Wu Niannian, Guo Furong, Wang Bingxia
School of Accounting, Chongqing Technology and Business University, Chongqing, China.
Institute of Mathematical Sciences, Faculty of Science, University of Malaya, Kuala Lumpur, Malaysia.
PLoS One. 2025 May 28;20(5):e0324025. doi: 10.1371/journal.pone.0324025. eCollection 2025.
Using data from Chinese A-share listed state-owned enterprises (SOEs) between 2007 and 2019, we examine how mergers and acquisitions (M&As) affect SOE innovation through patent outputs, with a focus on mixed-ownership M&As where SOEs acquire private firms. Our results show that while M&As generally enhance SOE innovation through increased patent applications, mixed-ownership M&As demonstrate significantly stronger positive effects compared to SOE-to-SOE M&As. This enhancement is most notable when control rights are transferred, when acquiring SOEs possess high R&D investment but lower production efficiency, and in regions with less developed markets. The primary mechanism appears to be improved corporate governance through increased private shareholder involvement in strategic decision-making. These findings advance our understanding of how ownership differences influence innovation in M&As while providing practical guidance for SOE reform policies in China and similar emerging economies.
利用2007年至2019年间中国A股上市国有企业（SOE）的数据，我们研究了并购（M&A）如何通过专利产出影响国有企业创新，重点关注国有企业收购民营企业的混合所有制并购。我们的结果表明，虽然并购通常通过增加专利申请来增强国有企业创新，但与国有企业之间的并购相比，混合所有制并购显示出显著更强的积极影响。当控制权转移、收购国有企业拥有高研发投资但生产效率较低时，以及在市场不太发达的地区，这种增强最为明显。主要机制似乎是通过增加私人股东对战略决策的参与来改善公司治理。这些发现推进了我们对所有权差异如何影响并购创新的理解，同时为中国和类似新兴经济体的国有企业改革政策提供了实践指导。
