Research On Innovation Incentive Of The Sponsor In M & A Activities

Focus the innovation incentive difference problem on the M &A sponsor enterprise in mergers and acquisitions.We divide mergers and acquisitions into two aspects of M&A to do the research,and determine the innovation incentive effect of the mergers and acquisitions of the sponsor in M & A activities separately.Through the literature review and research needs,the input and output index system suitable for the use of data envelopment analysis is summarized,and further according to the type of index in order to market,asset,and innovation oriented classification research.The research data is from the GTA database and corporate annual report.Separately form the individual enterprise level,we gather thirty groups of mergers data and thirty sets of acquisition data together,then use the above index system and the method of data envelopment analysis to compare the efficiency of the innovation performance of enterprises involved in the behavior of mergers and acquisitions,so as to determine what kind of mergers and acquisitions activities could bring good results.Such conclusion displayed in the result: overall,mergers bring higher innovation performance to the M&A enterprise than acquisitions,which means mergers will bring more innovative incentives;in terms of the guide,if the M&A sponsor enterprise put more emphasis on innovation performance on the market,choosing acquisitions will have a better incentive effect;if the M&A sponsor enterprise is more focus on the enhancing of their own assets,mergers will be a better choice;and if the M&A sponsor enterprise only attach importance to the improvement of technical ability,than acquisitions will get good effect.In view of this,the state-owned enterprises should focus on the merger mode so as to improve the efficiency of state-owned enterprises and innovation incentive effect;these are more suitable for the acquisition of the SOE.In addition,the government should relax the policy of the state-owned holding company and state-owned holding enterprise so that the chooses that the enterprises in the market make will have more innovative incentives for mergers and acquisitions.