(3.231.29.122) 您好!臺灣時間:2021/02/25 16:48
字體大小: 字級放大   字級縮小   預設字形  
回查詢結果

詳目顯示:::

我願授權國圖
: 
twitterline
研究生:石博安
研究生(外文):Bor-AnShih
論文名稱:併購與研發支出關係之探討
論文名稱(外文):Investigating the Relationship Between Count of Acquisition and R&D Expenditure
指導教授:曾瓊慧曾瓊慧引用關係
指導教授(外文):Chiung-Hui Tseng
學位類別:碩士
校院名稱:國立成功大學
系所名稱:國際企業研究所
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2017
畢業學年度:105
語文別:英文
論文頁數:54
中文關鍵詞:研發併購高科技產業資源分配策略
外文關鍵詞:Research & developmentMergerAcquisitionsHigh technology industryResources allocationDecision making
相關次數:
  • 被引用被引用:0
  • 點閱點閱:119
  • 評分評分:系統版面圖檔系統版面圖檔系統版面圖檔系統版面圖檔系統版面圖檔
  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:0
併購在科技產業裡一直是很重要的議題,因此在科技領域探討併購相關議題的文獻也非常多,然而在此領域裡,依然還有一些尚未解決的問題。過去的學者把併購和研發當作兩個獲得新技術或是進入新領域的重要方式,但是在研究這兩種方式的關係上,總是得到不一致的結果,有些文獻指出研發跟併購支出彼此是互相替代的方式,但也有文獻指出這兩個方式其實是會互補、相輔相成的。過去科技業在研究併購時多是考量公司創新的角度,這篇研究利用資源分配、效率的概念提出併購跟研發支出會有負相關的關係,且此關係會被財務表現及併購的類型(水平、垂直、混合)所調節影響。
此研究使用次級資料來驗證,樣本數總共有690個事件,並且以美國高科技產業為主。實證研究結果發現,良好的財務表現能夠降低併購跟研發之間的負相關,水平併購在併購跟研發關係上並無顯著效果,而垂直併購跟混合併購皆會加強併購跟研發支出的負相關,因為此研究的變數皆是從資源分配的概念發展而來,因此假設會的驗證的情況下,也代表本研究提出的概念是獲得驗證的。
Acquisitions play an important role for firms to grow especially in technology industry, but there remain some issues needed to be solved in this area. Previous research considered acquisitions and internal R&D two approaches for a firm to develop new technologies or broaden markets. Nevertheless, extant studies have inconsistent arguments regarding whether acquisitions and internal R&D are substitute or complementary strategies. Additionally, prior studies emphasized the importance of innovation for acquisitions in high technology industry. This paper suggests that, by drawing on the idea of resources allocation, there is a negative relationship between acquisitions and R&D activities. Besides, this relationship is moderated by financial performance and 3 types of acquisitions (horizontal, vertical, and conglomerate).
Hypotheses were tested on a sample of 690 acquisitions in the U.S high technology industry. Empirical results show that financial performance will weaken the negative relationship between acquisitions and R&D expenditure. On the contrary, the increase of vertical and conglomerate integrations strengthen the negative relationship. Since the moderators were developed from the resources allocation concept, our findings confirm that resources allocation plays a critical role in the relationship between acquisitions and R&D activities.
Chapter 1 Introduction 1
Chapter 2 Literature Review 4
Chapter 3 Hypotheses Development 9
3.1 R&D Intensity and Count of M&A 9
3.2 Moderating Impact from Focal Firm’s Performance 11
3.3 Moderating Impact from 3 Types of Integration 12
Chapter 4 Research Methods 16
4.1 Sample and Data Sources 16
4.2 Variables and Measures 18
Chapter 5 Results 23
5.1 Data analysis 23
5.2 Findings 29
Chapter 6 Discussions and Conclusions 35
6.1 Research Ideas and Empirical Findings 35
6.2 Theoretical Implications 45
6.3 Limitations and Future Research Directions 48
6.4 Conclusions 50
References 51
Acemoglu, D., Johnson, S., & Mitton, T. 2009. Determinants of Vertical Integration: Financial Development and Contracting Costs. Journal of Finance, 64(3): 1251-1290.
Agarwal, R., Anand, J., Bercovitz, J., & Croson, R. 2012. Spillovers across organizational architectures: The role of prior resources allocation and communication in post-acquisitions coordination outcomes. Strategic Management Journal, 33(6): 710-733.
Aniruddha, D., Michael, L. B., & Edward, R. D. 2006. Intervention in a family of Boolean networks. Bioinformatics, 22(2): 226-232.
Arora, A., Belenzon, S., & Rios, L. A. 2014. Make, buy, organize: The interplay between research, external knowledge, and firm structure. Strategic Management Journal, 35(3): 317-337.
Ashish, N. 2014. Large Scale, Complex Processing of Health Data with MapReduce. Journal of Information & Knowledge Management, 13(1): 1450009-1450001-1450009-1450006.
Banker, R. D., Wattal, S., & Plehn-Dujowich, J. M. 2011. R&D Versus Acquisitions: Role of Diversification in the Choice of Innovation Strategy by Information Technology Firms. Journal of Management Information Systems, 28(2): 109-144.
