Merger and Acquisitions and Innovation Activity – The Application of Matching Approach and Count Data Model

• Main Authors: Hsieh-Lung Liu, 劉協龍
• Other Authors: Jwu-Rong Lin
• Format: Others
• Language: zh-TW
• Published: 2010
• Online Access: http://ndltd.ncl.edu.tw/handle/57374481931345919068

碩士 === 東海大學 === 國際貿易學系 === 98 === This study aims to assess relationship between mergers and acquisitions and innovation activity(innovation stock and average weighted patent), first, integrated and correct three articles about D’Aspremond and Jacquemin(1988)、Milliou(2004)、Buehler and Schmutzler(2008), that constructed theory model of M&A and R&D input. Second, using SDC data base to collect Taiwan acquiring-firm’s sample group from 1992-2008, and then, applied matching approach which Rubin(1973) and Rosenbaum and Rubin developed, find company characteristics variables is similar to the non-acquisition company sample groups. Final, constructed regression model to assess M&A type(horizontal and vertical、international and domestic) the previous year, three years after the year and the impact of innovation activities. In empirical study, due to R&D stock regression may be exist heteroskedasticity problem. Thus, this study also use OLS or GLS to assess M&A for impact of R&D input. Besides, weighted patents of innovation activities belongs to integer count data, so that this study use Count Model to assess M&A and R&D input for impact of patents output. Empirical result were as including：(1) Vertical mergers R&D input on the response of competitors are greater than horizon mergers, which is consistent with the theoretical model algebraic reasoning. (2) Vertical mergers of weighted patents and competitors showed significant negative relationship to the competing, but horizon mergers of weighted patents and competitors showed positive. (3) R&D stock and weighted patent rights were significant positive contribution, show that Taiwan’s enterprises in M&A, the more should pay attention to R&D input, improving the performance patents. (4) Monopoly power of increase is not conducive to the innovation, implying that the Government should face mergers behavior which cause by changes in market structure.