摘要
技术并购的核心是实现企业的技术创新和产出,本文对技术并购的市场反应及技术并购如何影响并购商誉和创新产出进行了探索性研究,利用国家知识产权局专利检索系统的数据,将技术关联分为相似性、互补性和跨部性三种类型。实证研究发现:跨部性并购在题材炒作下受到市场热捧,与市场超额收益率和并购商誉均正相关;而致力于对原有技术深入挖掘的技术相似性并购受到冷遇,与市场超额收益率负相关,同时也与并购商誉负相关。实证还发现三种技术并购与创新产出之间均呈倒U型关系,其拐点分别为41.8%、48.9%、38.8%。本文的研究结论为理性看待我国资本市场技术并购对创新产出的影响提供了理论参考和政策建议。
The purpose of technology mergers and acquisitions is to achieve innovation.This paper explores three issues:the market reaction of technology M&A,the impact of technology M&A on the goodwill,and how technology M&A affect innovation.We use the data from the patent retrieval system of the State Intellectual Property Office to classify technical correlations into three types:similar,complementary and M&A across patent sectors.The empirical research shows that the Cross-sector M&A is popular in the market,and is positively correlated with the cumulative abnormal return and the premium rate of M&A.However,the technology similarity M&A,which is committed to the in-depth exploration of the original technology,is negatively correlated with the cumulative abnormal return and the goodwill.In addition,the empirical results show that there is an inverted U-shaped relationship between technological M&A and innovation output,and the inflection points are 41.8%,48.9%and 38.8%,respectively.The conclusions of this paper provide a rational perspective on how Technology M&As affect innovation outputs,as well as policy suggestions.
作者
姚颐
徐亚飞
凌玥
Yao Yi;Xu Yafei;Ling Yue(Business School,Nankai University)
出处
《南开管理评论》
CSSCI
北大核心
2022年第3期4-14,I0001,I0002,共13页
Nankai Business Review
基金
国家自然科学基金项目(72072093、71672090)
2022年度南开大学文科发展基金科学研究类项目资助。
关键词
并购
技术并购
市场反应
商誉
创新
Acquisitions
Technological M&A
Market Reaction
Goodwill
Innovation
作者简介
通讯作者:姚颐,南开大学商学院会计系,教授、博士生导师、博士,研究方向为资本市场财务与会计;徐亚飞,南开大学商学院会计系博士研究生,研究方向为资本市场财务与会计;凌玥,南开大学商学院会计系博士研究生,研究方向为资本市场财务与会计。
