"PE+Listed Company" M&A Fund And Enterprise Innovation

Innovation is not only a source for companies to maintain high profits,but also an important engine for a country to enhance its economic strength and to gain international competitiveness.How to promote enterprises to innovate has always been the focus of academic research.This paper connected the "PE+listed company"M&A funds with corporate innovation,analyzed the operation methods and characteristics of M&A funds;sorted out the development of M&A funds and corporate innovation;manually collected announcements on the establishment of M&A funds by listed companies in our country from 2011 to 2017,and organized them into sample data;established an empirical model combining with methods of Propensity Score Matching(PSM)and Difference in Difference(DID)to study whether the establishment of "PE+listed company" M&A funds can promote corporate innovation.This paper also discussed the impact of the nature of listed companies’ equity,the proportion of fixed capital and the types of M&A funds on the establishment of M&A funds to promote corporate innovation.The research found that:(1)The establishment of "PE+listed company" M&A funds by listed companies can promote corporate innovation;(2)The "PE+listed company" type M&A fund has a stronger effect on the innovation of non-state-owned enterprises than that of state-owned enterprises;(3)The "PE+listed company" M&A fund has a stronger effect on the innovation of companies with a low proportion of fixed capital than companies with a high proportion of fixed capital;(4)Compared with the "PE+listed company" M&A fund with the investment purpose of diversification,the "PE+listed company" M&A fund with the investment purpose of industrial integration is more able to corporate innovation.This article studied the relationship between "PE+listed company" M&A funds and corporate innovation,enriching the empirical research results of the interdisciplinary of finance and corporate innovation.The research conclusions of this paper can evaluate the economic consequences of "PE+listed company" M&A funds,and have certain reference significance for improving the design mechanism of "PE+listed company" M&A funds and improving the supervision measures of private equity funds.