The Effects of M & A on the Market and Technological Competitiveness

本研究的目的是分析并购对企业市场和技术竞争力的影响。结果表明，由于市场份额和互补资产的减少，并购降低了企业开发和利用技术的能力，尽管本研究的观察数量有限，而且大多数观察结果都是为了使现有业务合理化。我们的研究结果还表明，并购提高了企业R&D活动的有效性。

The purpose of this re search is to analyze the effects of Merger and Acquisition on the firm's market and technological competitiveness. The results show that the merger decreases the firm's capability of developing and using technology due to the decreases in the market share and the complementary asset, though the number of observations in this research is limited and most of them are intended to rationaliz e the existing business. Our results also s uggest that the merger increases the effectiveness of firm's R & D activity.