董事長特徵對購併及研發支出影響之探究：以IC設計業為例

Abstract

IC設計公司可藉由企業自行投入研究發展支出，抑或藉由購併關鍵技術，以維持其競爭優勢。IC設計公司高階經理人員特質是否影響其利用研發支出或購併以取得新技術，係一重要課題。本研究檢視董事長的特質對台灣IC設計公司是否進行購併以及研發支出投入之影響為何。本研究以2006年至2017年在台灣上市及上櫃的系統整合晶片、電源管理類晶片、記憶體相關晶片、消費電子晶片、面板驅動IC等五大類IC設計公司為樣本，董市長特質則由董事長學歷、是否具有理工背景、是否具有國外學歷、年資及過度自信面向衡量。 實證結果顯示，董事長學歷與年資長短對企業併購並無顯著影響，具理工背景董事長企業較不可能採購併決策。董事長具有國外學歷及具過度自信董事長較可能採購併決策。此外，董事長具理工背景企業及董事長年資愈長企業，其研究發展費用均顯著較低。董事長具有國外學歷企業的研發投入顯著較高，而董事長有否過度自信則對研發投入決策未有顯著影響。

IC design companies maintain their competitive advantage by incurring research and development expenditures or by merge and acquisition (M&A) to obtain core technology. It is an important issue on whether characteristics of IC design companies’ senior managers affect the way to obtain new technology by spending in R&D expenditures or M&A. This study examines whether the chairman’s characteristics affect the decision making on M&A and R&D expenditures of IC design companies in Taiwan. Five types of IC design listed companies including system integration chips, power management chips, memory-related chips, consumer electronics chips, and panel drive ICs from 2006 to 2017 are chosen as a sample. This study uses the education background, an engineering degree, foreign academic degrees, working experience, and personal overconfidence as proxies to measure chairmen’s characteristics. The empirical results show that chairmen’s education background and working experience have no significant influence on M&A decisions. The chairmen with an engineering degree tend not to undertake M&A. Chairmen with foreign academic degree and chairmen who are overconfident are more likely to undertake M&A. In addition, the results indicate that R&D expenditure is significantly lower for those companies whose chairmen with an engineering degree and companies whose chairmen have longer working experience. The R&D expenditure is significantly higher for those companies whose chairmen with a foreign academic degree.There is no significant relation between chairmen’s overconfidence and R&D expenditure.