先進者併購活動績效分析－以北美地區生物科技產業為例

Abstract

許多企業為因應全球化，尋求可提升公司價值之資源，且為達成公司成長策略目標而可能進行併購活動，使其可於最短時間內，迅速獲取技術資源、行銷通路、潛在市場及特殊設備資源，此外，近年來生物科技產業蓬勃發展，而技術創新是生物科技產業主要競爭來源之一，故透過併購活動可使生物科技產業企業快速取得核心技術，增加市場競爭力。

因此，本研究以生物科技產業為研究對象，利用事件研究法分析先進入併購活動之公司，相較於較晚進入之公司，其股東財富效果是否有較顯著異常報酬，並利用平均數檢定及回歸模型探討長期下先進者是否可因先進者優勢而帶來顯著較跟隨者為高之營運績效，最後，進一步利用logistic模型探討成為先進者之主併公司具備何種營運特質。 實證結果發現，生物科技產業併購潮中，由股東財富效果來看並未帶來較高異常報酬，而就長期觀察卻發現成為先進者並未顯著帶來優勢，反而使其營運績效及市場佔有率相對跟隨者而言，顯著較低，換言之，在生物科技產業，為先取得競爭優勢而選擇先進行併購活動之公司，不但沒有顯著異常報酬，長期下更產生負的營運績效。且本研究亦進一步發現主併公司規模愈小，且其產業處於衰退期之主併公司，成為先進者之可能性越大。

Under the trend of globalization, enterprises seek resources which can increase firm value. And in order to reach the goal of firm’s strategy, enterprises can acquire technological resources, marketing channels, potential market, and special equipment within fastest time by mergers and acquisitions. In addition, biotechnology industry booms recently, and technology innovation is one of the main competitive sources of it. Because of that, biotechnology industry can undertake mergers and acquisitions to obtain core technology quickly and improve its competitiveness further. We examine the performance of biotechnology industry between 1977 and 2003. First, we apply event study to examine whether first-mover has higher significant stock return which compares with the follower’s. Second, we use means test and multiple regression model to analyze whether first-mover has better operating performance than follower in the long-term due to pioneering advantages existing for first-mover. Finally, we apply logistic model to find the nature of first-mover acquirers.

According to our research approach, we find first-mover acquirers of biotechnology industry merger waves don’t capture significant stock return. We also find that first-mover acquirers don’t have significant advantage, but they have negative operating performance and market share in the long-term. Moreover, the results reveal that it has more chances to be first-mover if the acquirer is the smaller and in the declining industries.