Summary:
Green and low-carbon technological innovation is an important driving force for new quality productivity, and its market value not only acts as a key verification mechanism for economic transformation, but also continuously provides feedback and impetus for technological iteration. Non-listed enterprises are the main body of China's green and low-carbon technological innovation, but they face difficulties in discovering the value of R&D results and capital conversion due to the lack of a public market valuation system. Therefore, based on the unique perspective of green and low-carbon technology M&As for non-listed enterprises, this article provides empirical evidence for the relevant research on the discovery of technological innovation value in non-listed enterprises. To accurately evaluate the market value of green and low-carbon technological innovation in non-listed enterprises, M&As of non-listed enterprises by listed companies as buyers is an ideal research scenario. Combined with open innovation theory and signaling theory, M&A is an important way for listed enterprises to quickly make up for the shortcomings of green and low-carbon technology capabilities, which can significantly reduce the uncertainty and sunk costs of innovation, enhance their competitiveness and market confidence, transmit sustainable development signals to other stakeholders, enhance investors' confidence, and ultimately have a positive impact on market value. Therefore, this article analyzes the market premium through the regression of the target company's green and low-carbon technological innovation on the CAR of the acquiring company. This article selects successful M&A events for non-listed companies initiated by Shanghai and Shenzhen A-share listed companies in 2013-2022 as the initial sample. The information of M&A events, stock returns of listed companies and financial data are all from the CSMAR database, and the industrial and commercial information and patent data of both M&A parties are respectively from Qichacha database and the patent retrieval system of the China National Intellectual Property Administration. The research results indicate that there is a significant market premium for green and low-carbon technological innovation in non-listed enterprises, with clean energy patents being particularly prominent. Further analysis based on the dual heterogeneity of M&A entities and transaction types reveals that vertical M&As with large state-owned enterprises with a strong R&D foundation but a green technology gap as buyers exhibit higher premiums. In the long run, technology M&A triggers dynamic innovation synergy, resulting in long-term growth of green and low-carbon technology patent output and total factor productivity of the acquiring companies, demonstrating the dynamic value-added effect of knowledge transfer. Based on the research findings, this article proposes the following policy recommendations. Firstly, strengthen the deep integration of the innovation chain and industrial chain of green and low-carbon technologies, especially clean energy technologies. Secondly, through vertical integration, strengthen the industrial chain synergy of green and low-carbon technologies. Thirdly, improve the incentive mechanism for knowledge transfer and strengthen the dynamic innovation synergy effect of technology M&As. The marginal contribution of this article is mainly reflected in the following aspects. Firstly, starting from the M&A scenario, this article extends the price discovery function of green finance to the market value evaluation of green and low-carbon technological innovation of non-listed enterprises. Secondly, this article systematically reveals the boundary conditions and path selection of the market premium of the green and low-carbon technological innovation from the perspective of the dual heterogeneity of M&A entities and transaction types, enriching the research on the influencing factors of the realization of technological innovation value. Thirdly, this article further approaches from the perspective of dynamic innovation collaboration, revealing how green technology M&As can achieve economic value transformation by improving patent output and production efficiency, elucidating the inherent mechanism of this market value realization, and deepening the understanding of the dynamic value-added effect in the process of green technology knowledge transfer. The current analysis still has room for further extension. For example, we can further explore the mechanism of the synergistic effect of green and low-carbon technological innovation, and reveal the transmission mechanism of knowledge transfer and resource restructuring. In addition, in the future, attention can be paid to other technology trading models, such as strategic alliances and technology licensing, to build a more comprehensive framework for discovering the value of green and low-carbon technological innovation.
陈思翀, 魏筱, 余明桂. 非上市企业的绿色低碳技术创新价值——技术并购中的市场溢价与创新协同[J]. 金融研究, 2026, 547(1): 113-131.
CHEN Sichong, WEI Xiao, YU Minggui. The Value of Green and Low-carbon Technological Innovation for Non-listed Enterprises: Market Premium and Innovation Synergy in Technology M&As. Journal of Financial Research, 2026, 547(1): 113-131.
