This article adopts the method of quasi-natural experiment to empirically test the im-pact of horizontal M&As on corporate innovative ef-ficiency.It is found that the innovative efficiency of firms decreases after horizontal M&As,and this effect mainly occurs in firms with higher human capital levels and in regions with lower industry concentration,but the equity incentives for technical personnel after M&As can inhibit the decrease of innovative efficiency after horizontal M&As.The above results suggest that the difficulty of integrating the same type of employees and the resulting lack of intrinsic employee incentives are important reasons that prevent horizontal M&As from realizing the improvement of innovative efficiency.Therefore,in addition to strengthening the integration of physical assets,firms implementing horizontal M&As should also pay attention to the integration of human capital and effectively strengthen employee incen-tives.
Horizontal M&AInnovative efficiencyEmployee incentivesIntegration of human capital
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