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被引量：2

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

下载PDF

导出

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。因此,并购活动是提升企业创新能力的重要途径。 It has close relations between listed firm＇s innovation output and its M＆A activity. Simultaneously, the innova- tion output is influenced by the corporationg financial situation. The essay analyzes the innovation output of merged and tar- get firms to verify the causality between M＆A activity and a firing innovation incentives. The essay finds that the M＆A ac- tivity may stimulate industry synergy; 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 ways to improve the firm＇s innovation output.

作者刘洪江

机构地区四川大学商学院

出处《科技管理研究》 CSSCI 北大核心 2015年第15期14-22,共9页 Science and Technology Management Research

基金国家科技支撑课题"面向科技型中小企业科技金融综合服务平台及应用示范"(2012BAH31F07) 四川大学中央高校基本科研业务费研究专项项目"基于风险-收益结构的国有风险投资行为异化及治理机制研究"(SKG201008)

关键词并购活动技术重叠协同效应创新产出累计超额收益 M＆A activity technique overlapping synergy innovation output CAR

分类号 F276.6 [经济管理—企业管理] F271 [经济管理—企业管理]

引文网络
相关文献

参考文献33

1BRONWYN H, ADAM J, MANUEL T. Market value and patent cita- tions [ J ]. The Rand Journal of Economics, 2005,36 ( 1 ) : 16 - 38.
2栾刚.长寿企业的秘诀:无形资产创新[J].山西财经大学学报,2012,34(S2). 被引量：3
3SCHUMPETER J A. Capitalism, socialism, and democracy [ M ]. New York: Harper Brothers, 1947:422.
4MICHAEL E P. The contributions of industrial organization to strate- gic management [ J ]. Academy of Management, 1981,6 (4) : 609 - 620.
5PHILIPPE A, JEAN T. On the management of innovation [ J ]. The Quarterly Journal of Economics, 1994, 109 (4) : 1185 -1209.
6BLUNDELL R, GRIFFITH R, VAN R. Dynamic count data models of technological innovation [ J]. The Economic Journal, 1995, 105 (429) : 333 -344.
7BOYAN J, PETER R. The Q-theory of mergers [J]. American E- conomic Review, 2002, 92 (2) : 198 -204.
8蔡宁,何先进.中美企业兼并动机的比较及启示[J].经济理论与经济管理,2002,22(4):55-59. 被引量：9
9肖永军,于君.智力资本要素与企业超额价值创造效率研究——基于信息技术业上市公司的实证分析[J].现代营销（下）,2012(8):43-45. 被引量：2
10JAN B, KAI L. Corporate innovations and mergers and acquisitions [J]. The Journal of Finance, 2014, 69 (5) : 1923 -1960.