Are acquisitions a poison pill for innovation?
研究了收购活动如何损害美国企业的创新能力，发现收购后企业研发投入和专利数量减少，但合理规划可弥补负面影响。
Executive Overview The recent wave of acquisition activity may be damaging the innovative capabilities of American firms, thus making them less competitive in the global marketplace. In fact, acquisitions often serve as a substitute for innovation, which may cause further neglect of internal research and development (R&D) programs. Additionally, acquisitions often lead to increases in leverage, diversification, and absorb significant amounts of executive time, which may lead to reduced managerial commitment to innovation. In this article, evidence is presented suggesting that acquisition activity may result in reductions in R&D inputs and outputs. On average, the 191 firms in the sample reduced their allocations to R&D relative to their competitors following acquisitions. Furthermore, the firms also experienced reductions in the number of patents. Implications from this evidence are offered for executives and acquisition strategies. Specifically, based on our results, we propose that firms can compensate for the negative effects of acquisitions. Moreover, acquisitions, when properly planned and targeted, may enhance or complement a firm's innovation processes. Firms should search for acquisitions that complement R&D projects, facilitate product commercialization and/or enhance their core competences.