技術策略與公司價值 - 股票市場對台灣半導體製造業的技術合作與技術移轉宣告的反應

Abstract

相較於公司財務資訊的揭露、分析師對獲利的預測、合資、併購等宣告與公司價值間的關係研究，在學術上針對技術策略宣告與公司價值的關係，以及股票市場是否會對不同的技術策略宣告有不同的市場反應…等相關研究卻非常少。雖然有許多學者或公司高階主管認為公司技術策略是公司提升競爭力與增加公司價值的關鍵因素，但是過去在學術研究上對技術是否可為公司股東創造財富方面的實證研究卻少有著墨。 半導體製造業在台灣一直扮演相當重要的角色。因為其特殊的產業特性，半導體製造往往必須投入大筆的資金以取得或發展先進的技術。然而半導體製造廠商的技術規劃與策略是否有助於提升公司的價值？此外技術規劃與策略的經濟價值如何被有效地被反應或衡量出來?這些問題都有待進一步的分析與瞭解。 本研究利用事件分析研究方法針對1995年到2005年初這段期間台灣半導體產業的技術合作或技術移轉的宣告對公司價值的影響來進行分析與探討。研究結果顯示台灣半導體製造業進行技術合作或技術移轉宣告的前一天到宣告當天，公司股價有超額報酬產生，且技術合作宣告所引起的超額報酬略高於技術移轉宣告所引起的超額報酬，顯示市場對技術合作的評價高於技術移轉。

Numerous existing studies in the literature have examined the effect of either firms’ financial disclosure policies, analysts’ report, joint venture, or merge and acquisition announcement on stock prices of underlying firms. However, there are very few researches that addressed the market reaction to the event of technology strategy announcement, and if exist, whether the reactions differ for different types of technology strategy announcement. It is now widely recognized by many practioners that a good technology strategy can increase a company’s competitive advantages and its firm value. But very few empirical studies have been done in this matter. Due to its industrial characteristics, Taiwanese semiconductor firms invest heavily in acquiring or developing advance technologies. However, it is unclear whether those spendings are worthy? This thesis aims to exam the relationship between a company’s technology strategy and its firm value by investigating stock market’s reaction to the announcements of technology co-development and technology transfer over ten years (1995-2005). This research employs the event analysis methodology by using the public available information of Taiwan semiconductor companies and stock market to ascertain the connection between technology strategy and firm value. The results show that announcements containing information about technology co-development and technology transfer are associated with positive market reactions in two-day window, from one day prior to announcement till the announcement day. Interestingly, in respect to positive cumulated abnormal return, market reaction toward technology co-development tends to be higher than that of technology transfer.