资本市场支持创新吗--基于我国A股市场并购交易的实证分析
首发时间:2018-10-17
摘要:创新是现代经济增长的动力,越来越多具有创新能力的企业进入资本市场并进行并购交易,那么,资本市场能够反映和支持企业的创新能力吗?本文以并购溢价和并购企业短期超额收益作为企业创新能力市场表现的指标,以中国A股市场的2143件并购交易为样本进行检验。结果表明,通过并购交易,有创新能力的目标企业能够获得相应的并购溢价,并购企业获得相应的短期超额收益。进一步地,目标企业创新能力水平越高,并购溢价越显著。因此,资本市场能够对创新做出积极评价,为创新提供激励和支持,建立健全资本市场有助于实施创新驱动战略。
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Does the Capital Market Support Innovation?--An Empirical Analysis Based on M&A Events of A-share Listed Companies
Abstract:Innovation is the driving force of modern economic growth. More and more innovative companies enter the capital market and participate in M&A transactions. However, can the capital market reflect and support the corporate innovation? In this paper, M&A premiums and the short-term abnormal returns are taken as indicators of the market performance of the corporate innovation. And then it employed 2143 M&A events of Chinese A-share listed companies to test. The results showed that target companies with innovation can obtain M&A premiums through transactions, and acquirers receive corresponding short-term abnormal returns either. Further, the higher the level of target\'s innovation is, the more significant the M&A premium is. The paper found that the capital market can positively evaluate innovation. It also incentives and supports for innovation. Therefore, improving the capital market can contribute to the implementation of innovation-driven development strategy.
Keywords: innovation capital market M&A premium short-term abnormal return
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资本市场支持创新吗--基于我国A股市场并购交易的实证分析
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