Analysis of the influence of changes of firm's boundaries on innovation

本研究的目的在于阐明企业并购边界的变化对参与和不参与并购的企业创新的影响。通过对调查数据的统计分析和案例分析，我们得到了以下结果。(1)业务领域相似的企业之间的合并提高了企业创新利润的可占用性。(2)不同业务领域企业之间的合并使企业内部的技术机会多样化。(3)随着市场集中度的提高，日本近期的并购倾向于刺激非并购企业的研发。此外，由于市场位置靠近并购企业，不参与并购企业的研发活动也会受到刺激。

The purpose of this study is clarifying the influences of the change of firm's boundaries with M&A on the innovation of the firms concerned and not concerned with M&A. By a statistical analysis using the survey data and a case study, we obtained the following results. (1) The merger between firms with similar business domain increases the appropriability of profits from innovation in the firms. (2) The merger between firms with different business domain diversify the technological opportunities in the firms. (3) The M&A in recent Japan tend to stimulate R&D in firms not concerned with M&A, as the market concentration ratio increases. In addition, R&D of firms not concerned with M&A tend to be stimulated as the market position is near to the firms concerned with M&A.