研發能力與公司治理對創新績效之關係：主併公司觀點

The Innovation Performance between R&D Capability and Corporate Governance: The Acquiring Companies' View

10.6697/TBPJ.201012_4(1).0006

許旭緯(Hsu-Wei Hsuand)；李娪萱(Wu-Hsuan Lee)；郭斯敏(Szu-Min Kuo)；黃偉欣(Wesley Hwang)

創新績效 ； 併購 ； 公司治理 ； 外部信任 ； 研究與發展 ； Innovation Performance ； M&A ； Corporate Governance ； Outer Trust ； R&D

臺灣企業績效學刊

4卷1期（2010 / 12 / 01）

125 - 147

繁體中文

過去M&A之研究多著重在企業整體績效、研發投入及併購決策上，鮮少探討外部信任與公司治理對創新績效之關係。本研究採用2000-2006年台灣地區進行併購宣告之上市（櫃）公司為樣本，以Panel Data模式進行分析。研究結果顯示，首先創新績效在併購前後並無顯著差異，且研發能力對創新績效有明顯正相關。另外，在公司治理變數中僅超額持股與創新績效有顯著負相關，其餘變數不顯著。其餘，外部信任與創新績效之相關性不顯著。文末並提出管理意涵以供後續研究者參考。

In the past, most of the researches of M&A were focused on the company's overall performance, R&D investment and decision-making. However, there are seldom ones investigate the relationship between the corporate governances and innovation performance. This paper adopts the acquirers as samples who are officially listed in the OTC market and had M&A announcement during 2000-2006, and is analyzed by Panel Data Model. Research analysis shows that, first of all, the innovation performance doesn't have significant difference between before and after M&A activities. Second, R&D and M&A are positively related. Third, only the excess-owned-stock of the corporate governance variables reveals significant negative relationship with innovation performance, while the rests are not. Forth, the relationship between outer trust and innovation performance isn't noticeable.

