创新能力对上市公司并购业绩的影响

发布时间：2018-04-10 00:31

本文选题：并购业绩　切入点：专利　出处：《金融研究》2017年03期

【摘要】：近年来,获得目标公司的创新技术逐渐成为并购的重要动机之一。本文实证考察了1998-2015年中国上市公司作为并购方的7086件股权并购事件,研究并购双方的创新能力对上市公司并购业绩的影响。研究发现,从目标公司的创新能力来看,相对于并购非创新性公司,那些并购创新性公司的并购方股票的长、短期收益率均表现更好;从并购方公司创新能力来看,那些具有创新能力并购方的股票长期表现较好,但短期表现与那些无创新能力的并购方公司无显著差异。我们进一步将样本按照并购双方有无创新能力划分为四个组合,发现"并购方无专利-目标方有专利"和"并购方有专利-目标方有专利"组合的并购表现整体好于另两个并购组合,说明并购中目标方的创新能力才是决定并购方公司股票市场表现的关键。不过,当并购方也具有创新能力时,会有助于产生创新协同效应,从而提升并购方股票的长期表现。
[Abstract]:In recent years, acquiring innovative technology of target companies has gradually become one of the important motivations of M & A.This paper empirically examines 7086 equity M & A events of listed companies in China from 1998 to 2015, and studies the impact of innovation ability of both parties on the M & A performance of listed companies.The study found that, from the point of view of the innovation ability of the target company, compared with the merger and acquisition of non-innovative companies, the long-term and short-term yields of the M & A innovative companies are better than those of the M & A companies, and from the point of view of the innovative ability of the M & A companies,Stocks with innovative M & A parties performed better in the long run, but there was no significant difference between short-term performance and those with no innovation capability.We further divided the sample into four combinations according to the ability of both parties to the merger to innovate.It was found that the combination of "M & A without patent-target party has patent" and "M & A party has patent-target party has patent" has better overall performance than the other two merger and acquisition combinations.It shows that the innovation ability of the target party in M & A is the key to the stock market performance of the M & A company.However, when the M & A also has the ability to innovate, it will help to create innovative synergies, thus enhancing the long-term performance of the M & A.'s stock.
【作者单位】：中央财经大学金融学院;
【基金】：国家自然科学基金(71673318,71602198) 中央财经大学青年科研创新团队支持计划资助
【分类号】：F271;F832.51;F273.1

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