本研究分別從企業管理階層以及投資人的角度，分別檢視在生技購併中，各個購併傾向對於主併企業創新能力以及財務績效表現的影響。透過整合資料庫的迴歸分析，本研究發現研發投入密度高的企業在生技購併後長期的創新表現以及獲利能力都會下降，但是無形資產的價值會增加；購併經驗會提升企業的創新能力表現以及無形資產價值，但卻會危害到企業的獲利表現；購併金額的大小則會負向影響到創新產出的品質；跨地區購併的傾向不利於創新產出的品質，而主併公司的生技知識含量高低則有助於對生技購併後的創新表現。最後本研究還發現主併企業在生技購併後容易發生創新產出規模不經濟的情況。

Mergers and acquisitions are one of the most important strategies for firms in the biotechnology industry to gain access to valuable technological resources. This study investigates how the M&As orientation of biotechnology firms influence their innovation and financial performance. Data were gathered from three sources: SDC, Compustat, and US Patents and Trademarks Office. I used the GLM model of the SPSS software to conduct statistical analysis. Results show that M&As serve as a complementary strategic tool of internal R&D in the acquisition of new technological knowledge. A firm’s M&A orientation is positively associated with its innovation quality and financial performance, while a firm’s M&A orientation can endanger its profitability. I also find that M&A experiences of a firm would contribute to its innovation performance and the cumulative value of its intangible assets. The number of M&A deals and cross-state acquisitions orientation are negatively associated with innovation quality, while the ratio of biotech patents of acquirers’ patent portfolios is positively associated with innovation qualities. Finally, firms can experience diseconomies of scale in innovation outputs.

1. 工業技術研究院（民90），生物科技事業發展-美國生物科技上市公司策略佈局。台北：工研院經濟資訊中心。
2. 財團法人生物技術開發中心（民91），生物技術產業年鑑2002。台北：財團法人生物技術開發中心。
3. 洪慈霙（民91），「技術集中度、策略聯盟方式對無形資產價值影響之研究」，元智大學管理研究所碩士論文。
4. 黃偉峰（民91），購併實務的第一本書。台北：商週出版社。
5. 楊志海、陳忠榮，創新活動的投入(民90)，「產出與效率-科學園區內外高科技廠商的比較」，台大管理論叢11(2)，pp.129~153。
6. Abrahamson, E. and Fombrun, C. J. (1994), “Macrocultures: Determinants and Consequences,” Academy of Management Review, 19, pp.728-755.
7. Achilladelis, B., Schwarzkopf, A., and Cines, M. (1987), “A Study of Innovation in the Pesticide Industry: Analysis of the Innovation Record of an Industrial Sector,” Research Policy, 16(2-4), pp.175-212.
8. Ahuja, G, and Katila, A. (2001), “Technological Acquisitions and the Innovation Performance of Acquiring Firms: A Longitudinal Study,” Strategy Management Journal, 22(3), pp.197-220.
9. Anand, J. and Singh, H. (1997), “Asset Redeployment, Acquisitions and Corporate Strategies in Declining Industries,” Strategic Management Journal, 18, (Summer special Issue), pp.99-118.
10. Amalya, L O. (2001), “Strategic Alliance and the Learning Life-cycle of Biotechnology Firms,” Organization Studies, 22, pp.467-490.
11. Ashton, W. and Sen, R. (1988), “Using Patent Information in Technology Business Planning,” Research and Technology Management, (November), pp.42-59.
12. Baker, G. (1992), “Beatrice: A Study in the Creation and Destruction of Value,” Journal of Finance, 47, pp.108.
13. Bantel, K. A. and Jackson, S. E. (1989), “Top Management and Innovations in Banking: Does the Composition of the Team Makes Difference?” Strategic Management Journal, 10,Special Issue, pp.107-124.
14. Barton, D. M. and Sherman, R. (1984), “The Price and Profit Effects of Horizontal Merger: A Case Study,” Journal of Industrial Economics, 33, pp.165-177.
15. Baum, J. A. C., Calabrese, T., and Silverman, B. S. (2000), “Don’t Go it Alone: Alliance Network Composition and Startups’ Performance in Canadian Biotechnology,” Strategic Management Journal, 21, pp.267-294.
16. Berger, P. G. and Ofek, E. (1995), “Diversification’s Effect on Firm Values,” Journal of Financial Economics, 37, pp.39-65.
17. Bierly, P. and Chakrabarti, A. (1996), “Generic Knowledge Strategies in the U.S. Pharmaceutical Industry,” Strategic management Journal, Winter Special Issue, 17, pp.123-135.
18. Capron, L. (1999), “The Long Term Performance of Horizontal Acquisitions,” Strategic Management Journal, 20(11), pp.987-1018.
