中文摘要：

近年来,获得目标公司的创新技术逐渐成为并购的重要动机之一。本文实证考察了1998-2015年中国上市公司作为并购方的7086件股权并购事件,研究并购双方的创新能力对上市公司并购业绩的影响。研究发现,从目标公司的创新能力来看,相对于并购非创新性公司,那些并购创新性公司的并购方股票的长、短期收益率均表现更好;从并购方公司创新能力来看,那些具有创新能力并购方的股票长期表现较好,但短期表现与那些无创新能力的并购方公司无显著差异。我们进一步将样本按照并购双方有无创新能力划分为四个组合,发现＂并购方无专利-目标方有专利＂和＂并购方有专利-目标方有专利＂组合的并购表现整体好于另两个并购组合,说明并购中目标方的创新能力才是决定并购方公司股票市场表现的关键。不过,当并购方也具有创新能力时,会有助于产生创新协同效应,从而提升并购方股票的长期表现。

英文摘要：

In recent years, accessing to the target ~s technology is becoming one of the important motives of M＆A. Using a large patent - merger data in Chinese stock markets over the period of 1998 to 2015, and applying event study, calendar time portfolio method and multiple regression model, we find that key factor of promoting acquisition performance is the target innovation. （1） We show that acquirers that acquiring innovative target will get significant higher CAR and BI-IAR; （2） In the long run, while innovative acquirers gain more returns, in the short run, their performance has no significant difference with those non - innovative acquirers. （3） According to whether targets and acquirers have patent＇ s application before M＆A, we divided our sample into four groups and find acquisitions featured as ＂innovative acquirer - innovative target＂ and ＂non -innovative acquirer- innovative target＂ relatively have higher returns compared to other groups. However, .when the acquirer is also innovative, it can help to produce innovation synergy which promote the long - term ：acquisition performance; a finding of considerable importance for corporate managers and investors.