Capron, L. 1999. THE LONG-TERM PERFORMANCE OF HORIZONTAL ACQUISITIONS. Strategic Management Journal, 20(11): 987-1018.
Chrisman, J. J., & Patel, P. C. 2012. Variations in R&D investments of family and nonfamily firms: Behavioral agency and myopic loss aversion perspectives. Academy of Management Journal, 55(4): 976-997.
Czarnitzki, D., & Hottenrott, H. 2011. Financial Constraints: Routine Versus Cutting edge R&D Investment. Journal of Economics & Management Strategy, 20(1): 121-157.
Dahm, L., & Boicey, C. 2014. University of California, Irvine-Pathology Extraction Pipeline: The pathology extraction pipeline for information extraction from pathology reports. Health Informatics Journal, 20(4): 288-305.
Dobra, A., & Sanil, A. P. 2003. Table Servers Protect Confidentiality in Tabular Data Releases. Communications of the ACM, 46(1): 57.
Eadie, L., Regan, L., Macaden, A., Heaney, D., Bouamrane, M.-M., Rushworth, G., & Wilson, P. 2016. Combining transcranial ultrasound with intelligent communication methods to enhance the remote assessment and management of stroke patients: Framework for a technology demonstrator. Health Informatics Journal, 22(3): 691-701.
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.
Glaser, D. 2007. Science Fiction. Index on Censorship, 36(3): 175-179.
Goble, C., & Sheth, A. 2005. Introduction. International Journal on Digital Libraries, 5(2): 71-71.
Goel, A., & Govindan, R. 2004. Using the small-world model to improve Freenet performance. Computer Networks, 46(4): 555-574.
Goel, A. M., Nanda, V., & Narayanan, M. P. 2004. Career Concerns and Resources Allocation in Conglomerates. Review of Financial Studies, 17(1): 99-128.
Hall, B. H. 1990. The Impact of Corporate Restructuring on Industrial Research and Development. Brookings Papers on Economic Activity: 85-124.
Harper, M. B., Castro, A. V., & Yu, F. B. Impact of the meaningful use incentive program on electronic health record adoption by US children's hospitals.
Heeley, M. B., King, D. R., & Covin, J. G. 2006. Effects of Firm R&D Investment and Environment on Acquisitions Likelihood. Journal of Management Studies, 43(7): 1513-1535.
Herger, N., & McCorriston, S. 2016. Horizontal, Vertical, and Conglomerate Cross-Border Acquisitions. IMF Economic Review, 64(2): 319-353.
Huyghebaert, N., & Luypaert, M. 2013. Value creation and division of gains in horizontal acquisitions in Europe: the role of industry conditions. Applied Economics, 45(14): 1819-1833.
Hwang, Y.-S., Min, H.-G., & Han, S.-H. 2010. The Influence of Financial Development on R&D Activity:: Cross-Country Evidence. Review of Pacific Basin Financial Markets & Policies, 13(3): 381-401.
Inkpen, A. C., Sundaram, A. K., & Rockwood, K. 2000. Cross-Border Acquisitions of U.S. Technology Assets. California Management Review, 42(3): 50-71.
Jansen, B. J., Hafernik, C., & Spink, A. 2010. Classifying the user intent of web queries using k-means clustering. Internet Research, 20(5): 563-581.
Kedia, S., Ravid, S. A., & Pons, V. 2011. When Do Vertical Mergers Create Value? Financial Management (Wiley-Blackwell), 40(4): 845-877.
Kim, W. C., Hwang, P., & Burgers, W. P. 1989. GLOBAL DIVERSIFICATION STRATEGY AND CORPORATE PROFIT PERFORMANCE. Strategic Management Journal, 10(1): 45-57.
KrstanoviĆ, N., & Buljan BarbaČA, D. 2016. Accounting Profit as a Determinant of Development of Entrepreneurship. Economy Transdisciplinarity Cognition, 19(2): 14-20.
Kshirsagar, A., Nwala, A., & Yaohang, L. 2014. Teaching Information Security with Workflow Technology -- A Case Study Approach. Journal of Information Systems Education, 25(3): 201-210.
Lahiri, N., & Narayanan, S. 2013. Vertical integration, innovation, and alliance portfolio size: Implications for firm performance. Strategic Management Journal, 34(9): 1042-1064.
Lee, G. K., & Lieberman, M. B. 2010. Acquisitions vs. internal development as modes of market entry. Strategic Management Journal, 31(2): 140-158.
Macchiavello, R. 2012. FINANCIAL DEVELOPMENT AND VERTICAL INTEGRATION: THEORY AND EVIDENCE. Journal of the European Economic Association, 10(2): 255-289.
