关键词: 科技类并购,并购溢价,全要素生产率,科技属性

Abstract: Taking the M&A projects of Chinese listed companies from 1998 to 2017 as research samples, this paper employs the OLS regression method to examine respectively the impact of technology M&A, the size of M&A objects and the technology attributes of the major M&A party on M&A premium. The findings show that technology mergers and acquisitions will significantly increase the M&A premium, while the increase in the size of the M&A object will significantly reduce the M&A premium; when the major M&A party is a technology-based enterprise, the positive correlation between technology M&A and M&A premium will be further strengthened, while the negative correlation between the size of the M&A object and the M&A premium will be suppressed. Further research finds out that technology mergers and acquisitions will significantly reduce the total factor productivity of the major M&A party, but the impact of the size of the M&A object on the total factor productivity of the major M&A party is not significant; when the main purchaser is a technology-based enterprise, technology M&A can not only significantly improve the total factor productivity of the major M&A party, but also significantly alleviate the inhibition of the size of the M&A object on the total factor productivity of the main acquirer.

Key words: technology mergers and acquisitions; M&A premium; total factor productivity; technology attributes