|
|
|
| The Value of Green and Low-carbon Technological Innovation for Non-listed Enterprises: Market Premium and Innovation Synergy in Technology M&As |
| CHEN Sichong, WEI Xiao, YU Minggui
|
| School of Finance, Zhongnan University of Economics and Law |
|
|
|
Abstract 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.
|
|
Received: 29 May 2025
Published: 01 February 2026
|
|
|
|
|
| [1] |
陈爱贞和张鹏飞,2019,《并购模式与企业创新》,《中国工业经济》第12期,第115～133页。
|
| [2] |
陈喆和郑江淮,2022,《绿色技术创新能够促进地区经济高质量发展吗？——兼论环境政策的选择效应》,《当代经济科学》第4期,第43～58页。
|
| [3] |
程思佳、于立宏和陈辰,2024,《纵向并购对高新技术企业技术创新的影响研究》,《科研管理》第2期,第145～154页。
|
| [4] |
程新生和王向前,2023,《技术并购与再创新——来自中国上市公司的证据》,《中国工业经济》第4期,第156～173页。
|
| [5] |
陈海强、胡晓雪和李东旭,2024,《金融考核“绿色化”与污染企业绿色并购——基于信号效应的视角》,《金融研究》第2期,第131～148页。
|
| [6] |
冯启良、安琪和方炜,2024,《关键核心技术创新对企业市场价值的影响研究》,《科研管理》第10期,第24～33页。
|
| [7] |
胡晓明、赵东阳、孔玉生和赵弘,2013,《企业异质与可比公司赋权——基于并购的非上市公司估值模型构建与应用》,《会计研究》第11期,第53～59+96页。
|
| [8] |
黄勃、李海彤、刘俊岐和雷敬华,2023,《数字技术创新与中国企业高质量发展——来自企业数字专利的证据》,《经济研究》第3期,第97～115页。
|
| [9] |
郝项超、梁琪和李政,2018,《融资融券与企业创新:基于数量与质量视角的分析》,《经济研究》第6期,第127～141页。
|
| [10] |
鞠晓生、卢荻和虞义华,2013,《融资约束、营运资本管理与企业创新可持续性》,《经济研究》第1期,第4～16页。
|
| [11] |
李雅婷、张竹和武常岐,2023,《绿色创新能否助力中国企业跨国并购？:组织合法性视角》,《世界经济研究》第4期,第59～72+135页。
|
| [12] |
李黎明,2023,《专利价值研究的文献综述与未来展望》,《情报杂志》第2期,第166～174页。
|
| [13] |
李小克和李小平,2022,《中国全要素生产率演变的测度和多重效应分解:偏向性技术进步视角》,《经济研究》第4期,第191～208页。
|
| [14] |
孟庆斌、李昕宇和张鹏,2019,《员工持股计划能够促进企业创新吗？——基于企业员工视角的经验证据》,《管理世界》第11期,第209～228页。
|
| [15] |
潘越、林淑萍和张鹏东,2022,《专利提前公开的资本市场动因——基于企业被并购压力视角的研究》,《金融研究》第8期,第189～206页。
|
| [16] |
钱坤、张晓和黄忠全,2020,《交易情景下专利价值影响因素分析》,《科学学研究》第9期,第1608～1620页。
|
| [17] |
陶锋、朱盼、邱楚芝和王欣然,2023,《数字技术创新对企业市场价值的影响研究》,《数量经济技术经济研究》第5期,第68～91页。
|
| [18] |
吴育辉、田亚男、陈韫妍和徐倩,2022,《绿色债券发行的溢出效应、作用机理及绩效研究》,《管理世界》第6期,第176～193页。
|
| [19] |
解学梅和朱琪玮,2021,《企业绿色创新实践如何破解“和谐共生”难题？》,《管理世界》第1期,第128～149+9页。
|
| [20] |
徐经长、何乐伟和杨俊华,2020,《创新是公司并购的驱动因素吗——来自中国上市公司的经验证据》,《会计研究》第12期,第29～42页。
|
| [21] |
许珂和陈向东,2010,《基于专利技术宽度测度的专利价值研究》,《科学学研究》第2期,第202～210页。
|
| [22] |
姚颐、徐亚飞和凌玥,2022,《技术并购、市场反应与创新产出》,《南开管理评论》第3期,第4～16页。
|
| [23] |
袁礼、周燕和戴鹏毅,2024,《专利质押对企业技术创新的影响研究》,《科研管理》第6期,第174～182页。
|
| [24] |
周鹏、王卓、谭常春和宋敏,2024,《数字技术创新的价值——基于并购视角和机器学习方法的分析》,《中国工业经济》第2期,第137～154页。
|
| [25] |
张学勇、柳依依、罗丹和陈锐,2017,《创新能力对上市公司并购业绩的影响》,《金融研究》第3期,第159～175页。
|
| [26] |
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.
|
| No related articles found! |
|
|
|
|
