Journal of Financial Economics, Volume 130, Issue 2, November 2018, Pages 237-264

对冲基金积极主义如何重塑企业创新

作者：AlonBrav (Duke University, National Bureau of Economic Research)

JiangWei (National Bureau of Economic Research, Columbia University)

MaSong (Yale University)

TianXuan (Tsinghua University)

摘要：本文研究了对冲基金积极主义如何影响企业创新。在对冲基金干预后的五年期间，活跃分子的目标公司提高了他们的创新效率。尽管目标公司研发（R＆D）支出收紧，但目标公司提高了用专利数和引用数衡量的创新产出，并且对创新组合更加多元化的公司会产生更强的影响。创新资源的重新分配，人力资本的重新部署以及董事会级别上的专业知识的改变，这些都有助于改善目标公司的创新。额外的检验有助于将对冲基金的干预与其他变量的影响分离开来，包括均值回归、样本损耗、自愿改革或激进主义选股。

How does hedge fund activism reshape corporate innovation?

AlonBrav (Duke University, National Bureau of Economic Research); JiangWei (National Bureau of Economic Research, Columbia University); MaSong (Yale University); TianXuan (Tsinghua University)

ABSTRACT

This paper studies how hedge fund activism impacts corporate innovation. Firms targeted by activists improve their innovation efficiency over the five-year period following hedge fund intervention. Despite a tightening in research and development (R&D) expenditures, target firms increase innovation output, as measured by both patent counts and citations, with stronger effects among firms with more diversified innovation portfolios. Reallocation of innovative resources, redeployment of human capital, and change to board-level expertise all contribute to improve target firms’ innovation. Additional tests help isolate the effect of intervention from alternative explanations, including mean reversion, sample attrition, voluntary reforms, or activist stock-picking.

原文链接：https://www.sciencedirect.com/science/article/pii/S0304405X18301727#!

翻译：黄涛