创新驱动视角下资本投入对并购绩效的影响

A Study on the Impact of Capital Input on M&A Performance from the Perspective of Innovation-Driven

以2010年、2011年进行并购交易的178家高新技术上市企业为样本,就主并企业创新资本对并购绩效的影响进行实证研究。研究结果表明:主并企业并购当年的创新资本对并购绩效存在显著的、期限性的正向作用,且作用趋势呈倒微笑曲线;主并企业并购当年的创新资本对各年并购绩效的正向作用随着并购绩效水平的提高而增强,且并购当年绩效越好的企业其创新资本对并购绩效的作用期限越长。

Taking 178 high-tech listed companies that accomplished M＆A transactions during 2010 and 2011 as the sample, the paper made an empirical study on the impact of the leading acquirers＇ innovation capital on M＆A performance. The result shows as follows： the leading acquirers＇ innovation capital in M＆A year has a significant, time limited and positive effect on M＆A performance,and the influence trend is like an inverted smile curve; the leading acquirers＇ innovation capital in M＆A year positively effects on each year M＆A performance, and the effect becomes stronger and longer as the M＆A performance improved.