以產權理論的觀點，購併對公司的重要性是肯定的，但當企業界在積極進行購併
活動，以利快速取得外部關鍵的技術資源時，幾乎未想過技術購併可能也會帶來負面效果，因此技術關聯性對購併績效是否有所幫助為一個值得探討的實務問題，過去學者的研究結果相當分歧，亦缺乏系統性的研究。基此，本研究以產權理論來探討技術關聯性與購併績效之關係，並納入組織內部吸收能力的調節影響。
本研究以台灣上市櫃電子業為研究對象，用專利分類碼(IPC)做為衡量購併企業
之技術關聯程度指標。研究結果顯示，技術相似性與市場績效呈倒U型關係；技術互
補性與市場績效呈正相關；技術多元性與市場績效呈負相關。最後，組織吸收能力會正向強化技術關聯性與市場績效之關係，此現象可供企業界作為購併決策之參考依據。

According to the property rights theory, M&A are undoubtedly important for companies. As companies actively engage in M&A activities to rapidly acquire key external technological resources, they often ignore the facts that M&A may bring the negative effects to the companies. This arouses an issue about the relationships between technology relatedness and M&A performance. However, this issue remains controversy to date and there is no systematically research. Here, we use the property rights theory to find out the relationships between technology relatedness and M&A performance; furthermore, it has incorporated the moderator’s effect on organizations’ internal absorptive capacity.
This research uses SDC database to find out the M&A cases in Taiwan between 2005 and 2015, then uses International Patent Classification (IPC) as a measure of technology relatedness indicator. The research results indicated the following: an inverted U-shaped relationship exists between technology similarity and market performance; technology complementary, and market performance are
positively correlated; and technology diversity and market performance are negative correlated. Finally, an organization’s absorptive capacity positively affects the
relationship between technology relatedness and market performance. Thus, such a phenomenon can act as a reference for businesses in M&A decision making.

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