Research on External Sources of Innovative Capabilities Based on Samples of Beijing and East China
Sustained and unique innovative capabilities are vital to enterprises．Apart from endogenous R&D efforts，innovative capabilities can also originate from M＆As as R&D and strategic technology alliances．Both of them have advantages and disadvantages．When an enterprise has to make a choice between these two external sources，four factors should be taken into consideration：the level of technological change of industry,the degree of maturity of industry,the history of the enterprise，core business and the regime of appropriability．This paper uses event study to analyze thirty-one M&As as R&D and twenty-five strategic technology alliances in Beijing and East China．As a result,we find that shareholders of enterprises which carried out M&As as R&D or involved in strategic technology alliances all suffered losses and the negative effect of strategic technology alliances on wealth of shareholders was greater．
Innovative capabilities extemal sources M&A as R&D Strategic technology alliance
TAN Liwen DAI Yibo
School of Economics and Management,Wuhan University,Wuhan,China,4300172
国际会议
2008 Conference on Regional Economy and Sustainable Development(2008区域经济与可持续发展国际学术会议)
济南
英文
179-185
2008-11-01（万方平台首次上网日期，不代表论文的发表时间）