摘要
本文以2007—2018年中国A股上市公司技术并购事件为研究对象,考察分析师跟踪的信息效率效应和市场压力效应对企业技术并购决策的影响及其作用机制。研究发现:(1)分析师跟踪人数与企业技术并购决策之间存在显著的倒U型关系。这意味着分析师跟踪的信息效率效应和市场压力效应同时存在于企业技术并购决策之中,但随着分析师跟踪人数的增加,分析师跟踪对企业技术并购决策影响的主导效应由信息效率转向市场压力。(2)机制检验表明,信息效率效应和市场压力效应的大小受到分析师自身特征和企业外部环境的影响,表现为市场压力效应随着分析师实地调研次数、团队规模和企业股票流动性的增加而更加凸显,而信息效率效应则在产品市场竞争越弱的企业中越显著。(3)进一步分析发现,企业发起技术并购后显著提高研发投入强度并获得更多的发明专利授权量,说明技术并购与研发投入具有互补关系,共同促进了企业的创新产出。本文的研究揭示了分析师跟踪影响企业技术并购决策的内在作用机制,丰富了技术并购决策和分析师跟踪的相关研究,为我国构建技术创新体系和深化资本市场改革提供了重要的依据。
This paper examines the impact of information efficiency effect and market pressure effect of analyst coverage on technology acquisition decisions by taking technology acquisition events of Chinese A-share listed companies from 2007 to 2018.It is found that(1)there is a significant inverted U-shaped relationship between the number of analyst coverage and corporate technology acquisition decisions.This implies that both information efficiency and market pressure effects of analyst coverage exist in technology acquisition decisions,but as the number of analyst coverage increases,the dominant effect of analyst coverage on technology acquisition decisions shifts from information efficiency to market pressure.(2)The mechanism test shows that the magnitude of the information efficiency effect and the market pressure effect are influenced by the analysts’own characteristics and the external environment of the firm,with the market pressure effect becoming more pronounced as the number of analysts’field research,team size and firm stock liquidity increase,while the information efficiency effect becomes more significant in firms with weaker product market competition.(3)Further analysis reveals that firms initiating technology acquisition increase the intensity of R&D investment and obtain more patents granted for inventions,indicating that technology acquisition and R&D investment have a complementary relationship and jointly promote firms’innovation output.The research in this paper reveals the intrinsic mechanism of analyst coverage on technology acquisition decisions,enriches the related research on technology acquisition decisions and analyst coverage,and provides an important basis for building a technology innovation system and deepening reform of the capital market in China.
出处
《会计研究》
CSSCI
北大核心
2022年第1期129-143,共15页
Accounting Research
基金
国家自然科学基金重点项目(72132010)
中山大学中央高校基本科研业务费(20wkzd05)
教育部哲学社会科学研究后期(21JHQ090)
广东省自然科学基金项目(2019A1515011394)的资助
关键词
分析师跟踪
技术并购决策
信息效率效应
市场压力效应
Analyst Coverage
Technology Acquisitions
Information Efficiency Effect
Market Pressure Effect
