专利因素能否影响并购溢价?——基于上市公司重大资产重组事件的经验证据  

Can Patents Affect M&A Premiums?——Empirical Evidence of Major Asset Restructuring of Listed Companies

作　　者：沈俊 宋晓亭 SHEN Jun;SONG Xiaoting(Shanghai International College of Intellectual Property,Tongji University)

机构地区：[1]同济大学上海国际知识产权学院

出　　处：《金融市场研究》2025年第1期67-81,共15页Financial Market Research

摘　　要：搞清楚创新创造要素在资本市场的价值及作用,对于更好地发挥资本市场支持创新,促进新质生产力发展有重要意义。本文以重大资产重组事件为样本,检验了专利因素对并购溢价的影响。研究发现,专利因素会影响并购溢价,其中标的公司专利数量、质量会显著影响并购溢价。专利影响并购溢价的作用机理在于信息不对称的缓解效应及技术层面的协同效应。收购方所有权性质的差异未对专利与并购溢价的关系产生显著影响。本文进一步探讨了溢价收购的经济后果,发现因专利而增加的并购溢价“价有所值”,在未来能够获得业绩层面上的补偿与回报。本文旨在技术市场、资本市场间建立起沟通桥梁,研究有助于深化对专利价值理论及并购溢价理论的理解,亦有助于参与方优化并购策略,维护自身利益。Understanding the value and role of innovation and creativity elements in the capital market is of great significance for better leveraging the capital market to support innovation and promote the development of new productive forces.This study uses major asset restructuring events as a sample to examine the impact of patent factors on merger and acquisition(M&A)premiums.The research finds that patent factors affect M&A premiums,particularly the number and quality of patents held by the target company.The mechanism by which patents affect M&A premiums lies in the mitigating effect of information asymmetry and the synergistic effect at the technical level.Differences in the nature of the buyer's ownership do not have a significant impact on the relationship between patents and M&A premiums.This study explores the economic consequences of premium acquisitions and finds that the premium increasedue to patents is''worth the price'',as it can be more than offset by rewards from future performance.The purpose of this study is to establish a communication link between the technology market and the capital market.The research helps to deepen the understanding of patent value theory and M&A premium theory.In practice,the findings of the study also help participants optimize M&A strategies to protect their interests.

关 键 词：并购 专利 并购溢价 作用机制 经济影响 

分 类 号：F832.51[经济管理—金融学] F271F273.1