資源互動對高科技廠商併購績效的影響

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Title:	資源互動對高科技廠商併購績效的影響 The Impact of Interactive Resources on the M&A Performance of High-technology Firms
Authors:	潘柏宏 Pan, Po Hung
Contributors:	國際企業管理學系碩士在職專班
Keywords:	併購資源基礎理論資源互動詹森指標 mergers and acquisitions resource-based view resource interaction Jensen’s alpha
Date:	2015-06
Issue Date:	2015-08-17 09:33:40 (UTC+8)
Abstract:	兩家公司透過併購來增加競爭優勢，有賴於兩家公司的資源互補，若兩家公司的資源互動產生替代，將抵銷併購帶來的優勢。本研究以「高科技廠商」為對象，探討兩家高科技公司因併購而發生的三類資源(技術資源、人力資源及有形資源)的互動，對併購績效產生的影響。此外，本研究也觀察併購前兩家公司各自的資源投入對併購績效的影響。本研究就1,546家台灣上市櫃公司 (854間上市公司、692間上櫃公司)觀察2001年至2014年13個年度期間的高科技廠商併購，僅得出雙方都揭露財報資料的25筆併購案共50家公司作為研究樣本，進行實證分析。研究結果發現，兩家併購公司的三類資源之投入，只有技術資源投入會對併購績效產生顯著影響，其中併購廠商的技術資源投入會降低併購績效，被併購公司的技術資源投入會提高併購績效。而且，三類資源之投入，只有兩家併購公司的技術資源產生互補，對併購績效產生顯著的正向影響。其餘兩類資源(人力資源、有形資源)的投入與互動，對併購績效的影響均不顯著。 Both companies are through mergers and acquisitions to increase the competitive advantage depends on the resources of two companies complement each other. If both companies' resources generate interactive alternative, it will offset the advantage of ac-quisitions. The research is study as the object as "high-technology firms" to probe the two high-technology companies in three types of resources with mergers and acquisi-tions (technical resources, human resources and physical resources) interaction for the impact of M&A performance. In addition, the research also investigates the effect of M&A performance for pre-merger with the two companies' respective put in resources result. In this research, all listed on the 1,546 Taiwanese companies (854 listed companies, 692 OTC companies) was observed from 2001 to 2014 during the 13 years of high-technology firms to mergers and acquisitions. Search both two companies disclose financial report and find out only 25 successful M&A cases including total 50 compa-nies samples for empirical analysis. The finding shows when three types of resources put in the acquiring and acquired companies, only the technical resources have significant influence. The technical re-sources put in the acquiring of firms will decrease M&A performance but the acquired company opposite. Furthermore, when three types of resources are put in companies, the only two mergers and acquiring companies generate complementary of technical resources and show significant positive impact on M&A performance. The impact of M&A performance is not affected significant from the rest two types of resources (hu-man resources, physical resources) put in and interaction.
Appears in Collections:	[Department of Business Administration & Graduate Institute of International Business Administration ] Thesis

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