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

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