Research On The Impact Of M&A Value Adjustment Mechanism On Corporate Innovation

Value adjustment mechanism,as a contractual arrangement in the M&A process,are more and more widely used in M&A transactions in China’s capital market.Under the background of building an innovative country,its impact on the innovation ability of M&A enterprises has important research significance.This article used the 2011-2017 M&A event data and value adjustment mechanism data in China’s A-share market,and used the multi-time difference in differences model,the zero-inflation negative binomial regression model,as well as the intermediary effect and moderating effect research methods to investigate the innovative impact of value adjustment mechanism through empirical test.The results show that in major asset restructuring and mergers,value adjustment mechanism have a negative impact on the innovation of the acquirer’s enterprise;in the sample of mergers and acquisitions with innovative needs,this negative impact is even stronger;value adjustment mechanism can be through dividend payments and stock liquidity affect enterprise innovation;R&D intensity has the same direction moderating effect on the negative impact of value adjustment mechanism;the higher the transaction commitment ratio,the lower the enterprise innovation output.The research in this article provides support for regulators to improve regulatory requirements and enterprises to make M&A decisions.