Marshall, W. 1980. Discussion of The Economic Effects of Involuntary Uniformity in the Financial Reporting of R&D Expenditures and Accounting for Research and Development Costs: The Impact on Research and Development Expenditures. Journal of Accounting Research, 18: 84-90.
Matvos, G., & Seru, A. 2014. Resources Allocation within Firms and Financial Market Dislocation: Evidence from Diversified Conglomerates. Review of Financial Studies, 27(4): 1143-1189.
Melicher, R. W., & Rush, D. F. 1974. EVIDENCE ON THE ACQUISITIONS-RELATED PERFORMANCE OF CONGLOMERATE FIRMS. Journal of Finance, 29(1): 141-149.
Miyazaki, H. 2009. An analysis of the relation between R&D and M&A in high-tech industries. Applied Economics Letters, 16(2): 199-201.
Palepu, K. 1985. Diversification Strategy, Profit Performance and the Entropy Measure. Strategic Management Journal, 6(3): 239-255.
Peterson, R., & Jeong, J. 2010. Exploring the impact of advertising and R&D expenditures on corporate brand value and firm-level financial performance. Journal of the Academy of Marketing Science, 38(6): 677-690.
Pettry, Jr., & Paul, III. 2005. Telemedicine from a Macromarketing Viewpoint: A Critical Evaluation with Proposed Licensing Strategies. Journal of Nonprofit & Public Sector Marketing, 13(1/2): 111-135.
Reisinger, M., & Tarantino, E. 2015. Vertical integration, foreclosure, and productive efficiency. RAND Journal of Economics (Wiley-Blackwell), 46(3): 461-479.
Sahoo, K. C. 2008. Use of Information Sources by the Farmers of Sagar District (M.P.) : A Survey. Journal of Library & Information Science, 33(1/2): 53-62.
Sahoo, K. C. 2009. Use of Information Sources by the Farmers of Sagar District (M.P.) : A Survey. Journal of Library & Information Science, 34(2): 125-134.
Saini, A., & Saxena, A. K. 2014. Fuzzy logic-based approach to develop hybrid similarity measure for efficient information retrieval. Journal of Information Science, 40(6): 846-857.
Sawaki, H. 2015. Horizontal Mergers under Asymmetric Information about Synergies. Australian Economic Papers, 54(3): 167-184.
Schumann, L. 1993. Patterns of Abnormal Returns and the Competitive Effects of Horizontal Mergers. Review of Industrial Organization, 8(6): 679-696.
Singh, J. V. 1986. PERFORMANCE, SLACK, AND RISK TAKING IN ORGANIZATIONAL DECISION MAKING. Academy of Management Journal, 29(3): 562-585.
Singh, S. 2008. Concept of Obviousness: Scenario post KSR International v Teleflex Inc. Journal of Intellectual Property Rights, 13(1): 7-18.
Stern, I. 2002. Mergers and Acquisitions: A Guide to Creating Value for Stakeholders. Academy of Management Executive, 16(2): 171-173.
Trout, K. 2014. The role of health information kiosks in diverse settings: a systematic review. Health Information & Libraries Journal, 31(4): 254-273.
VanderPal, G. A. 2015. Impact of R&D Expenses and Corporate Financial Performance. Journal of Accounting & Finance (2158-3625), 15(7): 135-149.
Weichieh, S. U., & Tsang, E. W. K. 2015. PRODUCT DIVERSIFICATION AND FINANCIAL PERFORMANCE: THE MODERATING ROLE OF SECONDARY STAKEHOLDERS. Academy of Management Journal, 58(4): 1128-1148.
Wenjing, W., Lichenstein, R., Arora, M., & Sears, A. 2009. Prospective tracking of a pediatric emergency department e-kiosk to deliver asthma education. Health Informatics Journal, 15(4): 282-295.
Wyble, C. 2000. Alternative Medicine Marketing on the Internet. Health Care on the Internet, 4(1): 43.
Xue, Y. 2007. Make or buy new technology: The role of CEO compensation contract in a firm’s route to innovation. Review of Accounting Studies, 12(4): 659-690.
連結至畢業學校之論文網頁點我開啟連結
註: 此連結為研究生畢業學校所提供,不一定有電子全文可供下載,若連結有誤,請點選上方之〝勘誤回報〞功能,我們會盡快修正,謝謝!
QRCODE
 
 
 
 
 
                                                                                                                                                                                                                                                                                                                                                                                                               
第一頁 上一頁 下一頁 最後一頁 top
系統版面圖檔 系統版面圖檔