Technological synergy in mergers and acquisitions (M&As) is achieved when there is an increase in value generated by combining the stock of complementary technologies of acquirers and targets, as well as utilizing target’s patents to initiate or defend lawsuits against competitors. Using U.S. patent data, we provide quantitative measures of these two sources of technological synergy. We find that these measures of technological synergy are important considerations of acquiring firms and capital market in valuing target firms’ innovative assets, as the measures are positive determinants of merger premium and total synergy gain. The expected total gains of acquirers’ and targets’ shareholders from technological synergy decrease with the difficulties of post-merger integration as proxied by geographical distance between acquirer and target. Our technological synergy measures are also good predictors of post-merger realized synergy, i.e., increase in patent outputs in the overlapped technology classes and market share.

合并并购（M＆A）的技术是通过合并收购方和目标公司的互补技术的存货，以及利用目标公司的专利来发起或针对竞争对手提起诉讼而产生的价值增加而实现的。利用美国专利数据，我们提供了这两种技术协同作用来源的定量度量。我们发现，这些技术协同措施是并购公司和资本市场在评估目标公司创新资产时的重要考虑因素，因为这些措施是合并溢价和总协同收益的积极决定因素。技术合并带来的收购方和目标股东的预期总收益随着合并后整合的困难而降低，这主要是由于收购方与目标之间的地理距离所致。