并购动因、融资决策与主并方创新产出

The Motivation of M&As,Financing Decision and Acquirer’s Innovation Output

在中国经济进入"新常态"的大背景下,企业的创新发展至关重要。并购是企业获取创新能力的重要途径,通过分析不同并购动因对创新产出的影响将有助于企业发挥并购对创新的推动作用。本文将创新作为并购的重要动因之一,以2012-2015年我国沪深两市并购事件为研究样本,实证验证了并购动因与主并方创新产出之间的关系,并分析了并购融资决策对并购动因与主并方创新产出关系的调节作用。其中融资决策包括股票和现金两种支付方式的选择,以及现金支付方式下三类融资方式的选择。本文发现:不同并购动因对主并方创新产出具有差异化影响,创新动因的并购对主并方创新产出的促进作用更为明显,但这种作用具有时滞性;当并购价款以现金支付时,创新动因对主并方创新产出的积极作用更为明显;并且在现金支付下,当现金通过发行股票筹集时,对创新动因与主并方创新产出的关系具有最积极的促进作用。

Under the background of the"New normal"of China’s economy and the transition of enterprise development to innovation-motivated model,innovative development is crucial to companies.M&A is an important way for companies to acquire innovation capability,but there is little evidence on how different motivations of M&As will affect acquirer’s innovation output.We analyze the relationship between motivations of M&As and acquirer’s innovation output,and give empirical evidence on the moderate effects of financing decision.The financing decisions include choice from cash or stock payment method,and also choice from three financing methods based on cash payment.This paper uses M&As events happened during 2012-2015 and launched by companies listed in Shanghai or Shenzhen stock exchanges as our sample.We find that:(1)innovation-motivated M&As have a positive effect on acquirer’s innovation output,but time delay exists;(2)as a moderator,cash payment is superior to equity payment;(3)and under the method of cash payment,stock financing is better than internal cash financing and debt financing.