovation: The new imperative for creating and profiting from technology: Harvard Business Press.
    [7] Cohen, W. M., & Levinthal, D. A. (1989). Innovation and learning: the two faces of R & D. The economic journal, 569-596.
    [8] Dasgupta, P., & Stiglitz, J. (1981). Entry, innovation, exit: Towards a dynamic theory of oligopolistic industrial structure. European Economic Review, 15(2), 137-158. doi: http://dx.doi.org/10.1016/0014-2921(81)90084-2
    [9] Gallini, N. T., & Winter, R. A. (1985). Licensing in the theory of innovation. Rand Journal of Economics, 16(2), 237-252.
    [10] Gans, J. S., & Stern, S. (2000). Incumbency and R&D incentives: Licensing the gale of creative destruction. Journal of Economics & Management Strategy, 9(4), 485-511.
    [11] Hall, B. H. (1988). The effect of takeover activity on corporate research and development Corporate takeovers: Causes and consequences(pp. 69-100): University of Chicago Press.
    [12] Higgins, M. J., & Rodriguez, D. (2006). The outsourcing of R&D through acquisitions in the pharmaceutical industry. Journal of Financial Economics, 80(2), 351-383.
    [13] Hoberg, G., & Phillips, G. (2010). Real and financial industry booms and busts. THE JOURNAL OF FINANCE, 65(1), 45-86.
    [14] James, A. D. (2002). The strategic management of mergers and acquisitions in the pharmaceutical industry: developing a resource-based perspective. Technology Analysis & Strategic Management, 14(3), 299-313.
    [15] Jovanovic, B., & MacDonald, G. (1994). Competitive Diffusion. National Bureau of Economic Research Working Paper Series, No. 4463.
    [16] Kamien, & Schwartz. (1982). Market structure and innovation, . Cambridge Surveys of Economic Literature.
    [17] Katz, M. L., & Shapiro, C. (1986). How to license intangible property. The Quarterly Journal of Economics, 101(3), 567-589.
    [18] Levin, R. C., Klevorick, A. K., Nelson, R. R., Winter, S. G., Gilbert, R., & Griliches, Z. (1987). Appropriating the returns from industrial research and development. Brookings papers on economic activity, 783-831.
    [19] Love, J. H., & Roper, S. (2002). Internal versus external R&D: a study of R&D choice with sample selection. International Journal of the Economics of Business, 9(2), 239-255.
    [20] Mowery, D. C. (1983). The relationship between intrafirm and contractual forms of industrial research in American manufacturing, 1900–1940. Explorations in Economic History, 20(4), 351-374.
    [21] Ortiz-Molina, & Phillips, G. M. (2010). ASSET LIQUIDITY AND THE COST OF CAPITAL. NBER Working Paper.
    [22] Parker, J. E., & John, E. S. P. (1978). The economics of innovation: the national and multinational enterprise in technological change: Longman London.
    [23] Phillips, G. M., & Zhdanov, A. (2012). R&D and the Incentives from Merger and Acquisition Activity. Review of Financial Studies, 26(1), 34-78. doi: 10.1093/rfs/hhs109
    [24] Rajan, R., Servaes, H., & Zingales, L. (2000). The cost of diversity: The diversification discount and inefficient investment. THE JOURNAL OF FINANCE, 55(1), 35-80.
    [25] Reinganum, J. F. (1985). Innovation and industry evolution. The Quarterly Journal of Economics, 100(1), 81-99.
    [26] Rhodes–Kropf, M., Robinson, D. T., & Viswanathan, S. (2005). Valuation waves and merger activity: The empirical evidence. Journal of Financial Economics, 77(3), 561-603.
    [27] Rotemberg, J. J., & Saloner, G. (1994). Benefits of narrow business strategies. The American Economic Review, 1330-1349.
    [28] Salant, S. W. (1984). Preemptive patenting and the persistence of monopoly: comment. The American Economic Review, 247-250.
    [29] Scharfstein, D. S., & Stein, J. C. (1990). Herd behavior and investment. The American Economic Review, 465-479.
    [30] Schlingemann, F. P., Stulz, R. M., & Walkling., R. A. (2002). Divestitures and the liquidity of the market for corporate assets. Journal of Financial Economics.
    [31] Schumpeter, J. A., & Bottomore, T. B. (1987). Capitalism, socialism and democracy: Unwin Paperbacks London.
    [32] Sevilir, M., & Tian, X. (2011). Acquiring innovation. Unpublished working paper.
    [33] Shleifer, A., & Vishny, R. W. (1992). Liquidation Values and Debt Capacity: A Market Equilibrium Approach. THE JOURNAL OF FINANCE.
    [34] Veugelers, R. (1997). Internal R & D expenditures and external technology sourcing. Research policy, 26(3), 303-315.
    Description: 碩士
    國立政治大學
    財務管理研究所
    101357008
    102
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0101357008
    Data Type: thesis
    Appears in Collections:[財務管理學系] 學位論文

    Files in This Item:

    File SizeFormat
    700801.pdf744KbAdobe PDF2179View/Open


    All items in 政大典藏 are protected by copyright, with all rights reserved.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏,無償提供學術研究與公眾教育等公益性使用,惟仍請適度,合理使用本網站之內容,以尊重著作權人之權益。商業上之利用,則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作,已盡力防止侵害著作權人之權益,如仍發現本網站之數位內容有侵害著作權人權益情事者,請權利人通知本網站維護人員(nccur@nccu.edu.tw),維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback