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題名：資源基礎與動態能力對併購績效之影響
作者：黃經智
作者(外文)：Ching-Chih Huang
校院名稱：國立中正大學
系所名稱：企業管理所
指導教授：崔可欣
洪清德
學位類別：博士
出版日期：2007
主題關鍵詞：資源轉移；動態能力；併購績效；merger and acquisition performance；dynamic capabilities；resource transfer
原始連結：連回原系統網址new window
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知識經濟的時代的競爭力管理需要新知識的挹注，過去十年國內的聯盟與併購活動是最佳的見證。本研究檢視廠商透過併購活動獲取知識的相關議題，過去的併購研究焦點在於異常報酬的獲得，為反映當前的知識經濟環境，研究者也開始運用組織學習的角度於近年的併購研究中。基於此，本研究欲瞭解，何種知識在主併公司（acquirer）與目標公司（acquired firm or Target firm）之間的流動能對主併公司的績效有所貢獻。本研究將知識的內容分類成六種類別，並以雙向轉移現象（two way transfer）檢視知識流動的效果對併購績效的影響。
本研究共採用三個併購績效代理變數與四類解釋變數。在績效變數方面，採用宣告之股票累積異常報酬率（CAR）、資產報酬率增量（ΔROA）以及長期併購成必v（SUCRATE）；而在解釋變數方面，採用資源雙向轉移策略、資源相對優勢程度、併購雙方策略相似性，以及廠商動態能力四類。在資源轉移策略議題的研究發現，品牌資產、管理知識、產品研發、製造技術及產能/生產線五項資源的正向轉移程度（acquirer to target）明顯高於反向轉移程度（target to acquirer），並符合假設推論。然而，在資源轉移策略對併購績效的影響卻僅有配銷通路與管理知識兩項資源的轉移呈現顯著。在相對資源優勢對資源轉移方向的議題上，研究結果並無支持研究假設。在策略相似性變數對併購績效的影響的議題的研究發現，當主併公司與目標公司擁有相似的統治管理邏輯時，主併公司的併購成效較佳。最後，在動態能力變數對併購績效的影響的議題上，研究發現廠商的經驗學習效果對於動態能力的累積有限，並對於併購績效呈現不顯著影響。
Managing competitiveness in the knowledge economy requires access to new knowledge, as witnessed by the flourishing activities of alliances and mergers in the last decade. This study examines the issue of acquiring new knowledge through mergers. Research on merger and acquisition (M&A) in the past has focused on the earning of abnormal returns. Reflecting the present knowledge economy, researchers have started to apply the organizational learning lens to M&A recently. This study asks the key question of what kinds of knowledge flow between the acquirer and the acquired can contribute to the acquirer’s performance. We classify the knowledge content into six types, and we examine impact of the knowledge flow in two-way transfer phenomenon on M&A performance.
This Study adopts three proxy variables of performance and four sets of explanation variables. We use Cumulative Abnormal Return of Stocks(CAR), Change in ROA(ΔROA), and Long-term Success Rate in M&A (SUCRATE)as our proxy variables of performance. Besides, we introduce Resources Transfer strategic, Relative Resources Strength (RRS), Similarity in M&A Strategies, and Dynamic Capabilies as explanation variables.
First, in Resource Transfer issue, we find that acquirer transfer more brand asset, management knowledge, production development, Manufacturing Technology, and Capacity resources to target firm than the reverse direction. The result supports our hypothesis setting. However, when we try to examine the impact of resource transfer variables to performance variables, we find just two variables (distribution channel and management knowledge) are significant to dependent variable. Result are not sufficiently supports our hypothesis. Second, in Relative Resources Strength issue, we find no support to our hypothesis. Moreover, in issue of Similarity in M&A Strategies, we find that acquirer and acquired firm in M&A with similar dominant logic can create better performance. Finally, in issue of Dynamic Capabilies, our research finds that acquirer firms with past experience of M&A are not sure to earn much more from current M&A activities.
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