并购成败对企业创新激励的影响—基于上市企业并购案例的实证研究

The Influence of Success or Failure in M&A Activity on the Innovation Incentives of Firms—Based on the Empirical Study of Listed Firm M&A Cases

摘要:

摘要：我们认为，上市企业并购活动的成败与企业的创新产出有着密切的关系，同时，企业的创新产出也受到企业机构持股比例的影响。本文通过研究成功的并购企业与失败的并购企业的创新产出来验证并购活动与创新激励的因果关系。另外，我们发现，企业的财务状况也会影响企业的并购成败，成功的并购企业在宣告日间能够获得正的超额收益。综上，本文证明了并购活动成败对提升企业创新能力有着重要的影响。

Abstract:

Abstract: We recognize that it has close relations between listed firm’s innovation output and its Success or Failure in M&A activity. Simultaneously, the innovation output is influenced by the corporation’s proportion of institutional ownership. The essay analyzes the innovation output of successful and failed merged firms to verify the causality between M&A activity and a firm’s innovation incentives. Moreover, we find that the firm’s Success or Failure in M&A activity is influenced by its financial situation, and the successful merged firms have positive CARs around the announcement date. Overall, the essay proves that the success or failure in M&A activity has an important influence on the firm’s innovation output.