股权并购与目标企业创新产出关系研究——以科技类上市企业为例

将股权并购分为股权转让和增资扩股两种形式，据此分析股权并购对目标企业创新活动的融资作用。基于我国中小板与创业板科技类上市企业并购数据，以专利申请数作为创新产出的代理变量，实证发现增资扩股形式的股权并购能够通过现金转移为目标企业创新活动提供融资渠道从而提高其创新产出。在内生性问题检验中，通过采用倾向性评分匹配技术验证了该结果的稳健性。

Research on the Relationship between Equity Mergers and Acquisitions and the Innovation Output of Target Enterprises

This paper divides equity mergers and acquisitions into two types: equity transfer and capital increase with share expansion,so as to study the financing effect of equity mergers and acquisitions on the target enterprises' innovation activities. Based on the M&A data of technology companies listed in SME board and GEM,this paper takes the number of patent applications as the proxy variable of innovation output and empirically finds that the equity mergers and acquisitions in the form of capital increase with share expansion can finance the innovation activities of the target enterprises through cash transfers and finally improve their innovation performance. In addition,in the test of endogenous problems,the robustness of the results is verified by the use of propensity score matching techniques.