能力存量因素对企业并购后创新绩效影响的实证研究

发布时间：2018-03-25 13:47

本文选题：并购　切入点：上市公司　出处：《中国科学技术大学》2017年硕士论文

【摘要】：随着新经济时代的到来,企业与世界经济的联系越来越紧密,市场竞争愈演愈烈,技术创新、技术进步正逐渐成为企业快速发展的原动力。近年来,越来越多的技术创新突破了企业的边界,迫使企业纷纷从内部研发转向外部市场寻求技术的升级换代,尤以获取技术为目的的并购更为频繁。尽管并购浪潮火热,但是并购的失败率却居高不下。本文以计算机、通信及其它电子设备制造业企业为研究对象,研究公司自身能力存量方面的因素对公司并购后创新绩效的影响,希望对我国企业的并购创新实践提供一定的理论指导,以提高并购的成功率和创新绩效水平。本文基于企业并购相关理论,用泊松方法建立负二项式回归模型,就近年来我国计算机、通信及其它电子设备制造业企业自身能力存量方面因素对企业并购后创新绩效的影响进行研究。本文涉及的能力存量方面的影响因素主要包括企业自身的知识规模,并购经验和RD努力水平。研究结果表明:技术并购经验,企业自身的知识基础规模,企业的RD努力水平对主并企业并购后创新绩效的影响为正,非技术并购经验对主并企业并购后的创新绩效没有正向影响。因此,本文建议企业在以并购的方式,获取其他公司的核心技术,试图提升创新绩效的时候,应该多从以往的技术并购中学习经验总结规律,尽量提高自身的技术知识库存和RD努力水平,以提高企业的技术整合吸收能力;同时应及时做出相应的战略调整,做好公司资源分配的同时,避免无效的并购经验对并购后技术整合吸收的干扰,以此提升公司并购的成功率。目前,国内关于并购经验等能力存量因素对并购后创新绩效的影响的研究较少,且研究方法上,多采用简单的多元回归分析方法,或是采用比较法,这类方法没有考虑数据的特点,存在模型误射的问题,致使研究结论存在比较大的误差。本文严格遵循数据特点,使用泊松方法对数据进行负二项式回归,较为合理。另一方面,本文的样本覆盖面比较窄,并没有考虑不同行业对结果产生的影响。同时,对研究涉及变量的衡量指标选择也比较单一,这些都有待在未来的研究中改进完善。
[Abstract]:With the new economic era, enterprises have to contact with the world economy more and more closely, the increasingly fierce market competition, technological innovation, technological progress is becoming the driving force of the rapid development of enterprises. In recent years, more and more technology innovation breakthrough in the enterprise boundary, forcing enterprises from internal to external market Research for technical upgrading especially, in order to obtain technology acquisitions for the purpose of more frequent. Despite the hot wave of mergers and acquisitions, but the failure rate of mergers and acquisitions are high. In this paper, the computer industry, communications and other electronic equipment manufacturing enterprises as the research object, the influence factors of the company stock of their ability of innovation performance of the company after the merger, hoping to provide some theoretical guidance the acquisition of innovative practice of enterprises in our country, in order to improve the success rate of M & A and the level of innovation performance. This paper is based on the theory of enterprise merger and acquisition, use Methods to establish the Poisson negative binomial regression model, in recent years, China's computer, to study their ability to influence stock enterprise communications and other electronic equipment manufacturing factors on innovation performance after merger. The factors affect the ability of stock of this thesis mainly includes the enterprise's own knowledge scale, experience and effort level. Research on RD the results show that the technical experience in mergers and acquisitions, the knowledge base scale of the enterprise itself, affect the enterprise RD effort level on the innovation performance and after merger is positive, non technical experience in mergers and acquisitions has no influence to the enterprise merger and the innovation performance. Therefore, this paper suggests that companies in mergers and acquisitions, obtaining core technique other companies, when trying to improve innovation performance, should be more from the previous learning experience in technology acquisition and summarize the law, try to improve their technical knowledge RD inventory and effort level, to improve the enterprise's absorptive capacity and technology integration; should make strategic adjustment accordingly, make the allocation of resources at the same time, to avoid invalid interference on mergers and acquisitions experience absorption technology integration after M & A, in order to improve the success rate of corporate mergers and acquisitions. At present, the domestic research on effects of mergers and acquisitions experience ability of stock the factors on the performance of innovation after the merger is less, and the research method, analysis method using simple multiple regression, or by using the method of comparison, this method does not consider the characteristics of the data, the model mistakenly shot, resulting in the conclusion of the study are relatively large errors. This paper strictly follow the characteristics of data, using the Poisson method negative binomial regression, reasonable data. On the other hand, the sample coverage is narrow, and did not consider the impact of different industries on the results. At the same time, the The selection of measurement indexes involving variables is also relatively simple, which need to be improved and improved in the future research.

【学位授予单位】：中国科学技术大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F273.1

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