企業可將併購視為獲得創新的管道，其能帶來新知識及技術外，也可促進企業內部的研發效率。然而，相關文獻對於併購與研發投入的影響的結果並不一致，且許多文獻只專注於某些併購類型對於研發投入的影響，如相關產業與非相關產業之併購或水平與垂直併購等，鮮少文獻將所有併購類型涵括至模型，故本文將併購型態依據同業併購、異業併購、向上併購與向下併購分為九種不同的併購類型，並以Panel Data的模型分析1996年到2016年間美國上市公司，其不同併購類型對於研發投入的影響。主要估計結果如下：第一，同業併購對於研發投入無顯著的影響；第二，向上併購與向下併購之間對於研發投入的影響會因產業不同而有所改變；第三，跨產業以及雙向併購對於研發強度為顯著正向關。由上述結果可知，併購活動對於研發投入的影響，除了需考量產業的不同之外，併購活動的類型也會影響其研發投入的多寡。

The aims of this paper are to study the effects of mergers and acquisitions (M&A) activities on the research and development (R&D) investment of acquiring firms and to explore the relationship between different types of M&A and R&D in-puts. The analysis is conducted using a panel of 1798 US firms from 1996-2016. There are three main findings of particular importance. First, the results emphasize that M&A will contribute to increasing R&D investment if merged entities are in the different field. Second, whether the impact of merging upstream firms on R&D in-tensity is better than the merging downstream ones depends on their industry. Third, cross-industry and both sides (upstream and downstream) vertical mergers have a greater positive impact on R&D intensity. This analysis suggests that M&A has sig-nificant positive or negative effects, depending on their type of M&A activities and industries.

第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的與架構 3
第二章 文獻回顧與假說 4
第三章 資料與研究方法 8
第一節 樣本設定 8
第二節 變數與敘述統計 13
第三節 模型設定 19
第四章 實證結果 22
第一節 併購後三期對於研發支出的影響 22
第二節 九種併購型態對於研發投入的影響 24
第三節 九種併購型態對於研發強度的影響 28
第四節 特定產業之併購型態對於研發強度的影響 32
第五節 估計結果與假說之比較 36
第五章 結論 39
參考文獻 43
附錄 47

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