期刊
ENERGY ECONOMICS
卷 129, 期 -, 页码 -出版社
ELSEVIER
DOI: 10.1016/j.eneco.2023.107189
关键词
Mergers and acquisitions; New energy industries; Carhart four-factor model; Event study analysis; PSM-DID model; Innovation performance
类别
The development of new energy industries is crucial for a nation's energy transition. Photovoltaic, wind power, lithium battery, and new energy vehicles industries have been active in the capital markets. Through investigating mergers and acquisitions (M&A) activities in these industries in China, we found that they affect firms' short-term market performance and long-term innovation.
The development of new energy industries is crucial to a nation's energy transition to carbon neutrality, while photovoltaic, wind power, lithium battery, and new energy vehicles industries have been active in the capital markets. We choose mergers and acquisitions (M&A) activities in such industries in China to investigate how they affect firms' short-run market performance and long-run innovation. Using data gathered from 2012 to 2020, we evaluate the degree of stock price volatility with the Carhart four-factor model combined with event study analysis. Changes in innovation after M&A activity has occurred are evaluated using the PSM-DID model. Empirical analysis shows that M&A could have a positive, short-run impact on stock prices of new energy industries, while the impact of technology M&A on sub-industries is not consistent. The cumulative average abnormal returns (CAAR) of the wind power and photovoltaic industries turn from negative to positive, and the correlative new energy vehicles and lithium battery industries reach the highest returns in a window period with similar trend lines. Furthermore, technology M&A positively affects the innovation performance of new energy firms, and this effect lasts three to four years. In contrast to prior industry-wide and conclusion-inconsistent M&A studies, we concentrate on new energy industries and prove the definite positive effect of technology M&A for the firms.
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