本研究主要探討目標方公司的創新能力與宣告前的溢價關係，創新能力的衡量使用專利數和專利三年間的變化數，樣本為2001至2020年間美國併購案件。研究結果發現專利數和專利三年間的變化量對於宣告日前的溢價有正向的影響。本研究也對於創新能力與併購結果進行深入檢測，在目標方公司的創新能力和併購結果研究中發現非線性的關係，也表明目標方公司創新能力較高能促使併購成功，目標方公司創新能力較低容易導致併購失敗。
關鍵詞：創新能力、研發支出、專利

SUMMARY
This study focuses on the relationship between innovation productivity and takeover premium before the announcement date. In addition, this study also examines innovation productivity and transaction results. The innovation productivity is measured by the number of patents and change in patents over three years. The sample period is from 2001 to 2020 Mergers and Acquisitions in the United States. After excluding incomplete data, 1669 samples are obtained. This study used two models, OLS model and Logit model. The empirical result that innovation productivity is significantly positively correlated with takeover premium. In addition, the study found the non-linear relationship between the samples in the test of transaction results. The results of the study indicate that target firms with better innovation productivity are more likely to complete the deal, while firms with lower innovation productivity are more likely to fail the deal. The main contribution of this study is to show that the innovation productivity of the target company increases the takeover premium in last twenty years.
Keywords: Innovation productivity, R&D expenditure, Patent

Addanki, S., 1985, Innovation and Mergers in U.S. Manufacturing Firms: A First 　
　　Look, Department of Economics, Harvard University.
Ahuja, G., & Katila, R., 2001. Technological acquisitions and the innovation 　
　　performance of acquiring firms: A longitudinal study. Strategic management 　　
　　journal, 22(3), 197-220.
Alexandridis, G., Fuller, K. P., Terhaar, L., & Travlos, N. G., 2013. Deal size,
　　acquisition premia and shareholder gains. Journal of Corporate Finance, 20, 1-
　　13.
Andrade, G., & Stafford, E., 2004. Investigating the economic role of mergers.
　　Journal of corporate finance, 10(1), 1-36.
Asquith, P., Bruner, R. F., & Mullins Jr, D. W., 1983. The gains to bidding firms
　　from merger. Journal of financial economics, 11(1-4), 121-139.
Baker, M., Pan, X., & Wurgler, J., 2012. The effect of reference point prices on
　　mergers and acquisitions. Journal of Financial Economics, 106(1), 49-71.
Blonigen, B. A., & Taylor, C. T., 2000. R&D intensity and acquisitions in high‐
　　technology industries: evidence from the US electronic and electrical equipment
　　industries. The Journal of Industrial Economics, 48(1), 47-70.
Bradley, M., Desai, A., & Kim, E. H., 1988. Synergistic gains from corporate
　　acquisitions and their division between the stockholders of target and acquiring
　　firms. Journal of financial Economics, 21(1), 3-40.
Chesbrough, H., 2003. Open Innovation: The New Imperative for Creating and
　　Profiting, from Technology, Harvard Business School Press, Boston.
Cremers, K. M., Nair, V. B., & John, K., 2009. Takeovers and the cross-section of
　　returns. The Review of Financial Studies, 22(4), 1409-1445.
Desyllas, P., & Hughes, A., 2009. The revealed preferences of high technology 　　
　　acquirers: An analysis of the innovation characteristics of their targets. 　　
　　Cambridge Journal of Economics, 33(6), 1089-1111.
Gaughan P., 2021. Merger, Acquisition, and Corporate Restructuring 7th Edition,
　　New Jersey (US). Wiley Publishing Inc.
Griliches, Z., 1998. Patent statistics as economic indicators: a survey. In R&D and
　　productivity: the econometric evidence. University of Chicago Press.
Hall, B. H., 1989.The Impact of Corporate Restructuring on Industrial Research and
Development, Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, 85-135.
Hall, B. H., Jaffe, A., & Trajtenberg, M., 2005. Market value and patent citations.
　　RAND Journal of economics, 16-38.
Hirshleifer, D., Hsu, P. H., & Li, D, 2013. Innovative efficiency and stock returns.
　　Journal of financial economics, 107(3), 632-654.
Hitt, M. A., Hoskisson, R. E., Ireland, R. D., & Harrison, J. S., 1991. Effects of
　　acquisitions on R&D inputs and outputs. Academy of Management journal,
　　34(3), 693-706.
Jensen, M. C., & Ruback, R. S., 1983. The market for corporate control: The
　　scientific evidence. Journal of Financial economics, 11(1-4), 5-50.
Kogan, L., Papanikolaou, D., Seru, A., & Stoffman, N., 2017. Technological
　　innovation, resource allocation, and growth. The Quarterly Journal of
　　Economics, 132(2), 665-712.
Li, X., 2013. Productivity, restructuring, and the gains from takeovers. Journal of
　　Financial Economics, 109(1), 250-271.
Moeller, S. B., Schlingemann, F. P., & Stulz, R. M., 2004. Firm size and the gains
　　from acquisitions. Journal of financial economics, 73(2), 201-228.
Rhodes‐Kropf, M., & Robinson, D. T., 2008. The market for mergers and the
　　boundaries of the firm. The Journal of Finance, 63(3), 1169-1211.
Roll, R., 1986. The hubris hypothesis of corporate takeovers. Journal of business,
　　197-216.
Tamosiuniene, R., & Duksaite, E., 2009. The importance of mergers and acquisitions
　　in today's economy. KSI Transactions on Knowledge Society, 2(4), 11-15.
Wang, C., & Xie, F., 2009. Corporate governance transfer and synergistic gains from
　　mergers and acquisitions. The Review of Financial Studies, 22(2), 829-858.
Wu, S. Y. J., & Chung, K. H., 2019. Corporate innovation, likelihood to be
　　acquired, and takeover premiums. Journal of Banking & Finance, 108.
Zhao, X., 2009. Technological innovation and acquisitions. Management Science,
　　55(7), 1170-1183.