目标企业创新能力对并购双方收益的影响——基于中国A股市场的实证分析
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摘要
本文以中国A股市场的2 143件并购交易为样本,以并购溢价和短期超额收益作为并购收益的测度指标,分析目标企业创新能力对并购收益的影响。结果表明,并购溢价与目标企业的创新能力显著正相关,且创新能力水平越高,并购溢价越显著;并购企业获得的短期超额收益也与创新能力显著正相关。因此,以有创新能力的企业为目标的并购交易能够使双方获得更大的短期收益,资本市场的并购是反映创新的市场价值的重要途径,能够提供激励企业创新的重要机制。
The authors of this paper use the 2 143 M&A events of Chinese A-share listed companies as samples, and chose M&A premiums and short-term abnormal returns as the indexes to measure the benefits from M&A, and test the impact of target's innovative capacity on the benefits from M&A. The results of the paper indicate that the M&A premium is significantly positively correlated with the innovative capacity of the target enterprise, and the higher the innovative capability is, the more significant the M&A premium is; the short-term abnormal return obtained by acquirers is also positively correlated with the innovative capacity of target enterprise. Therefore, the innovative capacity of target enterprise can bring short-term benefits to the both parties of M&A; the merger and acquisition in capital market is an important way to show the market value of innovation, and the capital market can provide an important mechanism to promote enterprises to innovate.
The authors of this paper use the 2 143 M&A events of Chinese A-share listed companies as samples, and chose M&A premiums and short-term abnormal returns as the indexes to measure the benefits from M&A, and test the impact of target's innovative capacity on the benefits from M&A. The results of the paper indicate that the M&A premium is significantly positively correlated with the innovative capacity of the target enterprise, and the higher the innovative capability is, the more significant the M&A premium is; the short-term abnormal return obtained by acquirers is also positively correlated with the innovative capacity of target enterprise. Therefore, the innovative capacity of target enterprise can bring short-term benefits to the both parties of M&A; the merger and acquisition in capital market is an important way to show the market value of innovation, and the capital market can provide an important mechanism to promote enterprises to innovate.
引文
辜胜阻、庄芹芹,2016.资本市场功能视角下的企业创新发展研究[J].中国软科学,(11):4-13.
黄本多、干胜道,2009.自由现金流量、并购溢价与我国上市公司并购绩效的实证研究[J].华东经济管理,23(4):139-143.
解维敏、方红星,2011.金融发展、融资约束与企业研发投入[J].金融研究,(5):171-183.
李诗、洪涛、吴超鹏,2012.上市公司专利对公司价值的影响--基于知识产权保护视角[J].南开管理评论,(6):4-13.
刘洪江,2015.参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[J].科技管理研究,(15):14-22.
潘越、潘健平、戴亦一,2015.公司诉讼风险、司法地方保护主义与企业创新[J].经济研究,(3):131-145.
芮红霞,2018.创新活动与企业融资--基于垄断竞争银行业视角的研究[J].金融论坛,(3):36-51.
萨德·苏达斯纳,2013.并购创造价值[M].北京:中国人民大学出版社.
唐宗明、蒋位,2002.中国上市公司大股东侵害度实证分析[J].经济研究,(4):44-50.
王艳,2016.混合所有制并购与创新驱动发展--广东省地方国企“瀚蓝环境”2001-2015年纵向案例研究[J].管理世界,(8):150-163.
于开乐、王铁民,2008.基于并购的开放式创新对企业自主创新的影响--南汽并购罗孚经验及一般启示[J].管理世界,(4):150-159.
张劲帆、李汉涯、何晖,2017.企业上市与企业创新--基于中国企业专利申请的研究[J].金融研究,(5):160-175.
张丽英,2013.技术并购与技术创新[J].技术经济与管理研究,(3):25-29.
张庆君、李萌,2018.金融错配、企业资本结构与非效率投资[J].金融论坛,(12):21-36.
张学勇、柳依依、罗丹等,2017.创新能力对上市公司并购业绩的影响[J].金融研究,(3):159-175.
赵昌文,2009.科技金融[M].北京:科学出版社.
周城雄、赵兰香、李美桂,2016.中国企业创新与并购关系的实证分析--基于34个行业2436个上市公司的实证分析[J].科学学研究,(10):1569-1575,1600.
