摘要
This study explores the effects of cross-border mergers & acquisitions (CBMA) on domestic innovation of Chinese firms. We build a new panel dataset that matches information on CBMA and innovation activities for China's publicly listed firms. We rely on matching techniques combined with a difference-in-differences estimator to study the causal effects of CBMA respectively on firms' investments in innovation, innovation outputs, and financial performance. The main findings reveal that CBMA has both a positive impact on firms' R&D spending and number of patent applications, no statistically significant effect on the number of granted patents or on the quality of those patents, and a negative effect on firms' financial performance. These results depend, however, on the type of CBMA (horizontal or vertical), destination country (OECD or non-OECD), and the technological intensity (high-tech or not) of the acquirer and target firm. Overall, the findings bring into question whether CBMAs, and China's going-out strategy, will significantly boost its indigenous innovation capabilities.
源语言 | 英语 |
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期刊 | China Economic Review |
卷 | 60 |
DOI | |
出版状态 | 已出版 - 2020 |
Project name
French region Ile de France (AMI program)Project sponsor
OtherProject No.
N/A关键词
- China
- Innovation
- Outward direct investment
- Patenting
成果物的来源
- ABDC-A
- Scopus
- SSCI
指纹
探究 'Going out to innovate more at home: Impacts of outward direct investments on Chinese firms' domestic innovation performance' 的科研主题。它们共同构成独一无二的指纹。引用此
Howell, A., Lin, J., & Worack, S. (2020). Going out to innovate more at home: Impacts of outward direct investments on Chinese firms' domestic innovation performance. China Economic Review, 60. https://doi.org/10.1016/j.chieco.2020.101404