主 题：Can Mergers and Acquisitions Internalize Positive Externalities in Funding Innovation?
时 间：2020年1月3日 09：00-11：30
地 点：浙江大学玉泉校区经济学院418会议室
主讲人：刘焕良（Mark Liu） 美国肯塔基大学金融学终身教授
主持人：洪鑫 浙江大学经济学院副教授
主办方：浙江大学工程师学院互联网金融分院
浙江大学经济学院
协办方：浙江大学资产管理研究中心
浙江大学金融研究院
主讲人简介：
刘焕良（Mark Liu），目前是美国肯塔基大学盖顿商学院（Gatton College of Business & Economics, University of Kentucky）金融学终身教授，金融学硕士项目负责人。 1994年本科毕业于武汉大学世界经济学专业，1998年获加拿大西安大略大学（University of Western Ontario）经济学硕士学位，2004年获美国波士顿学院（Boston College）金融学博士学位。研究领域为公司融资决策、兼并收购、资本结构和公司治理。
刘焕良博士在Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Journal of Banking and Finance, Journal of Corporate Finance等金融学的顶级国际期刊上发表学术论文10多篇。获得美国东部金融学会最佳论文奖等多项奖励。
Abstract:
Fundamental innovation usually involves huge upfront costs, but the benefits are spread across various sectors of the economy. Given the large costs and limited appropriability of the benefits associated with the innovation, individual firms underinvest in these innovations relative to the socially optimal level. We find that mergers and acquisitions (M&As) can internalize the positive externalities by merging firms from both the user industries and the producer industries of an innovation. Using the US patent citation dataset, we define the user and producer relationship between each pair of industries and between each pair of industry and technological class. We then show that after a merger between an innovation user and an innovation producer, the quantity of innovation output increases, and the increase is driven by targeted technological classes.
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