「實質選擇權」於台灣IT產業策略性投資決策之研究

Abstract

企業透過投資佈局追求外部成長是企業投資行為理論的重要議題之一。本研究從實質選擇權理論的觀點，配合企業投入承諾理論探討企業進行策略性投資時的動機與影響因素。實証研究以電子資訊業上市、上櫃公司為研究對象，樣本共有128個策略性投資案。除對各假設下之衡量變數之基本統計量作分析，另以迴歸分析檢定影響少數股權投資策略或是直接收購的系統性因素。 研究結果顯示在產業環境構面，經營環境不確定性程度越高、市場越具有吸引力，傾向採取少數股權投資策略；而市場競爭程度越激烈，企業為取得先佔優勢，傾向以購併的投資方式進行投資。在投資企業特徵構面，企業歷史、企業的投資金額、企業的規模三項會提昇企業直接收購策略性投資的誘因；而企業的營運績效越好，企業越頃向採取少數股權投資策略。 外部成長的策略性投資手段分成購併與少數股權投資兩種，這兩種策略手段除了意味著企業所投入承諾程度不同，也意味著企業在營運彈性上的一種調適。本研究提供企業影響策略性投資決策的因素，可做為企業在追求外部成長、建立彈性能力而規劃投資佈局時的參考。

The study attempts to systematically explore the determinants of decisions of strategic investment undertaken by high-tech companies. The theories of real options and involvement were used as analytical tools. Probit Regression Analysis was used for coefficient estimates. A general survey was conducted from the public firms in electronics and computer industries, of which 128 corporate long-term investment projects made by manufacturing companies during 1996-2000. The results show a high degree of consistency between theoretical predictions and regressional results. First, a firm would prefer to engage in a minority partnership strategy when the growth potential and the volatility of the industries are high. The results also reveal evidence that firms in a more competitive environment would prefer to use a preemptive acquisition. Second, a firm’s prior investment experience, scale and irreversible investments will significantly reduce the option value of the minority partnership strategy. Besides, a profitable firm would prefer to use a minority partnership strategy. Acquisition and minority partnership strategy are the two external means for pursuing firms’ growth. Acquisition has more control power over these strategic resources, higher equity involvement and the operation risk. Meanwhile, the minority partnership strategy offers a way for firms to defer their decisions until further information or lower risk is granted.