技術相關程度對技術併購影響之研究

Abstract

過去有關技術併購的議題普遍認為，併購雙方之技術相關程度對於併購後研發績效的影響扮演著很重要的角色。雖然各方學者從不同的理論角度出發對於兩者的關係提出結論，然而更重要的是少有研究以更系統性的角度去探討其它干擾變數的影響。本研究除了探討技術相關程度與併購後研發績效之關係外，更進一步從組織內部吸收能力及外部環境因素等干擾變項，來探討其對於技術相關與併購後研發績效之關係的影響。研究結果顯示，技術相關程度與併購後研發績效間呈現倒U型關係，而這樣的發現也呼應Cloodt et al.（2006）對於倒U型關係推論；其次，組織吸收能力會正向強化技術相關與併購後研發績效之關係；最後，組織外部環境的豐厚性及動態性均負向弱化技術相關程度與併購後研發績效之關係，而此結果與本研究的推論方向相反，推究應和高階經營團隊的併購決策過程有關。

Prior research on the issue of technological relatedness almost depicted the important role of technological relatedness for R&D performance after acquisition. Many scholars argued it according to different theoretical view; however, lack of research discussed it from the influence of moderator variables based on systematical view. This study empirically examines the relationship between technological relatedness and post-M&A R&D performance, and investigates the influence of moderators which include absorptive capacity and environment factors on it. The empirical results show that the technological relatedness is inverse U-shaped related to the post-M&A R&D performance of the acquiring firm. It echoes the empirical result of Cloodt et al. (2006). Next, the absorptive capacity would accentuate the positive relationship between technological relatedness and post-M&A R&D performance. At last, both environmental munificence and dynamism are all negative impact the positive relationship between technological relatedness and post-M&A R&D performance. However, the results are inverse the hypotheses. We suggest that the cause could derive from the M&A process of TMT.