Is acquisition‐related foreign direct investment during an economic crisis detrimental for domestic innovation?
研究了经济危机期间并购型外商直接投资对目标企业研发投入和创新方向的影响，发现危机期间被收购的企业研发下降幅度小于繁荣期，且只有融资充足的企业能利用这一机会。
Abstract We study how acquisition‐related foreign direct investment during economic crises affects R&D investments and the direction of innovation of target firms, compared with acquisitions made during periods of strong economic growth. Using a panel of Spanish firms, we find that foreign multinationals cherry‐pick the best domestic firms, irrespective of the timing of acquisition. Using matching and difference‐in‐differences regressions, we find that firms acquired during economic crises experience smaller declines in R&D than those acquired during boom periods. Our results are consistent with the opportunity cost theory of R&D over the business cycle: during recessions, the relative cost of R&D falls, incentivizing innovation, particularly in new product development. However, only firms with sufficient access to finance can capitalize on these conditions. Our results suggest that acquisitions can ease financial constraints at a critical time, enabling target firms to sustain or redirect innovation efforts when incentives are most favorable.