并购能够提高创新性么

根据组织学习理论，具备较强吸收能力的企业能够充分学习与吸收目标公司资源、提高创新效率，同时，企业财务能力显著影响并购后的创新活动。基于上述理论，针对并购行为与创新活动的关系，以2011-2015年163起高新技术产业上市公司并购事件为研究样本，采用倾向得分法进行实证检验。研究发现：并购行为会显著降低并购方随后1年的创新投入，并购完成后第2年的创新效率出现明显下降；知识储备规模越大的并购者，创新投入减少越多，创新效率越高；知识集中度通过作用于知识储备规模与并购效应关系，间接正向影响创新效率。另外，并购者负债水平越高，创新投入减少越多，高负债增长率将导致创新投入增加，两者均会显著降低创新效率。

Can M&A Improve Innovation

According to the organizational learning theory,companies with strong absorptive ability can achieve full learning and absorption of the target company's resources and improve the efficiency of innovation.In addition,the financial ability of the company also significantly affects the innovation activities after M&A.Based on the above theories,this paper conducted an empirical test on the relationship between M&A behaviors and the innovation activities of the acquitter.Taking 163 M&A of listed companies in high-tech industries from 2011 to 2015 as research samples,this paper adopted the tendency score method to overcome endogenous problems.The empirical study finds that: M&A will significantly reduce the innovation input of the acquirer in the following year,and the innovation efficiency will significantly decrease in the following two years after the completion of M&A.The larger the scale of knowledge reserve,the less innovation input,but the higher the innovation efficiency.Knowledge reserve concentration indirectly affect innovation efficiency by acting on that relationship between knowledge reserve scale and M&A effect.In addition,acquirer with high debt level will reduce their innovation input more,and high debt growth rate will increase their innovation input,both of which will significantly reduce the innovation efficiency.