Arora, A., W. Cohen, H. Lee and D. Sebastian, 2023, “Invention Value, Inventive Capability and the Large Firm Advantage”, Research Policy, 52(1), 104650.
[27]
Bena, J. and K. Li, 2014, “Corporate innovations and mergers and acquisitions”, The Journal of Finance, 69(5), pp.1923～1960.
[28]
Bos, B., D. Faems and F. Noseleit, 2017, “Alliance Concentration in Multinational Companies: Examining Alliance Portfolios, Firm Structure, and Firm Performance”, Strategic Management Journal, 38(11), pp.2298～2309.
[29]
Colombo, M. G. and L. Rabbiosi, 2014, “Technological Similarity, Post-acquisition R＆D Reorganization, and Innovation Performance in Horizontal Acquisitions”, Research Policy, 43(6), pp.1039～1054.
[30]
Chen, M. A., Q. Wu and B. Yang, 2019, “How Valuable is FinTech Innovation？”, The Review of Financial Studies, 32(5), pp.2062～2106.
[31]
Cefis, E., O. Marsili and D. Rigamonti, 2020, “In and out of Balance: Industry Relatedness, Learning Capabilities and Post-acquisition Innovative Performance”, Journal of Management Studies, 57(2), pp.210～245.
[32]
Cohen, W. M. and D. A. Levinthal,1990, “Absorptive Capacity: A New Perspective on Learning and Innovation”, Administrative science quarterly, 35(1), pp.128-152.
[33]
Fusillo, F., 2023, “Green Technologies and Diversity in the Knowledge Search and Output Phases: Evidence from European Patents”, Research Policy, 52(4), 104727.
[34]
Han, P, C. Liu and X. Tian,2025, “Does Trading Spur Specialization？ Evidence From Patenting”, Management Science.
[35]
Jia, P., K. Li and S. Shao, 2018, “Choice of Technological Change for China's Low-carbon Development:Evidence from Three Urban Agglomerations”, Journal of Environmental Management, 206, pp.1308～1319.
[36]
Kogan, L., D. Papanikolaou, A. Seru and N. Stoffman, 2017, “Technological Innovation, Resource Allocation, and Growth”, The Quarterly Journal of Economics, 132(2), pp.665～712.
[37]
Kuusela, P., T. Keil and M. Maula, 2017, “Driven by Aspirations, But in What Direction？ Performance Shortfalls, Slack Resources, and Resource‐consuming vs. Resource‐freeing Organizational Change”, Strategic Management Journal, 38(5), pp.1101～1120.
[38]
Kuhn, J. M. and N. C. Thompson, 2019, “How to Measure and Draw Causal Inferences With Patent Scope”, International Journal of the Economics of Business, 26(1), pp.5～38.
[39]
Kim, J. and K.Valentine, 2023, “Public Firm Disclosures and the Market for Innovation”, Journal of Accounting and Economics, 76(1), 101577.
[40]
Makri, M., M. A. Hitt and P. J. Lane, 2010, “Complementary Technologies, Knowledge Relatedness, and Invention Outcomes in High Technology Mergers and Acquisitions”, Strategic management journal, 31(6), pp.602～628.
[41]
Sears, J. and G. Hoetker, 2014, “Technological Overlap, Technological Capabilities, and Resource Recombination in Technological Acquisitions”, Strategic Management Journal, 35(1), pp.48～67.
[42]
Sevilir, M. and X. Tian, 2012, “Acquiring Innovation”, In AFA 2012 Chicago Meetings Paper.
[43]
Szücs, F., 2014, “M＆A and R＆D: Asymmetric Effects on Acquirers and Targets？”, Research Policy, 43(7), pp.1264～1273.
[44]
Schankerman, M. and F.Schuett, 2022, “Patent Screening, Innovation, and Welfare”, The Review of Economic Studies, 89(4),pp. 2101～2148.
