跨国并购促进企业创新了吗？

发布时间：2018-03-20 05:28

本文选题：跨国并购　切入点：创新绩效　出处：《浙江工商大学》2017年硕士论文　论文类型：学位论文

【摘要】：本文在国内外学者研究分析的基础上,以我国2008年至2013年间发生的上市A股高新技术公司跨国并购事件为对象,实证分析高新技术公司在跨国并购发生前后两年的创新绩效指标变化情况,并寻找在此期间未发生跨国并购的对比公司样本作为对照组进行对比分析,采用实证与理论分析相结合的研究办法来研究跨国并购对企业创新能力发展的影响,随后本文进一步考察了文化差异对进行跨国并购事件对高新技术企业的创新绩效的影响情况。首先,本文阐述了跨国并购的定义,然后在理论分析的基础上提出本文研究假设并建立模型,采用Stata软件进行数据分析,在采用实证研究中的描述性统计、Pearson相关性检验、样本配对T检验和多元回归分析等方法对研究问题和假设进行检验。实证回归分析的结果表明跨国并购对高新技术企业创新绩效并未产生显著的影响。但是在与对照组的样本配对T检验的结果中,本文发现跨国并购对主并购方的专利申请数和发明专利数均有较为显著的影响。同时,本文对实验组样本分析文化差异对创新绩效的影响,结果发现跨国并购文化差异与企业创新绩效正相关,即文化差异能给跨国并购创新绩效带来积极的影响,跨国并购交易双方所处的文化差异越大,企业的创新绩效越好。通过分析认为,高新技术跨国公司进行技术并购主要是以技术获取为目的,首先先进技术知识发达的国家多集中在距离本国较远的欧美等州,其次异质性文化所带来的先进技术知识以及被并购公司的创新氛围和决策管理机制得到了更好地吸收和利用。从本文的研究中结论中可以看出,在我国的经济和制度背景环境下,总体来说跨国并购对企业的创新绩效有正向的促进作用。跨国公司通过对国外企业的并购活动,能够提升本企业的自身的技术能力,跨国并购是提升本国企业和国家整体创新水平的有效途径。但是对跨国并购对创新绩效的结论不是很显著,这可能是由于我国的跨国并购市场还处于初始阶段,对于这方面的各项规章制度约束较多,相关部门对整个跨国并购活动并没有完全市场化。此外,在本文的研究中文化差异对跨国公司创新能力有正向作用,因此对于有技术寻求的企业来说,选择相对本国的文化差异相远的公司也是一个很好的方向,尤其是技术距离相对较大的西方发达国家。
[Abstract]:Based on the research and analysis of scholars at home and abroad, this paper takes the events of cross-border mergers and acquisitions of A-share high-tech companies that occurred between 2008 and 2013 in China as the object. Empirical analysis of high-tech companies before and after cross-border mergers and acquisitions before and after two years of innovation performance indicators change, and look for no cross-border M & A in this period of comparative company samples as the control group for comparative analysis. Using empirical and theoretical analysis to study the impact of cross-border mergers and acquisitions on the development of innovation capacity of enterprises. Then this paper further studies the influence of cultural differences on the innovation performance of high-tech enterprises. Firstly, the definition of cross-border M & A is expounded. Then, based on the theoretical analysis, this paper puts forward the hypothesis and establishes the model, uses the Stata software to carry on the data analysis, and adopts the descriptive statistics in the empirical research to test the Pearson correlation. The empirical regression analysis shows that transnational M & A has no significant effect on the innovation performance of high-tech enterprises. In the results of the matched T test in the control group, This paper finds that cross-border M & A has a significant impact on the number of patent applications and invention patents of the main M & A. meanwhile, this paper analyzes the impact of cultural differences on innovation performance in the experimental group. The results show that the cultural differences of cross-border M & A are positively related to the innovation performance of enterprises, that is, cultural differences can bring positive effects on the performance of cross-border M & A, and the cultural differences between the two sides of cross-border M & A transactions are greater. The better the innovation performance of enterprises is, the better the analysis shows that technology acquisition is the main purpose of technology acquisition by high-tech multinational corporations. First of all, countries with advanced technological knowledge are concentrated in Europe and the United States, which are far away from their own countries. Secondly, the advanced technological knowledge brought by heterogeneous culture and the innovation atmosphere and decision-making management mechanism of the acquired company have been better absorbed and utilized. In the economic and institutional background of our country, transnational M & A has a positive effect on the innovation performance of enterprises. Multinational corporations can enhance their own technological ability through M & A activities of foreign enterprises. Cross-border M & A is an effective way to improve the innovation level of domestic enterprises and countries as a whole, but the conclusion of transnational M & A on innovation performance is not very significant, which may be due to the fact that the market of cross-border M & A in China is still in its initial stage. There are many rules and regulations in this respect, and the relevant departments have not completely marketized the whole cross-border M & A. in addition, the cultural differences have a positive effect on the innovation ability of multinational corporations in the research of this paper. Therefore, it is also a good direction for the enterprises seeking technology to choose the company with different cultural differences, especially in the western developed countries, where the distance of technology is relatively large.
【学位授予单位】：浙江工商大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F273.1

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