标题: | 先进者并购活动绩效分析-以北美地区生物科技产业为例 The Performance Analysis on the Mergers and Acquisitions of First-Mover-The Case of Biotechnology Industry in North America |
作者: | 郑雅方 Ya-Fang Cheng 王淑芬 Sue-Fung Wang 财务金融研究所 |
关键字: | 并购;营运绩效;先进者优势;异常报酬;Mergers and Acquisitions;Operating Performance;First-mover Advantage;Abnormal Return |
公开日期: | 2007 |
摘要: | 许多企业为因应全球化,寻求可提升公司价值之资源,且为达成公司成长策略目标而可能进行并购活动,使其可于最短时间内,迅速获取技术资源、行销通路、潜在市场及特殊设备资源,此外,近年来生物科技产业蓬勃发展,而技术创新是生物科技产业主要竞争来源之一,故透过并购活动可使生物科技产业企业快速取得核心技术,增加市场竞争力。 因此,本研究以生物科技产业为研究对象,利用事件研究法分析先进入并购活动之公司,相较于较晚进入之公司,其股东财富效果是否有较显着异常报酬,并利用平均数检定及回归模型探讨长期下先进者是否可因先进者优势而带来显着较跟随者为高之营运绩效,最后,进一步利用logistic模型探讨成为先进者之主并公司具备何种营运特质。 实证结果发现,生物科技产业并购潮中,由股东财富效果来看并未带来较高异常报酬,而就长期观察却发现成为先进者并未显着带来优势,反而使其营运绩效及市场占有率相对跟随者而言,显着较低,换言之,在生物科技产业,为先取得竞争优势而选择先进行并购活动之公司,不但没有显着异常报酬,长期下更产生负的营运绩效。且本研究亦进一步发现主并公司规模愈小,且其产业处于衰退期之主并公司,成为先进者之可能性越大。 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. |
URI: | http://140.113.39.130/cdrfb3/record/nctu/#GT009539507 http://hdl.handle.net/11536/39352 |
显示于类别: | Thesis |
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