Do Mergers and Acquisitions Hurt R&D?
Do Mergers and Acquisitions Hurt R&D?
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并购是否会损害 R
DOI：
10.1080/08956308.1990.11670644
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发表时间：
1990
影响因子：
2.2
通讯作者：
Robert R. Miller
中科院分区：
文献类型：
--
作者：
Robert R. Miller
本文总结了1988年底进行的一项研究的结论，由于国会的关注，合并和收购（M&A）已经损害了美国的国际竞争力，特别是在技术是重要的领域。特别值得关注的是80年代发生的金融重组，许多人认为这些重组可能对美国的研发活动产生了严重影响。而且，由于这些重组主要集中在美国，而不是日本或西德德国等主要竞争对手，人们担心，在不久的将来，香港将不可避免地感受到不利的竞争后果。这种担忧背后的理由很简单。以债务取代股权的财务结构调整迫使管理部门将更多的资金用于偿债，而不是用于其他活动。有一项活动可能会被推迟，而不会产生关键的短期影响，那就是研发。因此，注重现金产生的需要可能会导致总体上减少研发工作，而剩余的研发工作将更多地用于短期、不确定性较小的项目。财务重组导致已经被指责眼光过于短视的管理层变得更加短视，对公司长期国际竞争能力产生不利影响。
This article summarizes conclusions from a study conducted in late 1988 as a result of Congressional concern that mergers and acquisitions (M&A) had been detrimental to United States international competitiveness, especially in areas where technology was important. The rash of financial restructurings occurring in the 1980s was a special concern, since many believed that these restructurings might have had serious impacts upon R&D activities in the US Moreover, because these restructurings were largely concentrated in this country, not in such major competitors as Japan or West Germany, it was feared that adverse competitive consequences would inevitably be felt here in the near future.The rationale behind such concerns is a simple one. Financial restructuring which substitutes debt for equity forces management to allocate more funds to debt service, rather than to other activities. One activity that might be deferred without critical short-term eflfects is R&D. Thus, the need to focus on cash generation can result in less R&D being done overall and, of that remaining, more effort would be directed to shorter-term, less uncertain projects. Financial restructuring causes managements, already accused of being too short-term in outlook, to become even more so, with detrimental eflfects on the ability of companies to compete internationally in the longer-run.