Stock Market Valuation, Profitability and R&D Spending of the Firm: The Effect of Technology Mergers and Acquisitions
研究技术并购能否增强企业研发支出对当前市场价值和未来盈利能力的影响，发现技术企业并购另一技术企业时，研发支出对股价的正面效应显著提升。
Abstract: In this paper, we investigate whether a firm can enhance the effect of its R&D spending on its current market value and future profitability through technology‐oriented M&As. On the basis of an analysis of 1,879 M&As, we find that when a technology firm acquires another technology firm, the magnitude of the stock price response to the R&D spending of an acquirer increases by 107% in the year of the M&A. In contrast, we find no such increase in the stock price response to the R&D spending of a non‐technology acquirer. We also find that technology acquirers are more successful in converting their R&D spending into positive future profitability than non‐technology acquirers. Our results are robust for different alternative specifications of our model and when various firm differences are controlled for.