科技类并购、溢价决策与全要素生产率

Technology M&A, Premium Decision and Total Factor Productivity

以1998—2017年间中国上市公司并购项目为研究样本,运用OLS回归方法,分别考察了科技类并购、并购标的规模以及主并购方科技属性对并购溢价的影响。研究表明:科技类并购会显著提高并购溢价,而并购标的规模的增加会显著降低并购溢价;当主并购方为科技类企业时,科技类并购与并购溢价之间的正相关关系会进一步加强,而并购标的规模与并购溢价之间的负相关关系会受到抑制。进一步研究发现:科技类并购会显著降低主并购方的全要素生产率,但并购标的规模对主并购方全要素生产率的影响并不显著;当主购方为科技类企业时,科技类并购能显著提高主并购方的全要素生产率,且能显著缓解并购标的规模对主并购方全要素生产率的抑制作用。

Taking the M&A projects of Chinese listed companies from 1998 to 2017as research samples,this paper employs the OLS regression method to examine respectively the impact of technology M&A,the size of M&A objects and the technology attributes of the major M&A party on M&A premium.The findings show that technology mergers and acquisitions will significantly increase the M&A premium,while the increase in the size of the M&A object will significantly reduce the M&A premium;when the major M&A party is a technology-based enterprise,the positive correlation between technology M&A and M&A premium will be further strengthened,while the negative correlation between the size of the M&A object and the M&A premium will be suppressed.Further research finds out that technology mergers and acquisitions will significantly reduce the total factor productivity of the major M&A party,but the impact of the size of the M&A object on the total factor productivity of the major M&A party is not significant;when the main purchaser is a technology-based enterprise,technology.M&A can not only significantly improve the total factor productivity of the major M&A party,but also significantly alleviate the inhibition of the size of the M&A object on the total factor productivity of the main acquirer.