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研究生:陳台偉
研究生(外文):Tai-wei Chen
論文名稱:探討電子業研發投入及研發外溢效果對併購前後生產力之影響
論文名稱(外文):Study on the Impact of R&D and R&D Spillover Effect on the Productivity before and after M&A in the Information and Electronic Industries
指導教授:馬嘉應馬嘉應引用關係
指導教授(外文):Chia-ying Ma
學位類別:碩士
校院名稱:東吳大學
系所名稱:會計學系
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
論文出版年:2005
畢業學年度:93
語文別:英文
論文頁數:99
中文關鍵詞:併購生產力研發外溢效果研究發展
外文關鍵詞:R&DR&D spillover effectProductivityM&A
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台灣的資訊電子產業在專業分工與產業群聚下表現傑出,IC設計、晶圓代工、封裝及測試業等皆有極佳的表現。根據經濟部於2004年所做的調查,我國的IC設計業排名全球第二,晶圓代工之全球佔有率在70%以上,封裝業全球第一,測試業亦佔有全球3成的高比重,讓所有國人皆感到驕傲。研究發展的投入是資訊電子產業很重要的特色,其研發費用往往高於其他行業。
最近幾年來台灣的產業競爭越來越激烈,隨著整體經濟的自由開放與國際化,以及加入世界貿易組織﹙World Trade Organization;WTO﹚的影響,台灣的企業越來越能體會,在國際競爭壓力下,勢必要提高自身的競爭力。併購是提供企業擴展其業務與規模、改善經營績效及提升企業競爭力的一個重要途徑,因此企業併購活動從未停止,規模與金額也持續攀升。
本研究以extended Cobb-Douglas production function,並使用不同的遞延時間去檢視電子業研發投入及研發外溢效果對併購前後生產力之影響,研究結果發現:
1.整體言之,不考慮研發資本的遞延效果時,廠商的研發投入對當期的生產力成長率有顯著負向的影響;考慮研發資本的遞延效果時,廠商的研發投入對當期的生產力成長率有顯著正向的影響。
2.技術密集度高的產業,研究發展外溢效果顯著。因此,當研發資本投入產生效果時,無形研發外溢對生產力有負向的效果,意即會有一部份的研發利益經由各種管道傳遞至其他廠商。而在研發資本投入產生效果前,廠商將接收由其他廠商傳遞而來的研發成果。
3.主併公司與被併公司之間是否存在供需關係,將影響研究發展與生產力之關係。若併購前二者無供需關係,研究發展與生產力的關係在併購後是不顯著的,這意味著要在短時間之內整合彼此互不熟悉的公司是比較困難的;若併購前二者有供需關係,研究發展與生產力的關係在併購後有顯著的效果,這與認為有供需關係的併購將會產生較佳綜效的相關研究看法是一致的。
Information and Electronic industry in Taiwan is outstanding in the world under division of profession and industrial clusters. Taiwan is top 2 in IC design field and also a world leader in Mask ROMs, IC packaging and IC testing. R&D plays an important role in the Information and Electronic industry, whose R&D expenditures are often more than other industries.
Competition between firms in Taiwan is getting fiercer. With open economy and joining in WTO, more and more firms in Taiwan are facing a tough environment and it is hard to exclude themselves from the situation because of the development of E-business and because they are in a liberalized world. Thus, they must be under the pressure of international competition. M&A may be an important way for the firms to expand the business, scale, promote the operating performance, increase the value of firms and survive at last. Therefore, M&A always happens and the magnitude is larger and larger.
This study uses extended Cobb-Douglas production function to investigate the impact of R&D and R&D spillover effect on the productivity before and after M&A with different time lags in the Information and Electronic industries in Taiwan and finds some empirical findings that:
1.Overall, R&D capital has a significantly negative impact on the current productivity growth when there are no time lags on the R&D capital variable and a significantly positive impact on the current productivity growth as we use R&D capital variable with time lags.
2.We find that the R&D spillovers effects are common in technology-intensive industries. Therefore, when the inputs of R&D capital take effect, the impact of intangible R&D spillovers on the productivity growth becomes negative. This means that there is a part of the R&D benefit transmitting through various channels to other firms. On the other hand, before the inputs of R&D capital bear fruit, the firms get the R&D efforts from other firms insensibly.
3.The relation between acquiring and acquired firms will affect the relationship between R&D and the productivity. If the combination is an unrelated M&A, the effect is insignificant after M&A because maybe there are some problems in the integrity mechanics to combine two different businesses in a short period of time. For the related M&A, we get a significant effect after M&A, rather than an insignificant effect like unrelated one because related M&A may has better synergy.
Chapter One Introduction...............................................1
I...Overview and Research Motivation...................................1
II..Research Background and Objectives.................................5
III.Research Outline...................................................9
Chapter Two Literature Review.........................................10
I. Definition of R&D and R&D Spillovers..............................10
II. R&D and R&D Spillovers versus Productivity........................14
III.Synergy Effects of M&A and Gains of Acquired and Acquiring Firms.................................................................19
IV.Synergy Effects and Productivity...................................22
Chapter Three Methodology.............................................25
I. Proposition.......................................................25
II. Research Model and Explanation of Variables.......................29
III.The Samples, Research Period and Data Source......................38
Chapter Four Empirical Findings.......................................43
I. Basic Analysis....................................................43
II. Descriptive Analysis..............................................47
III.Regression Result.................................................51
Chapter Five Conclusion...............................................66
I. Research Conclusion...............................................66
II. Limitations and Suggestions.......................................70
Appendix A............................................................72
Appendix B............................................................78
References............................................................84
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