19. Cartwright., Susan., Cooper and Cary L. (1996), Managing mergers, acquisitions, and strategic alliances: integration people and cultures. Boston: Butterworth-Heinemann.
20. Channon, D. F. (1973), The Strategy and Structure of British Enterprise. Division Research, Boston: Harvard Business School.
21. Chakrabati, A.K. (1990), “Scientific Output of Small and Medium Size Firms in High-tech Industries.” IEEE Transactions on Engineering Management. 38, pp.45-52.
22. Chung, K. H. and Pruitt, S. W. (1994), “A Simple Approximation of Tobin’s q,” Financial management, 23, pp.70-74.
23. Clark, L. H. and Malabre, A. L. (1988), “Slow Rise in Outlays for Research Imperils U.S. Competitive Edge,” Wall street Journal, 16(November), pp.A1-A5.
24. Cohen, W. and Levinthal, D. (1990), “Absorptive Capacity: A New Perspective on Learning and Innovation,” Administrative Science Quarterly, 35, pp.128-152.
25. Copeland, T. E. and Weston, J. F. (1979), Financial Theory and Corporate Policy. Reading, MA: Addison Wesley..
26. Comanor, W. S. (1965), “Research and Technical Change in the Pharmaceutical Industry,” Review of Economics and Statistics, 47, pp.182-190.
27. Comanor, W. S. and Scherer, F. M. (1969), “Patent Statistics as a Measure of Technical Change,” Journal of Political Economy, 77(3), pp. 392-398.
28. Conner, K. R. and Prahalad, C. K. (1996), “A Resource-based Theory of the Firm: Knowledge Versus Opportunism,” Organisation Science, 7, pp.477-501.
29. Constable, J. (1986), “Diversification as a Factor in U.K. Industrial Strategy,” Long Range Planning, 19(1), pp.52-60.
30. DeCarolis, D. M. and Deeds, D. L. (1999), “The Impact of Stocks and Flows of Organizational Knowledge on Firm Performance: An Empirical Investigation of the Biotechnology Industry,” Strategic Management Journal, 20, pp. 953-968.
31. De Noble, A. F., Castaldi, R. M., and Monahan, M. (1987), “Acquisition Performance and Process: An Empirical Investigation,” Paper presented at the Western Academy of Management Annual Meeting, (April).
32. Eisenhardt, K. M. and Schoonhoven, C. B. (1996), “Resource-based view of Strategic Alliance Formation: Strategic and Social Effects in Entrepreneurial Firms,” Organization Science, 7(2), pp.136-150.
33. Fowler, K. L. and Schmidt, D. R. (1988), “Tender Offers, Acquisitions, and Subsequent Performance in Manufacturing Firms,” Academy of management Journal, 31(4), pp.962-974.
34. Gadiesh, O., Ormiston, C., Rovit, S. and Critchlow, J. (2001), “The Why and How of Merger Success,” European Business Journal, pp.187-193.
35. Grant, R. M. (1996), “Prospering in Dynamically-competitive Environments: Organizational Capability as Knowledge Integration,” Organization Science, 7(4), pp.375-387.
36. Graves, S. B. and Langowitz, N. S. (1993), “Innovative Productivity and Returns to Scale in the Pharmaceutical Industry,” Strategic Management Journal, 14, pp.593-605.
37. Haleblian, J. and Finkelstein, S. (1999), “The Influence of Organization Acquisition Experience on Acquisition Performance,” Administrative Science Quarterly, 44(1), pp.29-56.
38. Hamel, G. and Prahalad, C. K. (1993), “Strategy as Strech and Leverage,” Harvard Business Review, 71(2), pp.75-84.
39. Haspeslagh, P. and Jemison, D. B. (1991), Managing Acquisitions: Creating Value Through Corporate Renewal. New York: Free Press.
40. Hayward, M. L. A. (2002), “When Do Firms Learn from Their Acquisition Experience? Evidence from 1990-1995,” Strategic Management Journal, 23, pp.21-39.
41. Healey, P., Rothman, H., and Hock, P. K. (1986), “An Experiment in Science Mapping for Research Planning,” Research Policy, 15(5), pp. 233-252.
42. Henderson, R. and Cockburn, I. (1996), “Scale, Scope, and Spillovers: the Determinants of Research productivity in Drug Discovery,” RAND Journal of Economics, 27(1), pp.32-59.
43. Higgins, J. M. (1995), “The Core Competence: Innovation,” Planning Review, 23(6), pp.32-35.
44. Hill, C. and Deeds, D. (1996), “The Importance of Industry Structure for the Determination of Firm Profitability: A Neo-Austrian Perspective,” Journal of Management Studies, 33(4), pp.429-451.