Ang,J.S.,and Wu,C.P.,2012.The Role of Technological Synergy in Mergers and Acquisitions[J/OL].https://ssrn.com/abstract=2024805 or http://dx.doi.org/10.2139/ssrn.2024805.
Ansoff,I.,1965.Corporate Strategy:An Analytical Approach to Business Policy for Growth and Expansion[M].New York:McGraw Hill.
Bena,J.,and Kai,L.,2014.Corporate Innovations and Mergers and Acquisitions[J].Journal of Finance,69(5):1923-1960.
Block,J.H.,2012.R&D Investments in Family and Founder Firms:An Agency Perspective[J].Journal of Business Venturing,27(2):248-265.
Bronwyn,H.,and Jaffe,A.,2005.Trajtenberg M.Market Value and Patent Citations[J].RAND Journal of Economics,36(1):16-38.
Cefis,E.,and Marsili,O.,2015.Crossing the Innovation Threshold through Mergers and Acquisitions[J].Research Policy,44(3):698-710.
Chesbrough,H.W.,2003.A Better Way to Innovate[J].Harvard Business Review,81(7):12-13.
Claudio,M.,and Suarez,J.,2004.Business Creation and the Stock Market[J].Review of Economic Studies,71(2):459-481.
Cohen,W.M.,and Levinthal,D.A.,1989.Innovation and Learning:The Two Faces of R&D[J].The Economic Journal,(99):569-596.
Eberhart,A.C.,Maxwell,W.F.,and Akhtar,R.,2014.Siddique.An Examination of Long-Term Abnormal Stock Returns and Operating Performance Following R&D Increases[J].The Journal of Finance,59(2):625-650.
Eckbo,B.E.,and Langohr,H.,1989.Information Disclosure,Method of Payment,and Takeover Premiums:Public and Private Tender Offers in France[J].Journal of Financial Economics,24(2):363-403.
Hagedoorn,J.,and Duysters,G.,2002.The Effect of Mergers and Acquisitions on the Technological Performance of Companies in a High-tech Environment[J].Technology Analysis&Strategic Management,14(1):67-85.
Hayward,M.L.A.,and Hambrick,D.C.,1997.Explaining the Premiums Paid for Large acquisitions:Evidence of CEO Hubris[J].Administrative Science Quarterly,42(1):103-127.
Kochhar,R.,and David,P.,1996.Institutional Investors and Firm Innovation:A Test of Competing Hypotheses[J].Strategic Management Journal,17(1):73-84.
Laamanen,T.,2007.Research Notes and Commentaries on the Role of Acquisition Premium in Acquisition Research[J].Strategic Management Journal,(28):1359-1369.
Phillips,G.F.,and Zhdanov,A.,2013.R&D and the Incentives from Merger and Acquisition Activity[J].The review of Financial Studies,26(1):34-78.
Sevilir,M.,and Tian,X.,2012.Acquiring Innovation[J/OL].SSRN Electronic Journal.AFA 2012 Chicago Meetings Paper,https://ssrn.com/abstract=1731722
Slusky,A.R.,and Caves,R.E.,1991.Synergy,Agency,and the Determinants of Premia Paid in Mergers[J].The Journal of Industrial Economics,39(3):277-296.
Zhao,X.L.,2009.Technological Innovation and Acquisition[J].Management Science,55(7):1170-1183.
黄本多、干胜道,2009.自由现金流量、并购溢价与我国上市公司并购绩效的实证研究[J].华东经济管理,23(4):139-143.
解维敏、方红星,2011.金融发展、融资约束与企业研发投入[J].金融研究,(5):171-183.
李诗、洪涛、吴超鹏,2012.上市公司专利对公司价值的影响--基于知识产权保护视角[J].南开管理评论,(6):4-13.
刘洪江,2015.参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[J].科技管理研究,(15):14-22.
潘越、潘健平、戴亦一,2015.公司诉讼风险、司法地方保护主义与企业创新[J].经济研究,(3):131-145.
芮红霞,2018.创新活动与企业融资--基于垄断竞争银行业视角的研究[J].金融论坛,(3):36-51.
萨德·苏达斯纳,2013.并购创造价值[M].北京:中国人民大学出版社.
唐宗明、蒋位,2002.中国上市公司大股东侵害度实证分析[J].经济研究,(4):44-50.
