Center for Industrial and Business Organization, Dongbei University of Finance and Economics, Dalian, Liaoning, China.
School of Economics and Management, Huaibei Normal University, Huaibei, Anhui, China.
PLoS One. 2024 Nov 27;19(11):e0309569. doi: 10.1371/journal.pone.0309569. eCollection 2024.
As an important means for enterprises to acquire technological resources, the impact of mergers and acquisitions on technological innovation and underlying mechanisms deserve in-depth study. Using the merger and acquisition data of A-share listed Chinese companies from 2007 to 2020 in Shanghai and Shenzhen, the causal effects and influence mechanisms between mergers and acquisitions and technological innovation are identified and tested using the Difference-in-Differences method. The study finds that mergers and acquisitions have a long-term, sustained, technological innovation-enhancing effect on firms. Mechanism tests show that mergers and acquisitions can promote the technological innovation of enterprises by improving production efficiency, enriching digital knowledge, and enhancing market power. A heterogeneity analysis shows that the effect of mergers and acquisitions in enhancing technological innovation is more significant when the mergers and acquisitions meet domestic merger and acquisition requirements, when there is a small transaction size, and when the enterprises involved in the mergers and acquisitions are not state-owned. It is suggested that enterprises and the government should use multiple measures, while considering the impact of heterogeneity, to take full advantage of the positive effects of mergers and acquisitions on technological innovation.
作为企业获取技术资源的重要手段，并购对技术创新的影响及其作用机制值得深入研究。利用 2007-2020 年沪深 A 股上市公司的并购数据，采用双重差分法识别并检验了并购与技术创新之间的因果关系及其影响机制。研究发现，并购对企业具有长期、持续的技术创新促进作用。机制检验表明，并购可以通过提高生产效率、丰富数字知识和增强市场势力来促进企业的技术创新。异质性分析表明，当并购符合国内并购要求、交易规模较小时，以及参与并购的企业不是国有企业时，并购对技术创新的促进作用更为显著。因此，建议企业和政府应采取多种措施，同时考虑异质性的影响，充分利用并购对技术创新的积极影响。
