Does R&D expenditure explain the stock market reaction to M&As? Evidence from the Chinese A-share market

被引：0

作者：

Xiang, Xin ^{[1
]}

He, Xu ^{[2
]}

机构：

[1] Macau Univ Sci & Technol, Sch Business, Ave Wai Long, Taipa, Macao, Peoples R China

[2] Guangdong Univ Finance, Sch Finance & Investment, Guangzhou, Guangdong, Peoples R China

来源：

INVESTMENT ANALYSTS JOURNAL | 2019年 / 48卷 / 02期

关键词：

R&D investment; mergers and acquisitions; stock market reactions; premium payment; TECHNOLOGICAL-RELATEDNESS; KNOWLEDGE ACQUISITION; INNOVATION;

D O I：

10.1080/10293523.2019.1614757

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We explore the impact of acquiring and acquired firms' R&D expenditure on the market reaction to M&As. Using a sample of 9 739 Chinese M&A deals announced between 2009 and 2017, we find that acquired firms spending more on R&D expenditure react negatively to M&As, while acquiring firms with high R&D expenditure react positively to M&As. We further discuss the impact of R&D on market reactions when acquiring firms pay an offer premium, and we find that the premium leads acquired firms to react positively to M&As but results in negative market reactions to acquiring firms. Our results hold after we conduct robustness tests.

引用

页码：75 / 88

页数：14

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