并购重组事件是否提升上市公司科技创新?

Can M&A Activities Improve Scientific Innovations by Listed Companies?

本文以2008年至2015年的上市公司并购重组统计数据为基础,以并购重组事件中的目标公司作为研究对象,以研发投入、研发投入占比、专利申请数、发明专利申请数、研发人员数和研发人员占比等六个变量建立了科技创新衡量指标体系,以行业市场竞争度和研发人员参股作为虚拟变量,并以实验组与对照组对比研究了并购重组事件对我国上市公司科技创新水平的影响。结果显示,并购重组能够促进企业科技创新水平;并购重组过程中研发人员参股能够促进企业科技创新水平;并购重组后行业科技创新水平得到显著提升。

Based on the statistical data on M&A activities related to listed companies from 2008 to 2015, with the target companies as the research subjects and on basis of six variables(namely, investments in R&D, the proportion of such investments, the number of patent applications and invention patent applications as well as the number of research personnel and their proportion in the staff), the article establishes a scientific innovation measurement indicators system. With the degree of competition in the industry and the equity holding of research personnel as virtual variables, the article compares the data of the experiment group and control group and researches the influence of M&A activities on the scientific innovations of Chinese listed companies. The research shows that M&A activities can enhance the scientific innovations of companies; during the process of M&A activities, equity holding of research personnel can improve the scientific innovations of companies; and after the M&A activities, the scientific innovations of companies improve significantly.