科技管理研究
科技管理研究
과기관리연구
SCIENCE AND TECHNOLOGY MANAGEMENT RESEARCH
2015年
6期
11-16
,共6页
并购活动%创新产出%机构持股%专利权%累计超额收益
併購活動%創新產齣%機構持股%專利權%纍計超額收益
병구활동%창신산출%궤구지고%전리권%루계초액수익
M&A activity%innovation output%institutional ownership%patent%CAR
通过研究成功的并购企业与失败的并购企业的创新产出来验证并购活动与创新激励的因果关系。另外，企业的财务状况也会影响企业的并购成败，成功的并购企业在宣告日期间能够获得正的累计超额收益。综上证明并购活动成败对提升企业创新能力有着重要的影响。
通過研究成功的併購企業與失敗的併購企業的創新產齣來驗證併購活動與創新激勵的因果關繫。另外，企業的財務狀況也會影響企業的併購成敗，成功的併購企業在宣告日期間能夠穫得正的纍計超額收益。綜上證明併購活動成敗對提升企業創新能力有著重要的影響。
통과연구성공적병구기업여실패적병구기업적창신산출래험증병구활동여창신격려적인과관계。령외，기업적재무상황야회영향기업적병구성패，성공적병구기업재선고일기간능구획득정적루계초액수익。종상증명병구활동성패대제승기업창신능력유착중요적영향。
The essay analyzes the innovation output of successful and failed merged firms to verify the causality between M&A activity and a firm’s innovation incentives.Moreover,we find that the firm’s success or failure in M&A activity is influenced by its financial situation,and the successful merged firms have positive CARs around the announcement date. Overall,the essay proves that the success or failure in M&A activity has an important influence on the firm’s innovation output.
