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Determinants of acquisition value: The role of target and acquirer characteristics

机译:收购价值的决定因素:目标和收购者特征的作用

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摘要

Innovation activities in high technology industries frequently imply make-or-buy decisions because of the heterogeneity of firms' ability to pursue specific types of innovation. This paper investigates the factors determining the value of acquisitions in three distinct high technology industries, namely semiconductors, biotechnology and electronic design automation. It analyses how target and acquirer characteristics relate to acquisition value. The paper finds an association of acquisition value with innovation activities and results of the acquirer and with knowledge residing in the target. This suggests that both, acquirer and target characteristics determine the value of acquisitions but with differing effects across industries.
机译:由于企业追求特定类型的创新能力的异质性,高科技行业中的创新活动通常暗示着决策。本文调查了决定半导体,生物技术和电子设计自动化这三个不同的高科技产业中收购价值的因素。它分析了目标和收购方特征与收购价值之间的关系。本文发现了收购价值与创新活动,收购方的成果以及目标中的知识之间的联系。这表明,收购方特征和目标特征都决定了收购的价值,但跨行业的影响却不同。

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