中文摘要：

本文扎根于中国制造业转型升级背景，探讨行业内的并购对企业研发的影响机制，从并购可能性和议价能力平均水平两个维度，揭示了并购通过改变企业对市场竞争条件变化的预期来影响其研发的机制。本文使用了行业内并购交易额与行业总资产之比的三年移动平均数、累积超额收益率滞后三年的均值，分别衡量并购可能性、议价能力的行业平均水平；并提出了含有交叉项的计量经济模型，检验影响方向和大小，以及这种影响在不同企业规模和所有制上的差异。研究表明，并购可能性越大，企业预期市场竞争压力越大，研发水平越高；但对不同规模的企业，并购可能性对研发努力的正向作用并未表现出显著的差异；而且，若议价能力的行业平均水平较高，企业研发也较强；从所有制来看，由于所面对的竞争压力较大，在非国有企业中，行业内可能发生的并购对研发的正向作用要大于国有企业。在政策上，政府应破除妨碍并购的制度因素，发挥并购在促进研发上的市场作用。

英文摘要：

Under the background of transformation and upgrading of China＇s manufacturing industry, this paper, from the perspective of the possibility of M＆A （merger and acquisition） and the mean level of bargaining power, shows that the potential M＆A in industry changes the firm＇s expectation of market competition and probes the influence mechanism of M＆A on firm R＆D effort. We measure the possibility of M＆A and the mean level of bargaining power through a three-year average measure of the industry Transactions-to-Assets ratio and a three- year lagged average measure of cumulative abnormal return. We also put forward a model with a cross term to measure the impact, and to test if there exists a difference when firm size and corporate ownership vary. Our study shows the following results： First, the higher possibility of M＆A leads to more fierce competition expectation and higher level of firm＇s R＆D effort. Second, despite of the various firm size, the positive effect of M＆A on firm＇s R＆D effort is not significantly different. Third, when there is higher possibility of M＆A and higher mean bargaining power of target firm in industry, firm in this industry may face fierce competition pressure, then the pressure will improve firm＇s R＆D effort. The last, compared to state-owned enterprises, the non-state-owned enterprises may confront with more fierce competition and higher positive R＆D incentive. Thus, in policy making, the government should break the institutional factors which may impede M＆A, and give full play of M＆A＇s initiative on R＆D effort.