并购重组、研发投入与企业价值--基于内部控制、产权异质性的视角

M&A,R&D Investment and Enterprise Value--Based on the Perspective of Internal Control and the Heterogeneity of Property Rights

以2008—2019年我国A股上市公司数据为样本,实证分析并购重组、研发投入对企业价值的影响。研究发现:并购重组能够显著提升当期企业价值;研发投入越多,当期企业价值越高;研发投入越多的企业通过并购重组提升企业价值的幅度越大;分样本检验后发现,企业的内部控制越完善,通过并购重组、研发投入方式增加企业价值的可能性越大;与国有企业相比,并购重组和研发投入对企业价值的正向影响更容易在非国有企业中发挥作用;研发投入对并购重组与企业价值关系的正向影响仅在不存在内部控制缺陷的非国有企业中显著。

Using the data of A-share listed companies in China from 2008 to 2019 as a sample,this paper empirically analyzes the impact of mergers,acquisitions,and R&D investment on enterprise value.The research finds that mergers and acquisitions can significantly enhance the current enterprise value;The more investment in research and development,the higher the current enterprise value;The greater the R&D investment,the greater the range of enterprise value enhancement through mergers and acquisitions;After a sample by sample test,it was found that the more perfect the internal control of a company is,the greater the likelihood of increasing its value through mergers,acquisitions,and R&D investment.Compared with state-owned enterprises,the positive impact of mergers and acquisitions and R&D investment on enterprise value is more likely to play a role in non-state enterprises;The positive impact of R&D investment on the relationship between M&A and corporate value is only significant in non-state owned enterprises that do not have internal control deficiencies.