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研究生:陳均汎
研究生(外文):Chun-Fan Chen
論文名稱:研究與發展費用對企業自身被併購機率的影響
論文名稱(外文):Research and Development Expenditure and Takeover Probability
指導教授:廖咸興廖咸興引用關係
指導教授(外文):HSIEN-HSING LIAO
口試委員:李阿乙陳宗岡
口試委員(外文):A-YI LITSUNG-KANG CHEN
口試日期:2015-06-25
學位類別:碩士
校院名稱:國立臺灣大學
系所名稱:財務金融學研究所
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2015
畢業學年度:103
語文別:中文
論文頁數:30
中文關鍵詞:併購活動研究與發展費用資訊不對稱
外文關鍵詞:TakeoverResearch and DevelopmentInformation Asymmetry
相關次數:
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  • 點閱點閱:80
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企業會透過內部資源以及外部資源作為提升企業的生產技術,進而提升企業未來的成長動能。內部資源為透過企業內部的研究與發展相關活動(Research and Development Activity)帶動企業長期價值(Samuel H. Szewczyk, George P. Tsetsekos, and Zaher Zantout, 1996);外部資源則是透過併購增加自身的生產技術進而捕捉公司未來成長的機會(Higgins and Rodriquez, 2006)。然而Duqi, Jaafar和Giuseppe (2015)認為企業投入研究與發展費用會造成資訊不對稱的情形發生,因為外部投資人無法了解企業研究與發展活動的成果,而對企業的研究與發展做出錯誤定價。而根據Rhodes, Robinson和Viswanathan (2005)的研究,錯誤定價在併購活動中佔了很重要的因素。因此本研究分析了研究與發展強度(Research and Development Intensity)對於被併購機率的影響。實證分析的結果發現,研究與發展費用的強度對於企業自身被併購機率的影響呈現正向顯著的關係。而對於生產技術較為依賴的高科技產業來說,研究與發展強度(Research and Development Intensity)對於被併購機率的影響更為顯著。

For increasing growth opportunity, firm will improve the its production technology by internal resources or external resources. Through internal resources, firm inject a lot of resource in research and development activities for raising long-term business value (Samuel H. Szewczyk, George P. Tsetsekos, and Zaher Zantout, 1996); external resources is using mergers and acquisitions way to enhence its technology and then capture the company''s future growth opportunities (Higgins and Rodriquez, 2006). However Duqi, Jaafar and Giuseppe (2015) demonstrated that investment in research and development will result in information asymmetry which occurs between outside investors and manager, because research and development activities could not be understood by investor. Thus, investors would make research and development investment undervalued. According to Rhodes, Robinson and Viswanathan (2005), mispricing plays an important factor in M & A activity. Therefore, this study analyzed the relation between research and development intensity and takeover probability. The empirical analysis found that the research and development intensity has positive effect on takeover probability. As for the production of high-tech industry, the effect of research and development intensity on takeover probability is more significant.

誌謝 I
中文摘要 II
ABSTRACT III
目錄 IV
表目錄 V
第一章 概述 1
第二章 研究假說 5
第三章 資料來源、定義與研究方法 7
3.1 資料來源及樣本篩選 7
3.2 公司財務變數 7
3.2.1 邏輯迴歸模型選用變數 7
3.2.2 迴歸模型選用變數 9
3.2.3 迴歸模型控制變數 10
3.2.4 資料處理 11
3.2.5 敘述統計 12
3.3 研究方法 13
第四章 實證結果與分析 16
4.1 相關數值設定 16
4.2 Robustness分析 18
第五章 結論 19
參考文獻 20




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