参与并购活动企业的创新激励—基于上市企业并购案例的实证研究

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

摘要:

上市企业的并购活动与它的创新产出有着密切的关系，企业的创新产出同时也受到企业财务状况的影响。通过研究并购企业与目标企业的创新产出，验证并购活动与创新激励的因果关系，得到的结果显示：并购活动会激发产业协同效应，并购企业在宣告日间能够获得正的累计超额收益。综上，并购活动是提升企业创新能力的重要途径。

Abstract:

It has close relations between listed firm’s innovation output and its M&A activity. Simultaneously, the innovation output is influenced by the corporation’s financial situation. The essay analyzes the innovation output of merged and target firms to verify the causality between M&A activity and a firm’s innovation incentives, and finds that the M&A activity may stimulate industry synergy, and the merged firms have the positive CAR around the announcement date. Overall, the essay proves that M&A activity is one of the most important way to improve the firm’s innovation output.