主 题： The roles of size threshold of acquiring firms in high-tech M&As
主 讲 人：孙忠娟，毕业于清华大学经济管理学院，获管理学博士学位，现任狗万提款到账快讲师。
主讲内容：The study develops a series of models and equations to explain why some firms earn positive abnormal innovation performance at the high-tech M&As while other firms with equal performance expectations do not. It argues that the innovation performance of acquiring firms is not strictly a linear of invert-U nonlinear function of expected innovation returns, but it depends on the acquiring firm’s size threshold. The empirical results offer strong support for the models based on 702 observations of 78 acquiring firms from Zhongguancun National Independent Innovation Demonstration Zone, Beijing, China.