臺灣博碩士論文加值系統

近年來，許多企業透過撤資來改變公司的組織結構，2014年有進行分拆的企業市值已達到六兆以上，而在2015年已經宣布將進行分拆的企業，總價值已達七兆以上，這意味著有越來越多的企業在近年來進行分拆。過去有許多文獻探討企業購併對企業研發支出所帶來的影響，但鮮少文獻討論企業進行分拆後對企業的研發支出是否有影響，本研究的主旨在探討企業進行分拆是否會對企業的研發支出帶來影響，以及進行分拆的母公司其原有的財務狀況是否會影響分拆與研發支出之間的關係。本研究已2000年到2013年在美國進行分拆的72間企業做為樣本來分析，實證上沒有顯著發現分拆後母公司的研發支出有顯著下降，但在母公司本身的獲利能力對分拆後的研發支出減少有顯著的正面影響。

Divestiture activities have become more and more common in recent years, representing that more and more firms are adjusting their portfolio structure by divestiture. The market capitalization of the companies undertaking spinoffs in 2014 is set to hit $664 billion by the end of the year. Moreover, the value of corporations that have already announced spinoffs for 2015 is at $775 billion, which means more and more spinoff are undertaken recently. This study aims to investigate whether spinoff could affect the R＆D expense and whether financial conditions of the parent firm could affect the decrease of the R＆D expense. 72 firms that spinoff during 2000 to 2013 in the U.S. are selected into analysis in this study. The regressions result didn’t find significant decrease of R＆D expense of parent firm after spinoff. However, the empirical analysis provides convincing evidence that profitability have a positive impact on the decrease of R＆D expense after spinoff.

摘要 i
Abstract ii
誌謝 iii
Content iv
Chapter 1. Introduction 1
Chapter 2. Literature Review 5
2-1 R＆D Expense 5
2-2 M＆A and R＆D Expense 6
2-3 Spin off 8
2-3-1 Spinoff’s Effect on Performance 9
2-3-2 The Relationship between Spinoff and R＆D Expense 11
2-4 Factors affect the Decrease of R＆D Expense before and after Spinoff 13
2-4-1 Firm Size and R＆D Expense 13
2-4-2 Profitability and R＆D Expense 14
2-4-3 Debt and R＆D Expense 15
2-4-4 Cash Flow and R＆D Expense 16
Chapter 3. Sample and Methodology 17
3-1 Data 17
3-1-1 Spinoff Deals 17
3-1-2 R＆D Expense 17
3-2 Methodology and Variables 19
Chapter 4. Result 21
4-1 T-statistics Results 21
4-2 Regression Results 21
Chapter 5. Conclusion 26
5-1 Discussion 26
5-2 Limitations and Suggestions for Future Research 27
Reference 28

