Will the Value Adjustment Mechanism Affect the Value Corporate Innovation ?

Abstract

Innovation is a powerful guarantee for a country to transform its economic development mode and implement the strategy of rejuvenating the country through science and education. It is also a prerequisite for an enterprise to gain a dominant position. Due to the nature of resource reallocation, M&A will have an impact on the innovation activities of enterprises. This paper discusses the effect of vBET agreement on enterprise innovation from the perspective of M&A. Based on the sample data of listed companies engaged in m&a from 2008 to 2018, this paper adopts the generalized double difference model to study the impact of vBET agreement on the innovation activities of enterprises, and USES the propensity score matching method to test the robustness. The research results show that the innovation activities of the acquired enterprises are obviously inhibited, which is embodied in the reduction of the significant negative effect on innovation input and patent output. The conclusion of this paper has a positive guiding role for the management of domestic enterprises to make reasonable m&a decisions and improve the integration efficiency of enterprises after M&A.