并购与创新：来自收购私营企业的证据

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance Pub Date : 2025-10-10 DOI:10.1016/j.jcorpfin.2025.102905

Siti Farida , Jana P. Fidrmuc , Chendi Zhang

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引用次数: 0

摘要

研究表明，与收购上市公司相比，收购私有公司更能提高收购公司专利的数量、质量和价值。私人目标收购还能显著促进更大的创新协同效应，增加发明人总数，并促进发明人之间的新合作。这些结果与收购方在识别创新私人目标方面的专业知识有关，在拥有突破性技术的行业中更为明显，并且不受拥有现有专利组合的目标的驱动。我们还发现，专利申请的增加解释了私人收购相对于公共目标收购的更高公告回报。总体而言，我们的研究结果强调了互补创新能力在推动价值创造方面的作用，通过将私人目标与上市收购方整合。

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M&As and innovation: Evidence from acquiring private firms

We show that acquisitions of private targets increase the quantity, quality, and value of the acquiring firms’ patents more than acquisitions of public targets. Private-target acquisitions also foster significantly greater innovation synergies, increase the total number of inventors, and promote new collaborations among inventors. These outcomes are associated with the acquirers’ expertise in identifying innovative private targets, are more pronounced in industries with breakthrough technologies, and are not driven by targets with existing patent portfolios. We also find that the patenting increases explain away the higher announcement returns for private versus public-target acquisitions. Overall, our results underscore the role of complementary innovation capabilities in driving value creation through the integration of private targets with publicly listed acquirers.

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来源期刊

Journal of Corporate Finance BUSINESS, FINANCE-

CiteScore

11.80

自引率

3.30%

发文量

期刊介绍： The Journal of Corporate Finance aims to publish high quality, original manuscripts that analyze issues related to corporate finance. Contributions can be of a theoretical, empirical, or clinical nature. Topical areas of interest include, but are not limited to: financial structure, payout policies, corporate restructuring, financial contracts, corporate governance arrangements, the economics of organizations, the influence of legal structures, and international financial management. Papers that apply asset pricing and microstructure analysis to corporate finance issues are also welcome.