Research on the Impact of M&A on the Innovation Ability of Enterprises——Mechanism Analysis Based on Real Absorption Capacity and Potential Absorption Capacity
Based on absorptive capacity theory and knowledge creation theory,this paper uses the propensity score matching model,difference-in-differences model and mediating effect model to explore the impact of M&A on firms'innovation capability from both aggregate and structural aspects,respectively,and to test the mechanism role of real absorptive capacity and potential absorptive capacity.The research objects are A-share listed companies from 2008-2019.It is found that,from the aggregate perspective,M&A can significantly improve the level of innovation output,as well as the efficiency of corporate innovation;but M&A has a negative effect on innovation input.From the structural point of view,both horizontal and vertical M&A can improve the level of innovation output and innovation efficiency of enterprises,among which the innovation effect of vertical M&A is more significant.However,vertical M&A has a significant negative effect on innovation input,while horizontal M&A does not have a significant effect on innovation input.From the mechanism point of view,M&A can improve enterprises'innovation output by increasing the real and potential absorptive capacity,among which,the real absorptive capacity mechanism is more significant.
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