北美生物科技產業購併活動之研究

Abstract

生物科技產業是二十一世紀明星產業，其獲利的驅動力來自於專利權及行銷通路的取得，透過購併活動企業得以更快速地取得專利權，維持在市場中的競爭力。因此，本研究欲針對北美地區生物科技產業，探討購併活動對企業價值的影響。短期以事件研究法探討購併活動宣告時對股價的影響，並進一步分析支付方式和產業相關性是否會影響短期股東財富效果；而長期以營運績效分析，探討購併活動後三年對企業現金流量、及營運績效的影響，同時分析支付方式和產業相關性的不同是否是影響營運績效的因素。實證結果發現在北美生物科技產業的購併活動中，短期可以帶來正的異常報酬，但是長期的營運績效表現卻不佳。此外在探討產業相關性時，發現相關和非相關產業購併的差異在短期分析中不顯著，但長期分析中相關購併產業績效較佳；而支付方式的分析中，本研究發現企業以現金支付時，短期而言可以得到正的異常報酬，長期亦可以為企業帶來較佳的營運績效。

The biotechnology industry is the 21st century important industry, it makes a profit comes from the patent obtaining. Biotechnology industry can undertake mergers and acquisitions to obtain patent quickly and improve its competitiveness further. We want to know whether mergers can bring the growth for the enterprise value. Therefore, this paper focuses on merging firms' announcement effect and operating performance following mergers in the North American Biotech Industries. First, we apply event study to examine if biotechnology industry has significant stock return in the short-term. Second, we use compare median and multiple regression model to analyze the biotechnology industry has operating performance improve in the long-term. The result indicates that the abnormal return is significantly positive around the announcement date. But, I find that operating performance doesn’t improve following mergers and acquisitions. I also decompose operating cash flow performance is sales- or cost-driven. The result suggests that both sales growth and expense ratio decline. Moreover, it reveals that cash flows increase significantly following acquisitions that are made with cash.