範疇擴張、區位擴張與創新績效：以高科技公司之併購活動為例

Abstract

企業透過併購活動可快速的取得新技術資源，以擴展其知識基礎，獲致創新優勢。近年來，許多高科技企業積極從事併購以建立其技術能力，然而，相關文獻於探討併購活動對研發成果之影響時，仍未臻收斂。此意涵併後研發績效仍受許多關鍵因素所影響，而本研究期發掘影響併後創新績效的關鍵因素，並將焦點置於區位擴張、範疇擴張、國際化程度與知識存量對併後創新績效之影響。本研究採1993至2007年台灣高科技產業之併購事件中之主併公司爲研究對象，採複迴歸檢驗研究假說，實證結果發現若與異業併購相較，則同業併購較不利併後之創新績效，但跨國的同業併購案卻有助於併後創新績效。此外，本研究亦發現國際化程度與知識存量對區位擴張與併後創新績效存在正向調節效果。

M&As enable firms to quickly expand their knowledge base by accessing novel technological resources. Although many high-tech firms engaged in M&A to strengthen their technological capabilities, related literature concerning the impact of M&A on R&D outcome has yet to be converged. Accordingly, post-merger R&D of merging firm may have been influenced by various crucial factors. Moreover, this paper aims to investigate the impact of geographic expansion, scope expansion and knowledge stock on innovation performance. This paper adopts the acquirer’s M&A events of Taiwanese high-tech industry from 1993 to 2007 as the sample. Multiple regression techniques have been employed to examine the hypotheses. The results indicate that the merger partners in the different industry have better innovation performance than those of in the same industry, but the relationship will be changed in cross-border M&A. In addition, both the internationalization and knowledge stock positively moderated the relationship between geographic expansion and M&A performance.