| Summary: | 碩士 === 國立臺灣大學 === 財務金融學研究所 === 105 === Experienced with the 2008 financial crisis, many companies had disappeared in history. However, many other companies also took the opportunity to merge into a greater one and earned more market shares. Foreign literature has pointed out that company’s current patents portfolio and research capabilities also played an important role besides financial data in the merger and acquisition. Well technology integration can bring better output to the company and higher technology improvement, then create a greater profit base.
The main findings of this paper verify that the acquirers are usually the companies with more patents, fewer R&D expenses, and better financial basis through 10 years patent data from 2001 to 2010. On the contrary, the target companies are usually companies with low-tech,
high R&D costs and weak financial statement. I also found that different investors have different considerations in merger and acquisitions when they played as acquirers or target firms. In addition, the higher degree of technology overlap in the same field can lead to the
emergence of mergers and acquisitions, and vice versa. However, the degree of product overlap can reduce the probability of M&A happened.
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