企業併購的原因除了追求快速成長，利用併購後資源整合所帶來的研發及創新加乘效果更於近幾年成為併購的重要原因之一，過去相關文獻顯示，併購整合後對研發及創新的影響是正或負，尚未獲得一致的結論，而過去多以研發費用和專利數量來衡量併購後的創新能力，公司獲取創新能力的最終目標為推出可獲得利潤或市佔率的新產品，故本研究將採用企業併購前後，於新產品上市宣告的股價異常報酬率有何變動為研究指標，以判斷企業併購後創新能力是否會增加。
本研究以1996年至2010年台灣上市公司中有從事併購活動及於併購前後皆有新產品上市宣告的公司為研究對象。採用事件研究法及橫斷面複迴歸分析法等統計方法，以驗證公司併購前後對新產品宣告股價異常報酬的影響。研究結果顯示：（1）異業併購對公司併購前後新產品宣告的股價異常報酬率有正向的調節效果；（2）主併公司為高科技產業對公司併購前後新產品宣告的股價異常報酬率有正向的調節效果。其餘會影響併購前後新產品宣告股價報酬的項目，如跨國併購、併購次數多寡、自由現金流量多寡及主併公司經理人自滿程度高低等交乘項目則不顯著。

In addition to facilitating rapid development, a critical reason for enterprise mergers and acquisitions (M&A) is that integrated resources yield synergistic effects for research and development (R&D) and innovation. Previous research has inconclusive regarding whether M&A positively affect R&D and innovation. In the past, R&D expenditures or patents were often used to assess the innovation capacity of an enterprise following M&A. However the main reason that enterprise to acquire innovation capabilities is to launch new products and gain a large market share. Therefore, this study adopts the stock market response to new product announcements to measure the impact of M&A on innovation capabilities.
Sampling from all publicly listed companies that undertaking M&A and launching new products before and after M&A during 1996 and 2010. This study used event study and cross-sectional regression analysis to exam the results. The results showed that: (a) cross-industry M&A positively regulated announced abnormal stock returns for the new products introduced before and after M&A; and (b) high-tech industrial acquiring firms positively regulated announced abnormal stock returns for new products introduced before and after M&A. Other factors, such as cross-border M&A, the M&A experiences, the amount of free cash flow, and the degree of hubris of professional expert of acquiring firm did not reach the level of significance.

中文部分：
司徒達賢（1985），策略管理，台北：遠流出版
許士軍（1983），現代行銷管理，台北：商務印書館
曾真真（2008），「M&A 與 R&D：研發存量、技術相似性與併購績效之關係」，管理評論，第二十七卷第三期，頁61-78。
英文部分：
Acs, Zoltan J, Morck, Randall, Shaver, J Myles, & Yeung, Bernard. (1997). The internationalization of small and medium-sized enterprises: A policy perspective. Small Business Economics, 9(1), 7-20.
Ahuja, Gautam, & Katila, Riitta. (2001). Technological acquisitions and the innovation performance of acquiring firms: A longitudinal study. Strategic Management Journal, 22(3), 197-220.
Asquith, Paul, Bruner, Robert F, & Mullins Jr, David W. (1983). The gains to bidding firms from merger. Journal of Financial Economics, 11(1), 121-139.
Bannert, Valerie, & Tschirky, Hugo. (2004). Integration planning for technology intensive acquisitions. R&D Management, 34(5), 481-494.
Bertrand, Olivier, & Zuniga, Pluvia. (2006). R&D and M&A: Are cross-border M&A different? An investigation on OECD countries. International Journal of Industrial Organization, 24(2), 401-423.
Booz, Allen, & Hamilton. (1982). New Product Management for the 1980's. New York.
Bradley, Michael, Desai, Anand, & Kim, E Han. (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.
Brown, Shona L, & Eisenhardt, Kathleen M. (1995). Product development: past research, present findings, and future directions. Academy of Management Review, 343-378.
Brown, Stephen J, & Warner, Jerold B. (1985). Using daily stock returns: The case of event studies. Journal of Financial Economics, 14(1), 3-31.
Cassiman, Bruno, Colombo, Massimo G, Garrone, Paola, & Veugelers, Reinhilde. (2005). The impact of M&A on the R&D process: An empirical analysis of the role of technological-and market-relatedness. Research Policy, 34(2), 195-220.
Cefis, Elena. (2010). The impact of M&A on technology sourcing strategies. Economics of Innovation and New Technology, 19(1), 27-51.
Cefis, Elena, Sabidussi, Anna, & Schenk, EJJ. (2007). Do mergers of potentially dominant firms foster innovation? An empirical analysis for the manufacturing sector. Discussion Paper Series/Tjalling C. Koopmans Research Institute, 7(20), 1-27.
Chaney, Paul K, & Devinney, Timothy M. (1992). New product innovations and stock price performance. Journal of Business Finance & Accounting, 19(5), 677-695.
Chaney, Paul K, Devinney, Timothy M, & Winer, Russell S. (1991). The impact of new product introductions on the market value of firms. Journal of Business, 573-610.
Chen, Sheng-Syan, & Ho, Kim Wai. (1997). Market response to product-strategy and capital-expenditure announcements in Singapore: Investment opportunities and free cash flow. Financial Management, 82-88.
Damanpour, Fariborz. (1991). Organizational innovation: A meta-analysis of effects of determinants and moderators. Academy of Management Journal, 555-590.
