专利信息的获取是否有助于技术收购?来自专利图书馆开放的证据

IF 4.9 2区 管理学 Q1 BUSINESS, FINANCE
CONNIE X. MAO, YUERU QIN, XUAN TIAN, CHI ZHANG
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引用次数: 0

摘要

技术收购方在确定合适的收购目标时面临着严重的信息不对称问题。我们利用了专利库开放导致的技术信息收集成本的看似外生的变化。我们发现,当地专利库开放后,企业在技术并购方面变得更加积极,并购者更倾向于选择地理位置或技术距离较近的目标,技术并购的完成率提高,绩效改善。并购后的创新产出通过并购方与目标公司的发明人之间更多的合作而得到提高。总之,我们的研究为企业收购中信息收集成本的重要性以及寻求人力资本协同效应提供了新的启示。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Does Access to Patent Information Help Technological Acquisitions? Evidence from Patent Library Openings
Technology acquirers face significant information asymmetry when identifying appropriate acquisition targets. We exploit plausibly exogenous variation in the costs of gathering technological information as the result of patent library openings. We find that, after local patent libraries open, firms become more active in technological acquisitions, acquirers prefer targets that are geographically or technologically close to a lesser extent, completion rates for technology M&A increase, and performance improves. Post-merger innovation output is enhanced through more collaboration between inventors of acquirers and their targets. Overall, our study sheds new light on the importance of information-gathering costs in corporate takeovers and on the search for human capital synergies.
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来源期刊
Journal of Accounting Research
Journal of Accounting Research BUSINESS, FINANCE-
CiteScore
7.80
自引率
6.80%
发文量
53
期刊介绍: The Journal of Accounting Research is a general-interest accounting journal. It publishes original research in all areas of accounting and related fields that utilizes tools from basic disciplines such as economics, statistics, psychology, and sociology. This research typically uses analytical, empirical archival, experimental, and field study methods and addresses economic questions, external and internal, in accounting, auditing, disclosure, financial reporting, taxation, and information as well as related fields such as corporate finance, investments, capital markets, law, contracting, and information economics.
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