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Mergers and Acquisitions, Synergy, and Corporate Innovation: Evidence from China

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  • Ping Zhang
  • Na Cao
  • Jieying Gao

Abstract

Mergers and acquisitions (M&As) and innovation as essential business development strategies have attracted much interest in the capital market. A difference-in-differences model employing Chinese listed firms indicates that M&As significantly enhance corporate innovation. The potential mechanisms lie in the fact that M&As generate synergy in finance, corporate governance, and information. Complementary evidence shows that the M&A effect on innovation is heterogeneous across payment methods and goodwill. We conclude that synergies obtained from combining and restructuring are important drivers of innovation capabilities.

Suggested Citation

  • Ping Zhang & Na Cao & Jieying Gao, 2024. "Mergers and Acquisitions, Synergy, and Corporate Innovation: Evidence from China," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 60(5), pages 870-898, April.
    • Handle: RePEc:mes:emfitr:v:60:y:2024:i:5:p:870-898
    DOI: 10.1080/1540496X.2023.2266109
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