Ernst, Holger, & Vitt, Jan. (2000). The influence of corporate acquisitions on the behaviour of key inventors. R&D Management, 30(2), 105-120.
Fama, Eugene F, & Jensen, Michael C. (1983). Separation of ownership and control. Journal of Law and Economics, 26(2), 301-325.
Fama, Eugene, Fisher, Lawrence, Jensen, Michael, & Roll, Richard. (1969). The adjustment of stock prices to new information. International Economic Review, 10.
Gammelgaard, Jens. (2004). Access to competence: An emerging acquisition motive. Paper presented at the European Business Forum.
Gantumur, Tseveen, & Stephan, Andreas. (2010). Do external technology acquisitions matter for innovative efficiency and productivity? Paper presented at the German Institute for Economic Research, No. 1035, Berlin.
Graham, John R, Lemmon, Michael L, & Wolf, Jack G. (2002). Does corporate diversification destroy value? The Journal of Finance, 57(2), 695-720.
Hayton, James C. (2005). Competing in the new economy: the effect of intellectual capital on corporate entrepreneurship in high‐technology new ventures. R&D Management, 35(2), 137-155.
Hayward, Mathew LA. (2002). When do firms learn from their acquisition experience? Evidence from 1990 to 1995. Strategic Management Journal, 23(1), 21-39.
Hennart, Jean‐Francois. (1988). A transaction costs theory of equity joint ventures. Strategic Management Journal, 9(4), 361-374.
Hitt, Michael A, Hoskisson, Robert E, Johnson, Richard A, & Moesel, Douglas D. (1996). The market for corporate control and firm innovation. Academy of Management Journal, 1084-1119.
Jensen, Michael. (1986). Agency cost of free cash flow, corporate finance, and takeovers. Corporate Finance, and Takeovers. American Economic Review, 76(2).
Kelm, Kathryn M, Narayanan, VK, & Pinches, George E. (1995). SHAREHOLDER VALUE CREATION DURING R&D INNOVATION AND COMMERCIALIZATION STAGES. Academy of Management Journal, 38(3), 770-786.
Kotler, Philip, & Armstrong, Gary. (2004). Marketing. Praha: Grada publishing.
Leonard‐Barton, Dorothy. (1992). Core capabilities and core rigidities: A paradox in managing new product development. Strategic Management Journal, 13(S1), 111-125.
Levitt, Barbara, & March, James G. (1988). Organizational learning. Annual Review of Sociology, 319-340.
Lewellen, Wilbur G. (1971). A pure financial rationale for the conglomerate merger. The Journal of Finance, 26(2), 521-537.
Manne, Henry G. (1965). Mergers and the market for corporate control. The Journal of Political Economy, 73(2), 110-120.
March, James G. (1991). Exploration and exploitation in organizational learning. Organization Science, 2(1), 71-87.
Nocke, Volker, & Yeaple, Stephen. (2007). Cross-border mergers and acquisitions vs. greenfield foreign direct investment: The role of firm heterogeneity. Journal of International Economics, 72(2), 336-365.
Nocke, Volker, & Yeaple, Stephen. (2008). An assignment theory of foreign direct investment. The Review of Economic Studies, 75(2), 529-557.
Norbäck, Pehr-Johan, & Persson, Lars. (2007). Investment liberalization—why a restrictive cross-border merger policy can be counterproductive. Journal of International Economics, 72(2), 366-380.
Prabhu, Jaideep C, Chandy, Rajesh K, & Ellis, Mark E. (2005). The impact of acquisitions on innovation: poison pill, placebo, or tonic? Journal of Marketing, 114-130.
Roll, Richard. (1986). The hubris hypothesis of corporate takeovers. Journal of Business, 197-216.
Schumpeter, Joseph A. (1934). The theory of economic development: An inquiry into profits, capital, credit, interest, and the business cycle.
Seth, Anju. (1990). Value creation in acquisitions: A re‐examination of performance issues. Strategic Management Journal, 11(2), 99-115.
Seth, Anju, Song, Kean P, & Pettit, R Richardson. (2002). Value creation and destruction in cross‐border acquisitions: an empirical analysis of foreign acquisitions of US firms. Strategic Management Journal, 23(10), 921-940.
Sevilir, Merih, & Tian, Xuan. (2012). Acquiring innovation. Paper presented at the AFA 2012 Chicago Meetings Paper.
Singh, Harbir, & Montgomery, Cynthia A. (1987). Corporate acquisition strategies and economic performance. Strategic Management Journal, 8(4), 377-386.
Souder, William E. (1988). Managing relations between R&D and marketing in new product development projects. Journal of Product Innovation Management, 5(1), 6-19.
Stiebale, Joel. (2012). Cross-Border M&A and Innovative Activity: Firm-Level Evidence. Paper presented at the German Economic Association.
Suh, YonJin, You, JaeJoon, & Kim, PhilSoo. (2013). The Effect of Innovation Capabilities and Experience on Cross-Border Acquisition Performance. Global Journal of Business Research, 7(3), 59-74.
Wernerfelt, Birger. (1984). A resource‐based view of the firm. Strategic Management Journal, 5(2), 171-180.
Woolridge, J Randall. (1988). Competitive decline and corporate restructuring: is a myopic stock market to blame? Journal of Applied Corporate Finance, 1(1), 26-36.
Zahra, Shaker A, Neubaum, Donald O, & Huse, Morten. (2000). Entrepreneurship in medium-size companies: exploring the effects of ownership and governance systems. Journal of Management, 26(5), 947-976.