45. Hill, C. W. L. and Snell, S. A. (1989), “Effects of Ownership Structure and Control on Corporate Productivity,” Academy of Management Journal, 32, pp.25-46.
46. Hitt, M. A., Hoskisson, R. E., and Ireland, R. D. (1990), “Mergers and Acquisitions and Managerial Commitment to Innovation in M-form Firms,” Strategic Management Journal, 11, pp.29-47.
47. Hitt, M. A., Hoskisson, R. E., and Ireland, R. D. (1995), “Successful and Unsuccessful Acquisitions: A Comparison of Attributes,” Paper presented at the annual meeting of the Strategic Management Society, Mexico City.
48. Hitt, M. A., Hoskisson, R. E., Johnson, R. A., and Moesel, D. D. (1996), “The Market for Corporate Control and Firm Innovation,” Academy of Management Journal, 39(5), pp.1084-1119.
49. Hitt, M. A. and Smart, D. (1994), “Debt: A Disciplining Force for Managers or a Debilitating Force for Organizations?” Journal of Management Inquiry, 3, pp.144-152.
50. Holt, K. (1988), “The Role of User in Product Innovation,” Technovation, 12(5), pp.53-56.
51. Hubbard, R. G. and Pahlia, J. D. (1999), “A Reexamination of the Conglomerate Merger Wave in the 1960s: An Internal Capital Markets View,” Journal of Finance.
52. Jemison, D. B. and Sitkin, S. B. (1986), “Corporate Acquisitions: A Process Perspective,” Academy of Management Review, 11, pp.145-163.
53. Jensen, E. J. (1987), “Research Expenditures and the Discovery of New Drugs,” Journal of Industrial Economics, 36, pp.83-95.
54. Jensen, M. C. (1993), “The Modern Industrial Revolution, Exit, and Control Systems,” Journal of Finance, XLVIII(3), pp.831-880.
55. Johanson, J. and Vahlne, J. (1977), “The Internationalization Process of the Firm – A Model of Knowledge Development and Increasing Foreign Market Commitments,” Journal of International Business Studies, 8(spring/summer), pp.23-32.
56. Kitching, J. (1967), “Why do Mergers Miscarry?” Harvard Business Review, 45(6), pp.5-50.
57. Kogut, B. and Zander, U. (1992), “Knowledge of the Firm. Combinative Capabilities and the Replication of Technology,” Organisation Science, 3(3), pp.383-397.
58. Krugman, P. (1991), Geography and Trade. Cambridge: MIT Press.
59. Lang, L. H. P. and Stulz, R. M. (1994), “Tobin’s q Corporate Diversification, and Firm Performance,” Journal of political Economy, 6, pp.1248-1281.
60. Leonard-Barton, D. (1992), “Core Capabilities and Core Rigidities: A Paradox in Managing New Product Development,” Strategic management Journal, 13, (Summer Special Issue), pp.111-125.
61. Levinthal, D. A. and March, J. G. (1993), “The Myopia of Learning,” Strategy Management Journal, Winter Special Issue,14, pp.95-112.
62. Levitt, B. and March, J. G. (1988), “Organizational Learning,” Annual Review of Sociology, 14, pp.319-340.
63. Levy, H. and Sarnat, M. (1970), “Diversification, Portfolio Analysis and the Uneasy Case for Conglomerate Mergers,” Journal of Finance, 25, pp.795-802.
64. Lewellen, W. G. (1971), “A Pure Financial Rational for the Conglomerate Merger,” Journal of Finance, (May), pp.521-537.
65. Lindenberg, E. B. and Ross, S. A. (1981), “Tobin’s q Ratio and Industrial Organization,” Journal of Business, (Jan), pp.1-32.
66. Lubatkin, M. (1983), “Mergers and the Performance of the Acquiring Firm,” Academy of Management Review, 8(2), pp.218-225.
67. Marshall, A. (1920), Industry and Trade. London : Macmillan.
68. Mckelvey, M. (1996), Evolutionary Innovations: The Business of Biotechnology. Oxford University Press.
69. Melecki, E. J. (1985), “Industrial Location and Corporate Organization in High-tech Industries,” Economic Geography, 61, pp.345-369.
70. Monck, C. S. P., Porter, R. P., Quintas, P. Storey, D. J., & Wynarczyk, P. (1988), Science Parks and the Growth of High Technology Firms. London: Croom Helm.
71. Morck, R., Shleifer, A., and Vishny, R. W. (1988), “Management Ownership and Market Valuation: An Empirical Analysis,” Journal of financial Economics, 20(1,2), pp.293-315.
