押注技术的未来:高价值专利驱动并购溢价的影响研究

Betting on the Future of Technology: The Impact of High-Value Patents on M&A Premium

摘要:

在创新驱动发展战略深入实施和强化知识产权保护与成果转化机制的背景下，高价值专利已成为衡量企业核心创新能力与市场竞争力的重要标志。与此同时，中国资本市场并购活动日益频繁，但并购溢价的定价偏离与信息不对称问题依然突出。基于2007～2023年中国A股上市企业数据，实证检验了高价值专利对并购溢价的影响。研究发现，高价值专利对并购溢价有显著的正向影响，高价值专利通过提高分析师关注与抑制盈余管理行为，改善外部投资者对企业创新价值的识别，从而提升并购溢价；管理层过度自信削弱高价值专利的正向效应，而签订业绩补偿承诺则强化该作用。异质性检验结果表明，该效应在主并企业低 CEO 声誉和行业竞争程度较高的情境下更为显著。研究结论为企业通过培育高价值专利提升并购定价能力提供经验证据，也为政府完善创新成果价值评估体系与资本市场监管机制提供政策参考。

Abstract:

Against the backdrop of deepening implementation of the innovation-driven development strategy and strengthened mechanisms for intellectual property protection and commercialisation, high-value patents have emerged as a key indicator of a company"s core innovation capabilities and market competitiveness. Concurrently, while merger and acquisition (M&A) activity in China"s capital markets has intensified, issues of M&A premium pricing deviations and information asymmetry remain prominent. Drawing upon data from Chinese A-share listed companies spanning 2007 to 2023, this study empirically examines the impact of high-value patents on M&A premiums. Research indicates that high-value patents exert a significant positive influence on M&A premiums. By heightening analyst attention and curbing earnings management practices, these patents enhance external investors" recognition of a firm"s innovative value, thereby elevating M&A premiums. Managerial overconfidence diminishes the positive effect of high-value patents, whereas entering into performance compensation commitments amplifies this impact. Heterogeneity tests indicate this effect is more pronounced when the acquiring firm has low CEO reputation or operates in a highly competitive sector. The findings provide empirical evidence for firms seeking to enhance M&A pricing power through cultivating high-value patents, while also offering policy implications for governments aiming to refine innovation valuation frameworks and capital market regulatory mechanisms.