Reverse Mergers and Corporate Innovation:A Comparative Analysis Based on Reverse Mergers and IPO Companies

佟岩，北京理工大学管理与经济学院教授、博士生导师，管理学博士；谢思敏，北京理工大学管理与经济学院信息披露与公司治理研究中心研究助理；韩春阳，北京理工大学管理与经济学院信息披露与公司治理研究中心研究助理；李思飞，北京外国语大学国际商学院 副教授,经济学博士。【中文摘要】创新是推进企业发展的催化剂。创新活动需要资金和技木，而上市可以为企业提供一个融资平台,进而能够为企业创新水平的提升提供资金保障。我国企业上市一般通过首次公开募股和反向收购两种途径。相较于IPO上市,反向收购具有上市便捷、成本低等优势,但同时可能由于约束较少，存在ー些潜在问题。以2007—2015年A股反向收购与IPO上市的公司为样本,可分析这两类公司上市后在企业创新水平上的差异,研究发现:(1)与IPO公司相比,反向收购公司上市后的创新产出更低；(2)如果通过反向收购上市的公司为国有公司,可以缓解对创新的抑制作用；(3)当董事长与总经理两职合一时，则会加剧反向收购对创新的负面影响。 【Abstract】Innovation is significant for promoting the development of enterprises. More and more companies are paying attention to improving their own innovation capabilities and increasing R&D investment. R&D activities require capital and technology，while going public can provide companies with a good platform，which can provide funds for corporate R&D activities.Chinese enterprises are generally listed through IPOs and reverse mergers. Compared with IPOs，reverse mergers are favored by an increasing number of unlisted companies for their advantages，such as convenient process and low cost. Based on an empirical analysis of Chinese listed companies from 2007 to 2015，the impacts of reverse mergers and IPOs on corporate innovation are compared，and the conclusions are ：(1)compared with IPO companies，the level of innovation of reverse - requisition companies after listing is lower; (2) if the companies listed through reverse mergers are state - owned companies，their level of innovation is higher；and (3) CEO duality negatively affects the relationship between reverse merger companies and the level of innovation.国家自然科学基金面上项目“创新驱动型并购的影响因素与经济后果研究”（71672007);国家自然科学基金面上项目“反向收购整体上市的动机、路径与经济后果研究”（71372015