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.
引文
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