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| Research on the Relationship between Equity Mergers and Acquisitions and the Innovation Output of Target Enterprises |
| Zhong Yonghong,Zeng Yihang |
| (School of Economics and Commerce,South China University of Technology,Guangzhou 510006,China) |
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Abstract This paper divides equity mergers and acquisitions into two types: equity transfer and capital increase with share expansion,so as to study the financing effect of equity mergers and acquisitions on the target enterprises' innovation activities. Based on the M&A data of technology companies listed in SME board and GEM,this paper takes the number of patent applications as the proxy variable of innovation output and empirically finds that the equity mergers and acquisitions in the form of capital increase with share expansion can finance the innovation activities of the target enterprises through cash transfers and finally improve their innovation performance. In addition,in the test of endogenous problems,the robustness of the results is verified by the use of propensity score matching techniques.
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Received: 29 October 2019
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