M&A and technological expansion

IF 1.2 4区 管理学 Q3 ECONOMICS Journal of Economics & Management Strategy Pub Date : 2023-06-13 DOI:10.1111/jems.12551
Ginger Zhe Jin, Mario Leccese, Liad Wagman
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Abstract

We examine how public firms listed in North American stock exchanges acquire technology companies during 2010–2020. Combining data from Standard and Poor's (S&P), Refinitiv, Compustat, and Center for Research in Security Prices, and utilizing a unique S&P taxonomy that classifies tech mergers and acquisitions (M&As) by tech categories and business verticals, we show that 13.1% of public firms engage in any tech M&A in the S&P data, while only 6.75% of public firms make any (tech or nontech) M&A in Refinitiv. In both data sets, the acquisitions are widespread across sectors of the economy, but tech acquirers in the S&P data are on average younger, more investment efficient, and more likely to engage in international acquisitions than general acquirers in Refinitiv. Within the S&P data, deals in each M&A-active tech category tend to be led by acquirers from a specific sector; the majority of target companies in tech M&As fall outside the acquirer's core area of business; and firms are, in part, driven to acquire tech companies because they face increased competition in their core areas.

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并购和技术扩张
我们研究了 2010-2020 年期间在北美证券交易所上市的上市公司如何收购科技公司。结合标准普尔(S&P)、Refinitiv、Compustat 和证券价格研究中心(Center for Research in Security Prices)的数据,并利用独特的 S&P 分类法按技术类别和业务垂直领域对科技并购(M&As)进行分类,我们发现在 S&P 数据中,13.1% 的上市公司参与了任何科技并购,而在 Refinitiv 数据中,只有 6.75% 的上市公司进行了任何(科技或非科技)并购。在这两组数据中,并购广泛存在于各个经济部门,但与 Refinitiv 数据中的一般并购者相比,S&P 数据中的科技并购者平均更年轻、投资效率更高,而且更有可能参与国际并购。在S&P数据中,每项M&A活跃科技类别的交易往往由来自特定行业的收购方主导;科技M&A中的大多数目标公司都不属于收购方的核心业务领域;企业收购科技公司的部分原因是它们在核心领域面临着日益激烈的竞争。
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来源期刊
CiteScore
3.20
自引率
5.30%
发文量
43
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