王艳,2016.混合所有制并购与创新驱动发展--广东省地方国企“瀚蓝环境”2001-2015年纵向案例研究[J].管理世界,(8):150-163.
于开乐、王铁民,2008.基于并购的开放式创新对企业自主创新的影响--南汽并购罗孚经验及一般启示[J].管理世界,(4):150-159.
张劲帆、李汉涯、何晖,2017.企业上市与企业创新--基于中国企业专利申请的研究[J].金融研究,(5):160-175.
张丽英,2013.技术并购与技术创新[J].技术经济与管理研究,(3):25-29.
张庆君、李萌,2018.金融错配、企业资本结构与非效率投资[J].金融论坛,(12):21-36.
张学勇、柳依依、罗丹等,2017.创新能力对上市公司并购业绩的影响[J].金融研究,(3):159-175.
赵昌文,2009.科技金融[M].北京:科学出版社.
周城雄、赵兰香、李美桂,2016.中国企业创新与并购关系的实证分析--基于34个行业2436个上市公司的实证分析[J].科学学研究,(10):1569-1575,1600.
Ang,J.S.,and Wu,C.P.,2012.The Role of Technological Synergy in Mergers and Acquisitions[J/OL].https://ssrn.com/abstract=2024805 or http://dx.doi.org/10.2139/ssrn.2024805.
Ansoff,I.,1965.Corporate Strategy:An Analytical Approach to Business Policy for Growth and Expansion[M].New York:McGraw Hill.
Bena,J.,and Kai,L.,2014.Corporate Innovations and Mergers and Acquisitions[J].Journal of Finance,69(5):1923-1960.
Block,J.H.,2012.R&D Investments in Family and Founder Firms:An Agency Perspective[J].Journal of Business Venturing,27(2):248-265.
Bronwyn,H.,and Jaffe,A.,2005.Trajtenberg M.Market Value and Patent Citations[J].RAND Journal of Economics,36(1):16-38.
Cefis,E.,and Marsili,O.,2015.Crossing the Innovation Threshold through Mergers and Acquisitions[J].Research Policy,44(3):698-710.
Chesbrough,H.W.,2003.A Better Way to Innovate[J].Harvard Business Review,81(7):12-13.
Claudio,M.,and Suarez,J.,2004.Business Creation and the Stock Market[J].Review of Economic Studies,71(2):459-481.
Cohen,W.M.,and Levinthal,D.A.,1989.Innovation and Learning:The Two Faces of R&D[J].The Economic Journal,(99):569-596.
Eberhart,A.C.,Maxwell,W.F.,and Akhtar,R.,2014.Siddique.An Examination of Long-Term Abnormal Stock Returns and Operating Performance Following R&D Increases[J].The Journal of Finance,59(2):625-650.
Eckbo,B.E.,and Langohr,H.,1989.Information Disclosure,Method of Payment,and Takeover Premiums:Public and Private Tender Offers in France[J].Journal of Financial Economics,24(2):363-403.
Hagedoorn,J.,and Duysters,G.,2002.The Effect of Mergers and Acquisitions on the Technological Performance of Companies in a High-tech Environment[J].Technology Analysis&Strategic Management,14(1):67-85.
Hayward,M.L.A.,and Hambrick,D.C.,1997.Explaining the Premiums Paid for Large acquisitions:Evidence of CEO Hubris[J].Administrative Science Quarterly,42(1):103-127.
Kochhar,R.,and David,P.,1996.Institutional Investors and Firm Innovation:A Test of Competing Hypotheses[J].Strategic Management Journal,17(1):73-84.
Laamanen,T.,2007.Research Notes and Commentaries on the Role of Acquisition Premium in Acquisition Research[J].Strategic Management Journal,(28):1359-1369.
Phillips,G.F.,and Zhdanov,A.,2013.R&D and the Incentives from Merger and Acquisition Activity[J].The review of Financial Studies,26(1):34-78.
Sevilir,M.,and Tian,X.,2012.Acquiring Innovation[J/OL].SSRN Electronic Journal.AFA 2012 Chicago Meetings Paper,https://ssrn.com/abstract=1731722
Slusky,A.R.,and Caves,R.E.,1991.Synergy,Agency,and the Determinants of Premia Paid in Mergers[J].The Journal of Industrial Economics,39(3):277-296.
Zhao,X.L.,2009.Technological Innovation and Acquisition[J].Management Science,55(7):1170-1183.