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Persistent Research on the Impact of M&A on Innovation Investment: the Type of Mergers and Acquisitions and the Characteristics of the Main Enterprise |
Wang Xinhong,Zhang Zhuanjun |
(School of Management, Xi'an University of Science and Technology, Xi'an 710054,China) |
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Abstract Based on the data of China's A-share listed companies in 2013to 2017,starting from the two aspects of innovative capital investment and personnel investment,through comparative research and regression analysis,this paper discusses the relationship between M&A behavior and M&A types and innovation input,as well as the adjustment effect of M&A nature and industry nature on M&A innovation effects.Research shows:mergers and acquisitions contribute to the improvement of the level of innovation investment,and this positive effect is sustainable.Among them,horizontal mergers and acquisitions are significantly positively correlated with innovation investment,while vertical mergers and acquisitions and diversified mergers and acquisitions are not significant.Further research has found that the nature of the main business and the nature of the industry have a significant regulatory effect on the innovation effect of mergers and acquisitions.The specific performance is:The horizontal mergers and acquisitions of non-state-owned enterprises can significantly promote the innovation investment of enterprises,while the innovation effect of state-owned enterprises' mergers and acquisitions is not significant;The horizontal mergers and acquisitions of high-tech enterprises can significantly promote the innovation investment of enterprises,while the innovation effect of non-high-tech enterprises mergers and acquisitions is not significant.The research conclusions enrich the related research on the innovation effect of mergers and acquisitions,and provide a certain practical basis for domestic M&A behavior.
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Received: 17 December 2018
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