兼并重组对国有企业研发效率的影响

发布时间：2018-03-26 06:52

本文选题：企业并购　切入点：研发效率　出处：《技术经济与管理研究》2017年07期

【摘要】：文章基于2007-2015年中国沪深国有上市公司的面板数据,使用SFA方法对样本国有上市公司并购前后的研发效率进行了测度分析,并实证检验了并购双方研发存量、主并公司研发禀赋结构、技术相似性以及股权相似性对并购后研发效率的影响。研究表明,并购后国有上市公司研发效率有明显提升,且存在质的改善;并购双方研发存量对并购后研发效率产生正向影响;主并公司研发禀赋结构与研发效率之间呈倒"U"型关系;同业兼并相对于异业兼并,短期内对国有上市公司研发效率产生正向影响,但长期内不利于国有上市公司研发效率的提高;目标公司为国有上市公司对主并公司研发效率产生负向影响。最后文章基于研究结论,就如何提高国有企业研发效率提出了政策建议。
[Abstract]:Based on the panel data of China's state-owned listed companies in Shanghai and Shenzhen from 2007 to 2015, this paper uses SFA method to measure and analyze the R & D efficiency of the sample state-owned listed companies before and after M & A, and empirically tests the R & D stock of both sides. The effects of R & D endowment structure, technical similarity and equity similarity on R & D efficiency after M & A. the research shows that R & D efficiency of state-owned listed companies is obviously improved after M & A, and there is qualitative improvement. The R & D stock of both sides of M & A has a positive impact on R & D efficiency after M & A; the relationship between R & D endowment structure and R & D efficiency of the main and merged companies is inverted "U" type; In the short term, it has a positive impact on the R & D efficiency of state-owned listed companies, but in the long run it is not conducive to the improvement of R & D efficiency of state-owned listed companies. The target company is the state-owned listed company, which has a negative impact on the R & D efficiency of the main company. Finally, based on the conclusion of the research, the paper puts forward some policy suggestions on how to improve the R & D efficiency of the state-owned enterprise.
【作者单位】：中国农业科学院农业经济与发展研究所;
【基金】：国家自然科学基金项目(71373263,71673275) 中国农业科学院科技创新工程项目(ASTIP-IAED-2016-05)
【分类号】：F271;F273.1;F276.1

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