72. Morck, R. and Yeung, B. (1991), “Foreign Acquisitions: When do They Make Sense?” Managerial Finance, 17(6), pp.10-18.
73. Paine, F. T. and Power, D. J. (1984), “Merger Strategy: An Examination of Drucker’s Five Rules for Successful Acquisitions,” Strategic Management Journal, 5, pp.99-110.
74. Pakes, A. (1985), “Patents, R & D, and Stock Market Rate of Return,” Journal of Political Economy, 93, pp.390-409.
75. Penrose, E. (1959), The Theory of the Growth of the Firm. Blackwell:Oxford.
76. Pitts, R. A.(1976), “Diversification Strategies and Organizational Policies of Large Diversified Firms,” Journal of Economics and Business, 28, pp.181-188.
77. Porter, M. E. (1987), “From Competitive Advantage to Corporate Strategy,” Harvard Business Review, 65(3), pp.43-59.
78. Pouder, R. and St. John. C. (1996), “Hot Spots and Blind Spots: Geographic Cluster of Firms and Innovation,” Academy of Management Review, 21(4), pp.1192-1225.
79. Power, D. J. (1982), Acquiring Small and Medium Size Companies: A Study of Corporate Decision Behavior. Madison: University of Wisconsin.
80. Pritchett, P. (1985), “Managing People Problems in Deals that Don’t Close,” Journal of Buyouts & Acquisitions, 3(7), pp.35-38.
81. Rasche, C. (1994), Wettbewerbsvorteile durch Kernkompetenzen: Ein ressourcenorientienter Ansatz. Wiesbaden.
82. Ravenscarft, D. J. and Scherer, F. M. (1987), Mergers Selloffs and Economic Efficiency. Washington DC : Brookings.
83. Rothwell, R. (1986), “Public Innovation Policy: To Have or to Have not ?” R&D Management, 16(1), pp.25-37.
84. Rumelt, R. (1974), Strategy, Structure and Economic Performance. Cambridge : Harvard University Press.
85. Schaper-Rinkel, W. (1997), Horizontale Akquisitionen und Strategische Allianzen als alternative Wege des Externen Washstums(Diss.). Wien.
86. Scherer, F. (1965), “Corporate Inventive Output, Profitability and Sales growth,” Journal of Political Economy, 73(3), pp. 290-297.
87. Scherer, F. M. (1980), Industrial market Structure and Economic Performance. Houghton-Mifflin. Boston.
88. Scherer, F. M. and Ross, D. (1990), Industrial Market Structure and Economic Performance. Boston: Houghton Mifflin.
89. Servaes, H. (1996), “The Value of Diversification During the Conglomerate Merger Wave,” Journal of Finance, 5, pp.1201-1225.
90. Schumpeter, J. M. (1934), The Theory of Economic Development, Boston: Harvard University Press.
91. Schwartzman, D. (1976), Innovation in the Pharmaceutical Industry. Baltimore: Johns Hopkins University Press.
92. Small, H. G. and Griffith, B. C. (1974), “The Structure of Scientific Literature: Identifying and Graphing Specialties,” Science Study, 4, pp.161-195.
93. Szulanski, G. (1999), “Appropriability and the Challenge of Scope: BancOne Routinizes Replication,” Working paper, Wharton School, University of Pennsylvania.
94. Thompson, J. (1967), Organizations in Action. New York : McGraw-Hill.
95. Tobin, J. and Brainard, W. (1968), “Pitfalls in Financial Model Building,” American Economic Review, 59, pp.99-102.
96. Van der Eerden, C. and Saelens, F. H. (1991), “The Use of Science and Technology Indicators in Strategic Planning,” Long Range Planning, 24(3), pp.18-25.
97. Weinberg, M. A. and Black, M. V. (1989), Take-over and Mergers.
98. Vermeulen, F. and Bakema, H. G. (1998), “International Expansion Through Start-up or Acquisition: A Learning Perspective,” Academy Management Journal, 41, pp.7-26.
99. Vernon, J. N. and Gusen, P. (1974), “Technical change and Firm Size: The Pharmaceutical Industry,” Review of Economics and Statistics, 56, pp.294-302.
100. Vinkler, P. (1986), “Management Systems for a Scientific Research Insitute Based on the Assessment of Scientific Publications,” Research Policy, 15(2), pp.77-87.
101. Walsh, J. P. (1995), “Managerial and Organizational Cognition: Notes from a Trip down Memory Line,” Organization Science, 6, pp.280-321.
102. Weick, K. M. (1979), The Social Psychology of Organizing. Reading: Addison-Wesley.
103. Zook, C. and Allen, J. (2001), Profit from the Core: Growth Strategy in an Era of Turbulence. Cambridge: Harvard Business School Press.
104. www.signalsmag.com