论文标题
收购在生物技术领域的影响对研发生产率
The Impact of Acquisitions in the Biotechnology Sector on R&D Productivity
论文作者
论文摘要
This study examines the effects of acquisitions on the retention and R&D productivity of inventors in the biotech sector, using data from 15,318 inventors involved in 1,375 acquisitions between 1990 and 2010. We employ a staggered difference-in-differences approach and find that acquisitions lead to a 13.5% decrease in inventor retention and a 35% drop in citation-weighted patent productivity post-acquisition.对于留在收购公司的发明者来说，生产率下降更为严重，特别是对于那些与目标公司紧密相关的专业知识的发明者。但是，年长的发明者和专业知识与收购公司现有的研发投资组合保持一致的人倾向于在收购后保持更高的生产率水平。
This study examines the effects of acquisitions on the retention and R&D productivity of inventors in the biotech sector, using data from 15,318 inventors involved in 1,375 acquisitions between 1990 and 2010. We employ a staggered difference-in-differences approach and find that acquisitions lead to a 13.5% decrease in inventor retention and a 35% drop in citation-weighted patent productivity post-acquisition. The productivity decline is more severe for inventors who remain with the acquiring firm, particularly for those whose expertise is closely tied to the target company. However, older inventors and those whose expertise aligns with the acquiring company's existing R&D portfolio tend to retain higher productivity levels after the acquisition.
