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| Can M&A Improve Innovation |
| Zhang Chen1,Wan Xiangyu1,2 |
| (1.University of Chinese Academy of Social Sciences(Graduate School) ；2.Institute of Quantitative&Technical Economics， Chinese Academy of Social Sciences ，Beijing 102488,China) |
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Abstract According to the organizational learning theory,companies with strong absorptive ability can achieve full learning and absorption of the target company's resources and improve the efficiency of innovation.In addition,the financial ability of the company also significantly affects the innovation activities after M&A.Based on the above theories,this paper conducted an empirical test on the relationship between M&A behaviors and the innovation activities of the acquitter.Taking 163 M&A of listed companies in high-tech industries from 2011 to 2015 as research samples,this paper adopted the tendency score method to overcome endogenous problems.The empirical study finds that: M&A will significantly reduce the innovation input of the acquirer in the following year,and the innovation efficiency will significantly decrease in the following two years after the completion of M&A.The larger the scale of knowledge reserve,the less innovation input,but the higher the innovation efficiency.Knowledge reserve concentration indirectly affect innovation efficiency by acting on that relationship between knowledge reserve scale and M&A effect.In addition,acquirer with high debt level will reduce their innovation input more,and high debt growth rate will increase their innovation input,both of which will significantly reduce the innovation efficiency.
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Received: 25 March 2019
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