数字并购的创新效应：来自中国的证据

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2024-09-21 DOI:10.1016/j.irfa.2024.103595

{"title":"数字并购的创新效应：来自中国的证据","authors":"","doi":"10.1016/j.irfa.2024.103595","DOIUrl":null,"url":null,"abstract":"<div><div>Digital mergers and acquisitions (M&As) have gained global momentum. However, whether digital M&As can effectively stimulate corporate innovation awaits further research. This paper evaluates the causal effect of digital M&As on corporate innovation using data from digital M&As and patents of Chinese A-share listed companies. Our findings indicate that digital M&As significantly promote the quantity and quality of acquirers' innovation, which still holds after various robustness tests and exhibits heterogeneity in different dimensions such as transactions, acquirers, and targets. Mechanism tests further reveal that knowledge synergy, financial synergy, and human capital structure upgrading are critical channels through which digital M&As promote the acquirers' innovation.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":null,"pages":null},"PeriodicalIF":7.5000,"publicationDate":"2024-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"The innovation effect of digital M&As: Evidence from China\",\"authors\":\"\",\"doi\":\"10.1016/j.irfa.2024.103595\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>Digital mergers and acquisitions (M&As) have gained global momentum. However, whether digital M&As can effectively stimulate corporate innovation awaits further research. This paper evaluates the causal effect of digital M&As on corporate innovation using data from digital M&As and patents of Chinese A-share listed companies. Our findings indicate that digital M&As significantly promote the quantity and quality of acquirers' innovation, which still holds after various robustness tests and exhibits heterogeneity in different dimensions such as transactions, acquirers, and targets. Mechanism tests further reveal that knowledge synergy, financial synergy, and human capital structure upgrading are critical channels through which digital M&As promote the acquirers' innovation.</div></div>\",\"PeriodicalId\":48226,\"journal\":{\"name\":\"International Review of Financial Analysis\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":7.5000,\"publicationDate\":\"2024-09-21\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"International Review of Financial Analysis\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1057521924005271\",\"RegionNum\":1,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Review of Financial Analysis","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1057521924005271","RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 0

摘要

数字化并购（M&As）在全球范围内发展势头迅猛。然而，数字化并购是否能有效刺激企业创新还有待进一步研究。本文利用中国A股上市公司的数字并购数据和专利数据，评估了数字并购对企业创新的因果效应。我们的研究结果表明，数字并购显著促进了收购方创新的数量和质量，经过各种稳健性检验后，这一结论仍然成立，并且在交易、收购方和目标等不同维度上表现出异质性。机制检验进一步揭示，知识协同、财务协同和人力资本结构升级是数字并购促进收购方创新的关键渠道。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

The innovation effect of digital M&As: Evidence from China

Digital mergers and acquisitions (M&As) have gained global momentum. However, whether digital M&As can effectively stimulate corporate innovation awaits further research. This paper evaluates the causal effect of digital M&As on corporate innovation using data from digital M&As and patents of Chinese A-share listed companies. Our findings indicate that digital M&As significantly promote the quantity and quality of acquirers' innovation, which still holds after various robustness tests and exhibits heterogeneity in different dimensions such as transactions, acquirers, and targets. Mechanism tests further reveal that knowledge synergy, financial synergy, and human capital structure upgrading are critical channels through which digital M&As promote the acquirers' innovation.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.