| 摘要: | 隨著產業環境劇變，企業已視外部購併整合，為快速提昇競爭優勢與面對市場挑戰的主要策略之一。然在購併過程中，專利儼然已成購併與否的關鍵因素，而專利侵權訴訟亦是其中複雜又常見的競爭策略之一。因此，對於競爭性的購併策略與專利風險間的連續動態關係，已是備受重視的風險管理議題。為此，在動態競爭分析架構下(Chen, 1996)，本計畫首先利用市場重疊程度與專利技術強度之計算，衡量專利侵權公司之市場共同性及資源相似性，進而評估發生專利訴訟廠商間的競爭張力狀態。再進而分別估計各群組內競爭樣本的風險值，用以刻劃其所承擔暴露的專利風險，並利用回顧測試法(Kupiec, 1995)進行比較，期能避免承擔超過預期的專利風險。其次，藉由風險值認知到彼此間的競爭關係時，再根據投入輸出比較法（McGuckin et al., 1991），衡量購併事件樣本之垂直相關與產業相關性，進而歸納出所回應的四種購併型態策略。最後，透過分量迴歸模型分析台灣電子產業在面對不同購併型態策略與專利侵權風險時之整體關係；並且利用動態條件相關雙變量EC-EGARCH模型，探討不同購併型態策略下，競爭公司彼此間之跨公司風險連動效應。
Following dramatic changes in industrial environment, rapidly M&A as the main management strategy to face the market challenges and promote competitive advantage. However, during the redundancy M&A process, patent plays an important role in whether or not M&A. Infringement lawsuits are common competitive strategy in recent years. In the long litigation process, for investors, both plaintiff and defendant have highly uncertain market information. Hence, how to use of competitive strategies to response the patent risk that become the important issue of risk management. Based on the framework for competitive dynamics analysis (Chen, 1996), the related data of patent and M&A are used to examine dynamic risk structure between M&A patterns and patent infringement litigation within Taiwanese listed electronic industry by different economic methods. First, we utilize the dimensions of market commonality and resource similarity to analysis the competitive tension of competitor when patent infringement litigation event occur, and estimate competitor’s VaR in each sample group. Furthermore, we used VaR value to exposure of the patent risk (Kupiec, 1995), and applied input-output based method （McGuckin et al., 1991）to classify the different Patterns of M&A. Finally, following different strategies of M&A, we adopted the Quantile Regression model and dynamic conditional correlation multivariate EC-EGARCH model to investigate the dynamic risk structure and risk transmissions between M&A patterns and patent infringement litigation in listed electronic firms, respectively. |
