Econ Papers Daily / 期刊论文
并购对创新的影响
The Effect of Mergers on Innovation
摘要
We study the effect of a merger on R&D activity in a dynamic model with uncertainty about the feasibility of innovation. The merger has three effects: It may reduce the number of follow-up innovations (cannibalization effect), increase the probability of the first game-changer innovation (appropriability effect), and bring this innovation forward in time (informational effect). The model suggests mergers are more desirable when R&D outcomes are highly uncertain, but less so when the innovation path is clearer. A surprising policy implication is that the benefit of the merger may be higher if the first and subsequent innovations are closer substitutes. (JEL D21, D83, G34, O31)
中文摘要
本文研究了在创新可行性不确定的动态模型中，并购对研发活动的影响。并购具有三种效应：可能减少后续创新的数量（蚕食效应）、提高首个颠覆性创新的概率（占有效应），以及使该创新提前实现（信息效应）。模型表明，当研发结果高度不确定时，并购更可取；而当创新路径较为清晰时，并购的吸引力则较低。一个令人意外的政策启示是：若首次创新与后续创新之间的替代性越强，并购的收益可能越高。（JEL D21, D83, G34, O31）