1. Lee, S.P.、Cheng, S.C.(2008)。The determinants of corporate innovation investment-viewpoint from CEO compensation and institutional ownership。Soochow Journal of Economics and Business，62，47-68。
   連結：
2. Tseng, J.J.(2008)。M&A and R&D: The relationship between R&D stock, technological similarity and M&A performance。Management Review，27(4)，59-77。
   連結：
3. Ahuja, G.,Katila, R.(2001).Technological acquisitions and the innovation performance of acquiring firms: A longitudinal study.Strategic Management Journal,22(3),197-220.
4. Anderson, R.C.,Bates, T.W.,Bizjak, J.M.,Lemmon, M.L.(2000).Corporate governance and firm diversification.Financial Management,29(1),5-22.
5. Bannert, V.,Tschirky, H.(2004).Integration planning for technology intensive acquisitions.R&D Management,34(5),481-494.
6. Baysinger, B.,Kosnik, R.D.,Turk, T.A.(1991).Effects of board and ownership structure on corporate R&D strategy.Academy of Management Journal,34(1),205-214.
7. Beccerra, M.,Gupta, A.K.(1999).Trust within the organization: Integrating the trust literature with agency theory and transaction cost economics.Public Administration Quarterly,23(2),177-203.
8. Bertrand, O.,Zuniga, P.(2006).R&D and M&A: Are cross-border M&A different? An investigation on OECD countries.International Journal of Industrial Organization,24(2),401-423.
9. Bushee, B.J.(1998).The influence of institutional investors on myopic R&D investment behavior.Accounting Review,73(3),305-333.
10. Byrd, J.,Hickman, K.A.(1992).Do outside directors monitor managers? Evidence from tender offer bids.Journal of Financial Economics,32(2),195-222.
11. Capron, L.,Mitchell, W.,Swaminathan, A.(2001).Asset divestiture following horizontal acquisitions: A dynamic view.Strategic Management Journal,22(9),817-844.
12. Capron, L.,Pistre, N.(2002).When do acquirers earn abnormal returns?.Strategic Management Journal,23(9),781-794.
13. Cassiman, B.,Colombo, M.G.,Garrone, P.,Veugelers, R.(2005).The impact of M&A on R&D process: An empirical analysis of the role of technological- and market-relatedness.Research Policy,34(2),195-220.
14. Claessens, S.,Djankov, S.,Fan, J.P.H.,Lang, L.H.P.(2002).Disentangling the incentive and entrenchment effects of large shareholders.Journal of Finance,57(6),2741-2771.
15. Cubbin, J.S.,Leech, D.(1983).The effect of shareholding dispersion on the degree of control in British companies: Theory and measurement.Economic Journal,93(370),351-369.
16. Denis, D.J.,Denis, D.K.,Sarin, A.(1997).Agency problems, equity ownership, and corporate diversification.Journal of Finance,52(1),135-160.
17. Francis, J.,Smith, A.(1995).Agency costs and innovation some empirical evidence.Journal of Accounting and Economics,19(2-3),383-409.
18. Gaver, J.,Gaver, K.(1993).Additional evidence on the association between the investment opportunity set and corporate financing, dividend and compensation policies.Journal of Accounting and Economics,16(1-3),125-160.
19. Hannan, M.T.,Freeman, J.(1984).Structural inertia and organizational change.American Sociological Review,49(2),149-164.
20. Hansen, G.C.,Hill, C.W.L.(1991).Are institutional investor myopic? A time-series studyof four technology-driven industry.Strategic Management Journal,12(1),1-16.
21. Henderson, R.,Cockburn, I.(1996).Scale, scope, and spillovers: The determinants of research productivity in drug discovery.Rand Journal of Economics,27(1),32-60.
22. Henisz, W.J.,Macher, J.T.(2004).Firm- and country-level tradeoffs and contingencies in the evaluation of foreign investment: The semiconductor industry, 1994-2002.Organization Science,15(5),537-554.
23. Hillyer, C.,Smolowitz, I(1996).Why do merges fail to achieve synergy.Director's Monthly,January, 13
24. Hitt, M.A.,Hoskission, R.E.,Kim, H.(1997).International diversification: Effects on innovation and firm performance in product-diversified firms.Academy of Management Journal,40(4),767-798.
25. Hoskisson, R.E.,Hitt, M.A.,Hill, C.W.L.(1993).Managerial incentive and investment in R&D in large multiproduct firms.Organization Science,4(2),325-341.
26. Hosmer, L.T.(1995).Trust: The connecting link between organizational theory and philosophical ethics.Academy of Management Review,20(2),379-403.
27. Hunt, H.(1985).Potential determinants of corporate inventory decisions.Journal of Accounting Research,23(2),448-467.
28. Jensen, M.C.(1986).Agency costs of free cash flow, corporate finance, and takeover.American Economic Review,76(2),323-329.
29. Jensen, M.C.,Meckling, W.H.(1976).Theory of the firm: Managerial behavior, agency costs and ownership structure.Journal of Financial Economics,3(4),305-360.
30. Jones, G.R.,Geroge, J.M.(1998).The experience and evolution of trust: Implications for cooperation and teamwork.Academy of Management Review,23(3),531-546.
31. Kor, Y.Y.,Mahoney, J.T.(2005).How dynamics, management, and governance of resource deployments influence firm-level performance.Strategic Management Journal,26(5),489-496.
32. La Porta, R.,Lopez-de-Silanes, F.,Shleifer, A.(1999).Corporate Ownership Around the World.Journal of Finance,54(2),471-517.
33. Mayer, R.C.,Davis, J.H.,Schoorman, F.D.(1995).An integrative model of organizational trus.Academy of Management Review,20(3),709-734.
34. Prabhu, J.C.,Chandy, R.K.,Ellis, M.E.(2005).The impact of acquisitions oninnovation: Poison pill, placebo, or tonic.Journal of Marketing,69(1),114-130.
35. Puranam, P.,Singh , H.,Zollo, M.(2006).Organizing for innovation: Managing the coordination-autonomy dilemma in technological acquisitions.Academy of Management Journal,49(2),263-280.
36. Servaes, H.(1996).The value of diversification during the conglomerate merger wave.Journal of Finance,51(4),1201-1225.
37. Singh, M.,Davidson, N.(2003).Agency costs, ownership structure and corporate governance mechanisms.Journal of Banking & Finance,27(5),793-816.
38. Yeh, Y.H.,Lee, T.S ,Woidtke, T.(2001).Family control and corporate governance: Evidence from Taiwan.International Review of Finance,2(1-2),21-48.
39. Zaheer, A.,Venkatraman, N.(1995).Relational governance as an interorganizational strategy: An empirical test of the role of trust in economic behavior.Strategic Management Journal,16(5),373-392.
40. Zantout, Z.Z.,O''Reilly-Allen, M.(1996).Determinants of corporate strategy and gains of acquiring firms.Journal of Accounting, Auditing and Finance,11(1),119-129.