Reference
Acs, Z. J., ＆ Audretsch, D. B. (1988). Innovation in large and small firms: an empirical analysis. The American economic review, 678-690.
Archarungroj, P., ＆ Hoshino, Y. (1999). Firm size and R＆D on profitability: An empirical analysis on Japanese chemical and pharmaceutical industry. Japanese Journal of Administrative Science, 13(2), 71-86.
Artz, K. W., Norman, P. M., Hatfield, D. E., ＆ Cardinal, L. B. (2010). A longitudinal study of the impact of R＆D, patents, and product innovation on firm performance. Journal of Product Innovation Management, 27(5), 725-740.
Barclay, M. J., ＆ Holderness, C. G. (1989). Private benefits from control of public corporations. Journal of financial Economics, 25(2), 371-395.
Baysinger, B., ＆ Hoskisson, R. E. (1989). Diversification strategy and R＆D intensity in multiproduct firms. Academy of management journal, 32(2), 310-332.
Bena, J., ＆ Li, K. (2014). Corporate innovations and mergers and acquisitions. The Journal of Finance, 69(5), 1923-1960.
Bergh, D. D., Johnson, R. A., ＆ Dewitt, R. L. (2008). Restructuring through spin‐off or sell‐off: transforming information asymmetries into financial gain. Strategic Management Journal, 29(2), 133-148.
Bhagat, S., ＆ Welch, I. (1995). Corporate research ＆ development investments international comparisons. Journal of Accounting and Economics, 19(2), 443-470.
Bound, J., Cummins, C., Griliches, Z., Hall, B. H., ＆ Jaffe, A. B. (1982). Who does R＆D and who patents? : National Bureau of Economic Research Cambridge, Mass., USA.
Cardinal, L. B., ＆ Hatfield, D. E. (2000). Internal knowledge generation: the research laboratory and innovative productivity in the pharmaceutical industry. Journal of Engineering and Technology Management, 17(3), 247-271.
Cassiman, B., Colombo, M. G., Garrone, P., ＆ Veugelers, R. (2005). The impact of M＆A on the R＆D process: An empirical analysis of the role of technological-and market-relatedness. Research Policy, 34(2), 195-220.
Cohen, W. M., ＆ Klepper, S. (1996). Firm size and the nature of innovation within industries: the case of process and product R＆D. The review of Economics and Statistics, 232-243.
Daley, L., Mehrotra, V., ＆ Sivakumar, R. (1997). Corporate focus and value creation evidence from spinoffs. Journal of Financial Economics, 45(2), 257-281.
Desai, H., ＆ Jain, P. C. (1999). Firm performance and focus: long-run stock market performance following spinoffs. Journal of Financial Economics, 54(1), 75-101.
Grabowski, H. G. (1968). The determinants of industrial research and development: A study of the chemical, drug, and petroleum industries. The Journal of Political Economy, 292-306.
Hall, B. H., Griliches, Z., ＆ Hausman, J. A. (1984). Patents and R＆D: Is there a lag? : National Bureau of Economic Research Cambridge, Mass., USA.
Hall, B. H., Jaffe, A., ＆ Trajtenberg, M. (2005). Market value and patent citations. RAND Journal of economics, 16-38.
Himmelberg, C. P., ＆ Petersen, B. C. (1994). R ＆ D and internal finance: A panel study of small firms in high-tech industries. The review of Economics and Statistics, 38-51.
Hitt, M. A., Hoskisson, R. E., Ireland, R. D., ＆ Harrison, J. S. (1991). Effects of acquisitions on R＆D inputs and outputs. Academy of management journal, 34(3), 693-706.
Hitt, M. A., Hoskisson, R. E., Johnson, R. A., ＆ Moesel, D. D. (1996). The market for corporate control and firm innovation. Academy of management journal, 39(5), 1084-1119.
John, T. A. (1993). Optimality of spin-offs and allocation of debt. Journal of Financial and Quantitative Analysis, 28(01), 139-160.
Krishnaswami, S., ＆ Subramaniam, V. (1999). Information asymmetry, valuation, and the corporate spin-off decision. Journal of Financial Economics, 53(1), 73-112.
Lanjouw, J. O., ＆ Schankerman, M. (2004). Patent quality and research productivity: Measuring innovation with multiple indicators. The Economic Journal, 114(495), 441-465.
Minton, B. A., ＆ Schrand, C. (1999). The impact of cash flow volatility on discretionary investment and the costs of debt and equity financing. Journal of financial Economics, 54(3), 423-460.
Pakes, A., ＆ Griliches, Z. (1980). Patents and R and D at the firm level: A first look: National Bureau of Economic Research Cambridge, Mass., USA.
Peeters, C., ＆ de la Potterie, B. v. P. (2006). Innovation strategy and the patenting behavior of firms. Journal of Evolutionary Economics, 16(1-2), 109-135.
Penner‐Hahn, J., ＆ Shaver, J. M. (2005). Does international research and development increase patent output? An analysis of Japanese pharmaceutical firms. Strategic Management Journal, 26(2), 121-140.
Peruffo, E., Pirolo, L., ＆ Nenni, M. E. (2014). Spin-off and innovation in the pharmaceutical industry. International Journal of Engineering Business Management, 6.
Rosenberg, N. (1990). Why do firms do basic research (with their own money)? Research policy, 19(2), 165-174.
Scherer, F. M. (2001). The link between gross profitability and pharmaceutical R＆D spending. Health Affairs, 20(5), 216-220.
Schumpeter, J. A. (1934). The theory of economic development: An inquiry into profits, capital, credit, interest, and the business cycle (Vol. 55): Transaction publishers.
Sevilir, M., ＆ Tian, X. (2012). Acquiring innovation. Paper presented at the AFA 2012 Chicago Meetings Paper.
Shefer, D., ＆ Frenkel, A. (2005). R＆D, firm size and innovation: an empirical analysis. Technovation, 25(1), 25-32.
Singh, M., ＆ Faircloth*, S. (2005). The impact of corporate debt on long term investment and firm performance. Applied Economics, 37(8), 875-883.
Stiebale, J. (2013). The impact of cross-border mergers and acquisitions on the acquirers' R＆D—Firm-level evidence. International Journal of Industrial Organization, 31(4), 307-321.
Tübke, A. (2004). Success factors of corporate spin-offs (Vol. 2): Springer Science ＆ Business Media.
Valentini, G. (2012). Measuring the effect of M＆A on patenting quantity and quality. Strategic Management Journal, 33(3), 336-346.
Veld, C., ＆ Veld-Merkoulova, Y. V. (2004). Do spin-offs really create value? The European case. Journal of Banking ＆ Finance, 28(5), 1111-1135.
Whited, T. M. (1992). Debt, liquidity constraints, and corporate investment: Evidence from panel data. The Journal of Finance, 47(4), 1425-1460.
Zahra, S. A. (1993). New product innovation in established companies: Associations with industry and strategy variables. Entrepreneurship: Theory and Practice, 18(2), 47-70.