Innovation Activities and Integration through Vertical Acquisitions
利用产品文本与投入产出表词汇的匹配，研究发现研发密集型企业不易成为纵向收购目标，而拥有专利的企业更易被纵向相关买家收购，且专利在买家面临更高敲竹杠风险时作用更显著。
Abstract We examine the determinants of vertical acquisitions using product text linked to product vocabulary from input-output tables. We find that the innovation stage is important in understanding vertical integration. R&D-intensive firms are less likely to become targets of vertical acquisitions. In contrast, firms with patented innovation are more likely to sell to vertically related buyers. Firms’ R&D intensity is a more important deterrent to their vertical acquisitions when the provision of innovation incentives by potential acquirers is more difficult. The role of patents in fostering vertical acquisitions is more prevalent when potential buyers face a higher risk of holdup.