Emprical study of innovation boosting effects by domestic M&A in China

2023 Fiscal Year Final Research Report

• Project/Area Number: 20K01630
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Review Section: Basic Section 07040:Economic policy-related
• Research Institution: Kyoto University
• Principal Investigator: Yano Go 京都大学, 経済学研究科, 教授 (90314830)
• Project Period (FY): 2020-04-01 – 2024-03-31
• Keywords: 中国 / 国内M&A / イノベーション / 特許

Outline of Final Research Achievements

First, it was made clear what type of firms tend to be acquires in M&A in China. That is, among non-state-owned firms, the firms which actively conducted R&D investment before acquisition has tendency to be active acquires in M&A in China. Second, it is confirmed with strict causality that among non-state-owned firms, innovative firms before acquisition further activate R&D investment after M&A, while state-owned firms activate only patenting after their acquisitions. Third, the economic impact of activation effects of R&D investment after M&A by non-state-owned firms are strongly affected by the volume of M&A.

Free Research Field

開発経済学

Academic Significance and Societal Importance of the Research Achievements

近年活発になっている中国国内M&A（企業買収）が経済成長に二義的な意味を持つことを世界で初めて厳密な因果推論のもので明らかにした。即ち、元来R&D投資を活発におこなう革新的な非国有企業がおこなうM&Aはその革新性をより高めるためにおこなわれており、その目的を果たしている。一方、国有企業がおこなうM&Aは被買収企業のパテントを入手する目的でおこなわれており、イノベーションを活発化させていない。