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| Cross Broad Merger and Innovation of Acquiring Firms |
| XIAN Guoming, MING Xiunan
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Center for Transnationals Studies,Nankai University;
Yunnan University of Finance and Economics |
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Abstract Cross-border acquisitions constitute the main form of Chinese OFDI, Using the patent applications data of A-share listed companies from 2008 to 2015, this paper provides empirical evidence on the relationship between cross-border acquisitions and innovation activities of the acquirer. To account for the possibility that performance differences arise due to the selection, we uses a nonlinear difference-in-differences approach combined with propensity score matching to create an appropriate control group of firms. The results indicate a considerable increase in post-acquisition innovation in the acquirer, and the effect is lasting but declining year by year. Moreover, we also find that the number of the invention and utility patent application increases significantly in those firms after the acquisition. Which means that the acquirer firms pursue the quality of innovation instead of its numbers.
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Received: 09 October 2017
Published: 01 November 2018
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