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本研究以2008-2013年主并企业为A股上市公司的技术并购事件为样本,运用回归分析法,证实了企业的后续研发投入对技术并购后创新绩效的积极作用。进而,论文研究了并购支付方式、主并企业融资约束与并购后企业研发投入的关系,以及主并企业所在地区的金融发展水平对这一关系的调节作用。研究发现,高融资约束的主并企业在技术并购后的研发投入力度反而更大,原因是高融资约束使它们在并购中更倾向于选择非现金支付,从而减少现金流量的外流,提高并购后加强研发投入的可能性。同时,较高的金融发展水平能够削弱主并企业融资约束对并购现金支付的负向影响以及并购现金支付对研发投入的限制作用。
This study takes the M & A and M & A events of listed companies in A-share market from 2008 to 2013 as samples, and uses regression analysis to prove the positive effect of subsequent R & D investment on the innovation performance after M & A. Furthermore, the dissertation studies the relationship between M & A payment methods, main and corporate financing constraints and R & D investment after M & A, and the regulatory role of financial development in the region where M & A enterprises are located. The research finds that the main financing firms with high financing constraints are more R & D investment after technology mergers and acquisitions because the high financing constraints make them prefer to choose non-cash payment in M & A, so as to reduce the outflow of cash flow and enhance the merger and acquisition R & D investment to increase the possibility. At the same time, the higher level of financial development can weaken the negative impact of the financing constraints of M & A and corporate finance on M & A cash payment and the limitation of M & A cash payment on R & D investment.